LOANS IN THE UPPER BRACKETS
 

As prices have continued to escalate in our area, we have sought, and found, lenders who can respond to this.  Frequently the buyer in today’s market needs to borrow more than the old “Super Jumbo” limit of $650,000.  Loans above $1 million are becoming more and more commonplace, and therefore, less expensive.
 
The full range of products remains available for loans to $3 million with a more limited menu available for larger loans.  No longer will the borrower at that level suffer much higher rates than available on smaller loans.
 
Loans to $3 million can be obtained with as little as 20% down.  Thus buy a house for $3.75 million and be able to close with a down payment of $750,000.  With a little more equity it would be possible to do a $3 million loan without verifying income or assets for the borrower.