B of A Cuts Rates on Jumbo Financing ($625,500 and Above)…

In an aggresive move to capture market share in the jumbo financing market, Bank of America (B of A) has cut interest rates significantly, now in the high 5’s, for loan amounts over $625,500 (over what Fannie & Freddie will buy). Interests rates are subject to market movement, and can change as often as three or four times a day. As is the case with the few remaining banks we have left, availability for these B of A  jumbo loans are only offered through bank-direct loan officers, as opposed to mortgage brokers. We highly advise that you check with a bank-direct professional for current rates on any given day.

Additionally, with higher loans amounts comes higher risk, so not everyone will qualify. With B of A, these products can be used for both purchases and refinancing. Here is a short overview of some of the requirements to be considered for loan approval at B of A…

Strong Credit (a 720 FICO score or above)
Down Payments of 20 Percent or More
Documented Income
Full Appraisals
Assets Sufficient to Cover Six Months of Payments

Information gathered from Inman News.
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