Oakland, CA (PRWEB) May 09, 2013
Anian Tunney Real Estate Agent Broker with The Grubb Company in Piedmont, CA comments on an article in the Wall Street Journal (WSJ ) “A Helping Hand for Jumbo-Loan Borrowers” published online on May 2, which states that more banks and employers are offering financial help for borrowers of jumbo mortgages. Professionals such as doctors and university faculty who live in high cost areas such as the San Francisco Bay Area are likely recipients of assistance in obtaining jumbo real estate loans. One of the houses for sale in Piedmont, CA is 87 Sea View Avenue and features a stunning foyer with a dramatic circular staircase and is offered at $5,990,000.
Tunney explains that a jumbo loan is any mortgage above $625,000 in high-cost areas such as the Bay Area. These mortgages typically require a down payment of 20 percent or more. Tunney quotes David Adamo, CEO of Stamford, Connecticut, “financial assistance can come in a variety of forms, including a lump-sum payment as part of an employer’s relocation package, an advance on a bonus, or a second mortgage with favorable terms facilitated by their employer.” Another prime example of real estate for sale in Piedmont is 1749 Trestle Glenn Road in Piedmont is offered at $998,000 on a very large 21,000sf lot located close to the Montclair shopping area.
Tunney also notes from the WSJ article that in the Bay Area, the most likely employers to offer assistance are technology firms, health-care providers and universities. For example, Stanford University offers interest-only second mortgages with low fixed rates to cover half the lower of purchase price or fair market value of a faculty member’s home, up to a maximum loan amount of $600,000. Other home buyers needing a jumbo loan are also finding favorable packages at some banks with down payments as low as 10 percent, but these buyers must have high-credit qualifications. One of Tunney’s recent closed sales in Oakland, CA is 5615 Broadway, originally offered at $850,000.
Tunney points out that according to the WSJ article, the Federal Housing Administration loan limits are has high as $729,750 with a only a 3.5 percent down payment, although the down payment may soon rise to 5 percent due to a proposed rule change. These loans can be more difficult to qualify for if the borrower’s credit rating is below 620 and the debt-to-income ratio is over 43 percent, because manual underwriting will be necessary.
About Anian Tunney Piedmont Oakland Real Estate
Anian Tunney, agent broker with The Grubb Company, was the number one of all real estate agents in Piedmont CA in 2012 in the number of units sold and sales volume, according to East Bay Regional Data, Inc.
Additionally, Tunney is always in the top two in yearly real estate sales for The Grubb Company Piedmont CA office. She is known for her knowledge, experience and networking in the Piedmont community; qualities which are invaluable in finding that special home for her clients.
Tunney has been with the Grubb Company for over 30 years. She is a fifth generation Piedmont resident, spending most of her life here, raising her family of four and active in community projects such as the Piedmont Beautification Foundation, and the East Bay Museum Auxiliary. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making it truly a family vocation. One of her clients called her the Realtor with the velvet hammer; she negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.