We can lend up to $1.5 million with as low as 20 percent down and debt-to-income as high as 45 percent. Especially compared to recent years, Jumbo financing is affordable and accessible to a wide range of borrowers.
San Jose, CA (PRWEB) June 27, 2013
San Jose mortgage lender Western Bancorp has announced the launch of a new loan program called the AAA Jumbo loan. The AAA Jumbo is designed to provide affordable options and money-saving opportunities for California borrowers who require larger loans.
A jumbo loan is simply a mortgage that is larger than conventional conforming loans. Fannie Mae and Freddie Mac, the large agencies that purchase most U.S. residential mortgages, set the maximum value of a conforming loan.
What’s considered a conforming loan depends where the property is located. For example, Santa Clara County’s conforming loan limit is $625,500. Loans exceeding the conforming amount are more complicated to execute, and were extremely difficult to obtain following the housing downturn of 2008.
Since that time, larger home loans such as Western Bancorp’s AAA Jumbo have become more widely available. The AAA stands for Available, Affordable and Accessible to underscore the fact that California borrowers with some debt and less-than-perfect credit can still obtain jumbo financing.
“California borrowers seeking Jumbo Loans may have the open window they are looking for right now,” said John Giagiari, EVP of Production at Western Bancorp. “Mortgage rates are still low by historical standards and it’s early in the housing recovery. We can lend up to $1.5 million with as low as 20 percent down and debt-to-income as high as 45 percent. Especially compared to recent years, Jumbo financing is affordable and accessible to a wide range of borrowers.”
About Western Bancorp
Western Bancorp is a San Jose based mortgage company serving California borrowers for home purchase and refinancing loans. Their experienced leadership team has closed more than 500,000 loans since 1986.
The company offers a large selection of loan products, including Fixed-Rate Mortgages, Adjustable Rate Mortgages (ARM), Home Equity Loans, Mortgage Refinancing, Jumbo loans and more at competitive rates. Western Bancorp began with the goal of creating a better loan source for California borrowers. As a mortgage bank that only lends in California, Western Bancorp understands state and local regulations and how they affect local borrowers.