Everyone in Southern California is acutely aware of the difficulty many buyers are having in obtaining competitive jumbo financing. Now Bank of America is stepping in with a new program designed to pull jumbo rates back down to more reasonable levels.B of A’s new commitment to jumbo financing is already freeing capital and making deals happen – current jumbo fixed rates are in the high 5’s. The program requires a FICO score of 720, down payments of 20% or more, documented income, full appraisals and six months of reserves.
B of A says it will keep a large percentage of the jumbo loans on its books. The program will not be available through independent mortgage brokers – consumers will need to go directly through retail bank branches or through Countrywide, which will be re-branded as Bank of America April 22.
