Wells Fargo, Bank of America and J.P. Morgan are once again offering jumbo mortgage loans | Chappaqua Real Estate

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Banks are once again giving out jumbo loans.
Loans that are at least $417,000 or more, are once again in vogue in the mortgage market, according to a Bloomberg report.
Bloomberg
Wells Fargo & Co. /quotes/zigman/239557/delayed/quotes/nls/wfcWFC+0.11%, J.P. Morgan Chase & Co. /quotes/zigman/272085/delayed/quotes/nls/jpmJPM+0.06% and Bank of America Corp. /quotes/zigman/190927/delayed/quotes/nls/bacBAC-0.30%are all increasing their efforts to win over wealthy home buyers but are still keeping credit tight for everyone else, according to media reports.
Banks need loan growth to compete and are aggressively seeeking out the jumbo loan home buyer, say analysts.
Applications for jumbo mortgages that were $729,000 or more were up 4.9% in March, compared to a year earlier. Meanwhile, applications for loans of less than $150,000 fell by 21%, according to the Mortgage Bankers Association. The average purchase application loan amount reached $280,500 in the week ended April 18, the highest since the survey started in January 1990, the MBA said.




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http://blogs.marketwatch.com/thetell/2014/05/12/wells-fargo-bank-of-america-and-j-p-morgan-are-once-again-offering-jumbo-mortgage-loans/

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