Bank Of America – Programs to Service Jumbo Loans

Probably one of the hardest hit price ranges in the Lake Norman area are those homes listed above $500,000.  They were the first to drop off and have continued to have less and less buyers visiting, if any.  This could be due to the lack of loans available to buyers in this price range.  Many of those investors in these loans, became quite affraid after the alarm number of delinquencies in 2007.

Bank of America has recently rolled out some programs great interest rates for those considering Jumbo Loans.  The Government Backed Loan Programs, Fannie Mae and Freddie Mac, are only for loans up to $271,000 in our area (Lincoln County), so if you are looking to finance a home over that amount, it can be difficult and include very high interest rates.  At the moment, Bank of America is offering interest rates in the high five percent range for a 30 Year Fixed.

You will need to have strong qualifications for these loans.   The loans can be up to three million dollars.  Your FICO must be 720 or higher to qualify, you must have a 20% down payment, provide income documentation,  and assets sufficient to cover six months worth of payments.

I Found some of this information covered in an Inman News Article and thought that this is just the kind of programs we need right now!  I wanted to get the word out!  These loans are even available to those homeowner’s in need of re-financing. 

A Sailview Beauty with Boat Slip - Listed At $599,900

A Sailview Beauty with Boat Slip - Listed At $599,900

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About Michelle Nantz

There are many qualities and skills that go into being an excellent real estate professional: integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills, and a high-quality professional network ~ all of which are hallmarks of Michelle Nantz. In 2003, Michelle began her career in real estate, after a successful career in restaurant and hotel management with her last position as Regional Director of Operations running 56 hotels throughout two states. She owes her success in real estate and management to her expertise in people skills, managing, negotiating, and follow-up. However, it is Michelle’s dedication to quality service that she ultimately credits her success. Michelle shared, “In my experience as a Lake Norman real estate professional, I’ve found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to their needs.” This “client first” philosophy combined with continual personal improvement and keeping up-to-date with the latest technologies is a cornerstone of both Michelle’s and Lake Norman Realty’s business philosophy. In addition to Michelle’s extensive real estate education and her experience in the local market, she is also an Accredited Staging Professional®, which brings additional value to marketing her clients’ homes. Michelle and her family have made the Lake Norman area their home for over 10 years. In her rare leisure moments, you’ll find Michelle with her three children and husband, or unwinding with gardening or reading. “I live and work in this community and only have the best interests of our community and its members in mind,” says Michelle. Her community activities include participation in Denver Days, Relay for Life and support for Christian Ministries and area schools.
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