Jumbo loans continue to be more expensive. What's more qualifying for them is more onerous. A local lender informed me part of the issue is, typically, those seeking a jumbo loan have often had no documentation of income or are reluctant to share finacial information. That just is not going to fly these days. More is more as far as underwriters are concerned. Especially if you want more...of the lender's money.
This ever more difficulty of financing luxury properties explains why high-end homes are the segment of our market where sales have slowed. If you are selling a high-end home expect to wait a bit longer than expected, consider some owner financing or look for those ideal cash/1031 exchange buyers.
