The real estate market hit yet another astonishing milestone. The National Association of REALTORS® reported the average price of homes rose 23.6% year-over-year to $350,300. For those keeping score, that’s the largest annual appreciation in history! And yet, homes are still bouncing in and out of the market at record pace.
As CNN reports, a 21% dip in the housing supply compared to last year and the low rates have converged to create one of the craziest markets ever. In order to keep up with the demand, research estimates we would need to see at least an extra 7 million homes available. As it stands, buyers just have to do whatever they can to get a home.
One solution that you may want to ask your lender about, is if you qualify the Jumbo Flex home loan.
This is a great option for clients who might have a special situation such as:
– Less than 2 years of commission income.
– Receiving Restricted Stock Units (RSUs) and/or in combination with bonus income.
– Currently employed after a recent extended employment gap.
– Purchasing a new home before a prior residence is sold or rented.
This specialty crafted loan has the elbow room where it counts and offers flexible features like:
– Adjustable Rate Mortgage (ARM) up to $3M.
– Commission income allowed with 1-year history at current employer.
– Opportunity for rental income without a lease agreement on departing residence.
– Financing available for primary and secondary homes.
– Borrower Contribution Now only 5%.
As the points above and the name implies, there is a ton of flexibility offered by this specific solution.
Could this be beneficial to you? Contact us today and we’ll connect you with a lender who offers this Jumbo Flex home loan. Contact us at [email protected]