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IWall St. JournalI notes CUs mortgagejumbo loans
NEW YORK (5/3/10)--More lenders--including credit unions--are stepping up to offer jumbo loans or mortgages that exceed $729,750, and The Wall Street Journal points to two credit unions' programs in particular in its Friday issue. "Since the mortgage crisis, banks haven't been eager to make large loans without federal protection, so the market for such mortgages suffered, crimping sales of expensive homes," said the article. However, the money is gradually becoming more available, said the article. It notes that the New York region benefits from having a number of financial institutions that make the loans--"from national lenders and investment firms to credit unions and smaller banks." "Credit unions have also become a popular jumbo outlet," said the Journal. "They certainly filled the void locally...You used to never see a credit union do mortgage lending," said the article, quoting Guy Cecala, publisher of Inside Mortgage Finance. "Long Island's Teachers FCU offers jumbo loans up to $1.5 million with 20% down, while Bethpage FCU will make loans up to $2.5 million, though it requires a 45%^ down-payment on those loans," said the Journal noting that the availability of money is improving. For the full article, use the link.
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