Found 1 blog entry tagged as Jumbo mortgages.

Chicago Jumbo MortgageThe price of Chicago luxury homes along the north shore as well as in downtown Chiacgo are rising briskly, just like they are around the country in luxury markets like San Francisco and the Hamptons. According to the National Association of Realtors, sales of luxury properties priced between $750,000 and $1 million are up 38.7% over a year ago, while luxury homes priced $1 million and over are up 25.7%.

Jumbo mortgages are helping to revive the once depressed Chicago luxury real estate market. These loans, which are typically over $417,000, don’t qualify for purchase by federal agencies like Fannie Mae or Freddie Mac. And after they nearly went extinct in the wake of the lending crisis that crippled the industry and caused much of the real estate meltdown,…

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