For a good part of the last 18 months, it has been very difficult to obtain a Jumbo Loan.  Conforming loans cover amounts up to $417,000; with  mid -value loans up to the $500,000's being allowed under some short-term programs.  Loans over these amounts are categorized as Jumbo Loans and have recently been difficult to obtain.

Bank of America recently began offering 30 year fixed-rate jumbo loans under 6%.  (Fees and requirements may vary).  Inside Mortgage Finance publisher Guy Cecala expects other banks, such as Wells Fargo and JP Morgan Chase to follow suit.

Loosening of credit for these Jumbo loans will be a welcome change in our high-priced local market.