Jumbo Mortgages: All You Need to Know

If you are looking at buying a luxury home valued over a half million dollars then you are likely going to need a Jumbo Mortgage. BerksLuxury.com is taking a look at Jumbo Mortgages to give you all the information you need to know!

 

JUMBO MORTGAGES

To understand Jumbo Mortgages first we need to understand why they exist. Fannie Mae, which buys most bank and mortgage company’s home loans has a limit to the amount of the loan they will acquire. For most areas, that number is $453,100 but in areas with higher home prices that number can go as high as $679,650. Depending on your area, any loan over the loan amount designated for that area is considered a Jumbo Mortgage. 

Since Fannie Mae will not buy loans over that amount the banks are responsible for either holding the jumbo mortgage or finding investors to purchase the loans themselves. This means there is a slightly greater risk for the banks and that they must tie up their own capital over longer periods of time. 

As we all know with greater risk comes higher costs. Jumbo loans often have higher qualification standards such as higher interest rates, larger down payments, increased capital reserve requirements and higher credit score requirements to qualify. Often on jumbo mortgages banks can require two separate appraisals on the property as well.

Historically lenders have required 20% down, anywhere from .5% to 1% higher interest rates and a 700+ credit score to qualify for a jumbo mortgage. More recently banks have been leaning towards attracting high net worth clients and their banking business so recently it has been easier to find rates similar to existing FHA rates and with down payments as low as 5%.

I recently spoke with Scott Li the Owner of RateWinner.com, who handles Jumbo and Super Jumbo Mortgages and he said:

photo of Scott Li - Owner, RateWinner.com
Scott Li – RateWinner.com

“Wholesale lenders (lenders that work with brokers) have definitely noticed how competitive retail banks have gotten with jumbo mortgage rates. For banks, it’s not just about providing their client with just a low-interest rate. Like Joe DiRosa from BerksLuxury.com said, they want all of that high net worth individual’s business, be it banking, retirement account, unsecured loans etc… Wholesale lenders have responded with not only low rates of their own but also have adopted special programs to qualify self-employed individuals or W-2 earners who don’t fit the retail banks’ strict guidelines.”

Another aspect of qualifying for a Jumbo Mortgage is your capital reserves. Most conventional and FHA loans do not require capital reserves to qualify, but with Jumbo Mortgages lenders generally, are looking for 6-24 months of capital reserves to approve the loan. 

Today with all the lender options and the competitive loan programs buying a luxury home is easier today than it has likely ever been.  Be financially responsible and do your homework but the terms offered in today’s market are certainly favorable to consumers. 

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

Reading United PDL 2018 Championship VS Calgary

BerksLuxury.com visited the Reading United‘s first ever appearance at a PDL Championship. The game was held at Gurski Stadium. Reading was up 2-1 with 12 minutes left in the game but ultimately Calgary prevailed 4-2 by scoring twice in the second overtime period. Congrats Reading United, you still finished Eastern Conference Champions and Runner-Up in a 74 team league!

 

Photo Credit: Joe DiRosa

Beverly Hills Tavern 4th of July Celebration Photos

BerksLuxury.com swung by Beverly Hills Tavern pre-4th of July blowout and grabbed a few photos! The place was packed!

 

Photo Credit: Joe DiRosa

3 Great Spots for Outdoor Summer Dining in Berks County.

BerksLuxury.com did our homework and we are here to bring you three of the best spots for dining outdoors in Berks County. If you are looking for great wine, your own pool party or the biggest outdoor entertainment venue in Berks we got you covered!

 

Beverly Hills Tavern 

Beverly Hills Tavern has been a staple of Berks County going back the two decades I can remember, and possibly longer. Their outdoor dining area is legendary and their Summer crowds always pack the place. It is a huge outdoor venue with a huge cabana bar and plenty of seating for all those who wish to enjoy a little staycation while still in Berks County. The atmosphere is relaxing, they usually have bands or DJ’s like Berks’ s own Koolie Kirk keeping people in a good mood through their Happy Hour, and the real treat is their daily Summer Specials. They keep people happy with their Prime Rib Weekends, Smokehouse Ribs & Pulled Pork every Wednesday during the Summer, they have their Sunday’s Seafood Fest and even a Taco Bar. If you are a Sunday afternoon Brunch person then definitely stop by for their Brunch Buffet on Sundays where you can get bottomless mimosas! 

Beverly Hills Tavern – 710 Old Fritztown Rd Sinking Spring, Pennsylvania 19608

610-777-4516

www.beverlyhillstavern.biz

 

Folino Estate 

If you are looking for an epic Summer dining experience you may want to check out Folino Estate Winery. This gorgeous rustic winery has all the feel of elegance and one of the best outdoor dining patios to match. Drink wine straight from the vineyard and dine on their array of fantastic dishes. If you are there for Brunch try the tiramisu waffles which are dipped in espresso topped with sweet ricotta cheese and drizzled in syrup. For Dinner try the Prosciutto-Wrapped Filet ($32), the Roasted Grape Pork Tenderloin ($24) or the Italian Crab Cakes ($26). If you are there more for the wine fear not, they also make a delectable array of paninis, pizzas and other finger food. Don’t forget to grab a couple of bottles of wine on your way out!

Folino Estate & Winery – 340 Old Route 22, Kutztown, PA

484-452-3633

www.folinoestate.com

 

Pool @ The Inn at Reading

The Pool @ the Inn at Reading is one of Berks County’s best-hidden treasures. The venue has recently been updated by the new owners and is the only bar with an outdoor pool in Berks County. You can order drinks and food from their outdoor cabana bar and sit poolside and lounge in the sun! Enjoy the ambiance while working on your Summer tan. New management is promising a new name and a new series of events once the venue is completely finished. Until then their cabana bar is open on Thursdays, Fridays, Saturdays, and Sundays!

Inn @ Reading – 1040 North Park Road, Wyomissing, PA 19610

610-372-7811

www.innatreading.com

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

Art on the Avenue 2018 Photos

BerksLuxury.com was at the 2018 Art on the Avenue in West Reading. The day was beautiful and thousands of people enjoyed the beautiful art, food and sunny day in West Reading! See all the photos!

Art on the Avenue Photos

Photo credit: Joe DiRosa

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

 

REHYDRATE Gallery Show @ 531 Canal St.

06/02/2018

Hydra Artist Studio‘s REHYDRATE gallery show at 531 Canal St. was pretty amazing! There were tons of people, great art, cocktails by the Occasional Cocktail Club, a live performance by And You, Brutus and tunes spun by DJ’s Gregg Nyce & Evolution! Click on any of the images and check out the slide show for the entire event!

 

Photo Credit: Joe DiRosa

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

Chatty Monk’s Brewery Opening Celebration

Chatty Monk’s celebrated the opening of their new brewery on Carroll St. and there had to be near 500 people who showed up for the event. There was free beer, great food and tons of carnival activities! 

 

Photo Credit: Joe DiRosa (except the last 3 photos)

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

Ferrari Concours d’Elegance @ Reading Country Club (2018)

The Ferrari Concours d’Elegance show at the Reading Country Club. Over one hundred Ferrari’s from all over the Northeast were on exhibit. It was a great day with wonderful people. See all the photos from the Ferrari Concours d’Elegance show at the Reading Country Club below.

Photo Credit: Joe DiRosa

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

Best Summertime Luxury Living Homes for Sale

BerksLuxury.com is taking a look at the best luxury homes for entertaining and lifestyle fun for Summertime! Get ready for plenty of pools, jacuzzis, wet bars, game rooms, decks and much more!

 

5024 Oley Turnpike Rd. Exeter PA 19606$949,000

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Looking for the life of luxury? Let’s start with this 7,500+ sq ft home in Exeter School District architectural designed home which has so many features your going to want to move in tomorrow. Included in this nearly 5 acres estate is a beautiful infinity swimming pool with a separate jacuzzi area, a workout room, billiards room, wet bar, game room and a wrap around terrace. The home also includes plenty of luxury upgrades to suit your many desires! Reasonably priced at $949,000!

 

1170 Old Mill Ln, Wyomissing, PA 19610$925,000

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Located in Wyomissing this fantastic 6,441 sq ft home is equipped with everything you need to entertain including a great room with fireplace and bar. In addition to the magnificent pool area, you also have a finished lower level with full additional wet bar, game and media room, and an additional half bath. Let’s not forget this house has 5 bedrooms and 4 baths and 3 half baths. Luxury living in the heart of Wyomissing! 

 

112 Robert Rd, Wyomissing, PA 19610 – $899,900

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Another beautiful Wyomissing home, this palatial pad features over 8,700+ sq ft of living space, pool, with jacuzzi area and beautiful multi level trex deck. The home also features a 2 story fireplace, gym area, spa room with indoor jacuzzi, library and basement that has a walkout into the pool. Lets not forget the 4 bedrooms, 5 baths and 2 half baths that encompass the private living space! This place is perfect for your 4th of July entertaining! Available for $899,900!

 

200 Sherwood Dr, Reading, PA 19606 – $599,000

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This 4 bedroom 3 and a half bath is made for entertaining! With nearly 5,000 sq. ft. and luxury amenities such as a heated pool, jacuzzi, outdoor patio area, screening room, gym, lower level game room with a wet bar and many more luxury amenities. This home also has an outdoor pond with a waterfall for those of you who appreciate beautiful landscaping! Priced extremely reasonable at $599,000! The perfect Summer home!

 

54 Pine Forge Rd, Boyertown, PA 19512 – $1,500,000

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This beautiful home is for those of you who are into a more rustic feel and enjoy outdoor activities.  The house was built in 1760 but has been recently modernized. The home is over 5,100 sq. ft. and sits on 46 acres of incredible land. The luxury features of this include a horse barn with 8 stalls, an original barn for your outdoor recreational vehicles, several fenced in pastures for the animals and multiple fireplaces. The incredible woodwork and gourmet kitchen are just some of the interior amenities. A definite must see for those of you who like horse farms! 

 

While there are plenty more luxury homes in Berks County for sale, these are the top picks for Summertime luxury living in Berks! 

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

 

Exotic Car Shopping in Berks County!

BerksLuxury.com decided to see what new exotic cars you might be able to purchase without leaving Berks County!

 

BMW i8 Roadster

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The 2018 BMW i8 is here and there is now an option for a convertible! Butterfly doors and the unique styling of BMW’s i8 are sure to turn heads when you stop for Starbucks! With several upgrades for the 2018 model including increased battery power packs and more horsepower, the new i8 Roadster should be on your short list of new cars to pick up in 2018!

You don’t even need to leave Berks County to pick it up and get it serviced! Run down to BMW of Reading and put your estimated $150,000+ deposit down and make sure you have one of the first models off the line!

BMW of Reading – 1015 Lancaster Ave, Reading, PA 19607

Acura NSX 

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Have a bit of 90’s nostalgia but still looking for the freshest supercar on the market? Check out Honda’s updated Acura NSX! This new addition to the modern day supercar lineup has a fresh look, 573 HP V-6, and it gets over 20 MPG! Seriously though if you are looking for a fresh take on a classic supercar then Acura’s new NSX might be the way to go. Head down to Piazza Honda and order one today! Last time I was in there they said they likely wouldn’t have one in stock but you can custom design your car to order on their large video rendering display. Prices start at about $150k!

Piazza Honda*  – 915 Lancaster Ave, Reading, PA 19607

* For those of you who are just interested in viewing a few exotics and doing a little window shopping then check out the secondary show room at the back of Piazza Honda. The owner has several of his personal collection of exotic vehicles on display for anyone who wants to take a few minutes and stop by. It is a great collection with some rare vehicles and is a great way to spend an hour with the kids and grab a couple great photos!

Dodge Demon

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Probably the most hyped and equally most impressive supercars heading into 2017. The Dodge Demon has been the subject of an incredible amount of press due to its 0 – 60 mph time of less than 3.0 secs and the youtube videos of the Demon matching up against Tesla.

2018 brings us a 0 – 60 mph time of 2.3 secs which is ridiculous, 100 mph in 5.1 secs and the 1/4 mile in a lightning fast 9.65 secs. The SRT Demon is the first factory-production car available with a specially-calibrated engine control computer to take advantage of 100 plus octane race gas which is going to make it super desirable for gear heads.

The Demon is priced at $84,995, which is an unheard of bargain for this type of performance!

Savage Dodge – 4645 Pottsville Pike, Reading, PA 19605

 

2018 Ford GT

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Now if I am you and happen to be friends with my local Ford dealership then I might run down quickly and put a reservation on a 2018 production model of the Ford GT! This car is so beautiful with it’s design and structure. I believe they are only making 250 of them per year for four years so this might be the last chance you have. Given their limited production and awesome design, these are going to be sure-fire collector vehicles. 

The performance behind these beauties isn’t too bad either with a 647 hp V-6 that does a top speed of 216 mph. Don’t forget to check out the Heritage Edition celebrating the Ford GT’s 50th Anniversary win at Le Mans in 1967! 

The Ford GT starts at about $450,000 if you can get your hands on one!

Tom Masano Ford Lincoln – 1600 Lancaster Ave, Reading, PA 19607

 

This is by no means a complete list of all the exotics available in Berks County. There are many exotics available on the 2nd hand market and there are certainly other dealers that have vehicles available that might fit your desires. These four examples are just a few of my favorites!

Your dream vehicle can be found here whether you are looking for an investment, a weekend car, or a daily driver!

 

About the Author – 

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com