Jumbo Home Loan Market Thriving in Texas
Homes in Texas are often less expensive than in many other areas of the country, and this is enabling many buyers to buy bigger homes and bigger properties through jumbo loans, according to a Wall Street Journal article. The article says Texas jumbo home loan borrowers are a blend of employed professionals — business executives, doctors, and lawyers — and self-employed, small business owners. “There’s not a big difference in the borrower profile between California and Texas,” said S. Matt Siekielski, NexBank executive vice president and chief operating officer. “What you get is more bang for your buck in Texas.” The company’s average jumbo loan in Texas is $500k, compared to $1 million in California. Bryan Sherman, Bank of America’s regional sales executive for Texas and New Mexico, likened a Texas transplant from California or the Northeast as going “from a shoebox to a mansion.” Read more about Texas jumbo home loans in the original article.