Banks and employers are starting to offer financial help to jumbo-mortgage borrowers, an article in The Wall Street Journal reports.
Typically, people like doctors or professors that live in high cost metro areas are more likely to receive assistance with jumbo loans, the article explains.
Financial assistance can come in a variety of forms: a lump-sum payment as part of an employer’s relocation package, an advance on a bonus, or a second mortgage with preferential terms facilitated by the employer, said David Adamo, CEO of Stamford, Conn.-based Luxury Mortgage.