You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Philips loses $467 million patent suit to US competitor
     AMSTERDAM – Royal Philips NV says it will book a $467 million charge in the third quarter after losing a patent lawsuit to smaller U.S. competitor Masimo Corp.
  • Barra shares plan to renew GM
    MILFORD, Mich. – General Motors CEO Mary Barra told investors Wednesday that GM plans a raft of new models and a big push to sell more cars in China to drive profits in coming years, as the biggest U.S.
  • General Mills to cut workforce
    General Mills plans to cut about 700 to 800 jobs, the second time it has trimmed its workforce in a month as the food company adjusts to a shift by U.S.
Advertisement

Region not known for its big-home spenders

Jumbo mortgages are the exception, not the rule, in Fort Wayne, officials say.

But regardless, ever since the housing crisis, lenders have been more rigorous about inspecting a prospective buyer’s fiscal house.

Clint Morgan, senior vice president of Ruoff Home Mortgage, 1110 E. Dupont Road, said that provokes some frustration among veteran homebuyers.

“It comes out when they’re asked to provide documentation,” Morgan said. “The scrutiny has gone up. It’s very intrusive right now, and things that might have been glossed over in the past are dived into now.”

That’s OK for first-time buyers, but a person who’s not new to the housing market – and who has a bank account worthy of a jumbo mortgage – feels the credit standing should be enough, Morgan said.

Jumbo mortgages are those above $417,000.

“A person might say, ‘Hey, I’ve owned five houses before. You don’t need to see all of my bank statements,’ ” Morgan said.

First-time homebuyers, on the other hand, are happy to supply anything that is requested.

“They’ve never been through it before, so it’s new to them,” Morgan said.

J. Kyle Ness is president of the Upstate Alliance of Realtors. The group said earlier that for the second consecutive year, existing-home sales in the Fort Wayne area rose more than 10 percent.

Upstate, which tracks data from Allen, Adams, DeKalb, Huntington, Noble, Wells and Whitley counties, said 7,313 homes sold last year, up from 6,634 in 2012.

And while the average selling price increased to $126,782 in 2013 from $126,424 a year earlier, those aren’t exactly jumbo mortgage numbers.

“I’ve never had a jumbo scenario,” Ness said. “There are probably agents out there filling that niche, but I’ve never had one.”

pwyche@jg.net

Advertisement