One element of the mortgage equation has not changed as sharply: borrowers must still have excellent credit to qualify for the loans. And that means credit scores of at least 700, along with enough cash in the bank to cover at least six months of payments, according to Mr. Adamo. On bigger loans of $1.5 million or more, borrowers will need a credit score of at least 740 to secure the best rates, ndustry experts say.

It may be too early to announce a thaw of the mortgage market, but some early signs have emerged, at least in one important category: jumbo loans.Mortgage industry executives say conditions are improving for those borrowing more than $729,750, the threshold for jumbo mortgages in the tristate region. Not only is it starting to get easier to qualify for these loans, they say, but rates are also coming down.
By Bob Tedeschi, March 31, 2010 NYT

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