Financing in Wellesley>Question Details

Pie_squared, Home Buyer in Wellesley, MA

Are there any lenders that will do a jumbo loan ($600k mortgage, $750k purchase price) for a first-time buyer couple with credit scores = 685 and 730?

Asked by Pie_squared, Wellesley, MA Tue Mar 2, 2010

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Jessica Bateman’s answer
Yes!!! Yes you can get a Jumbo loan with a 685. I tell all my clients looking for jumbos to visit The Lenders Network, I have had several of my clients get approved and close even with scores under a 680 for jumbos up to 4 millions. So if anyone can get you a loan they can..
0 votes Thank Flag Link Sat Jul 20, 2013
Hi Pie_Squared!

I just worked on a transaction with figures just below that, hovering around $530k (loan amount was about $450k) and the couple had credit scores of, gasp, 537 and 640, respectively (no joke). They brought about $100k to closing, so I think their incomes were what helped them, maybe think about that in your situation.

They were able to get a loan from a bank (they went through a mortgage broker who is fantastic!) and if you would like their contact info, just shoot me an email, and I would be glad to give it to you. Email: ashleyalperin@dowlaw.com

I look forward to hearing from you and Good Luck!
0 votes Thank Flag Link Thu Mar 11, 2010
Home Buyer:

There are definitely products available to assist you in your home purchase. You may also want to explore blended mortgages so that you can avoid Jumbo's, but that will depend on your risk threshold. I am a certified buyers representative if you need representation. Best of luck.
0 votes Thank Flag Link Sun Mar 7, 2010
Hi

Thanks for your post.

There are a number of options. We offer up to 90% financing. Since you are already at 80 then you're golden!

Congratulations on having found your first home! Let me know if you have any further questions!

Tom
Eagle Nationwide Mortgage Co. - Thomas.Stevens@ENMCdirect.com
Federally Chartered - a division of Eagle National Bank
0 votes Thank Flag Link Wed Mar 3, 2010
As long as you keep your loan to value at 80% you should not have a problem.
0 votes Thank Flag Link Tue Mar 2, 2010
Absolutely. Nick Griffin, our Century 21 inhouse mortgage advisor, is able to offer jumbo loans up to 1 Million when the middle credit score is 680 or above. He can provide a same day commitment at no cost or obligation. You can reach him at nick.griffin@mortgagefamily.com.

Hope this helps.

Janet Laughead
Century 21 Commonwealth
411janet@gmail.com
0 votes Thank Flag Link Tue Mar 2, 2010
Depending on whether or not your self-employed (minimum fico required 700) or an employee (minimum fico 660), I've got a few options available.
0 votes Thank Flag Link Tue Mar 2, 2010
Your request is for 80% LTV. I do not know of anyone who will do a jumbo loan for 80% LTV with a 685 credit score. Most lenders require a 720 credit score for jumbo loans. I do have a 3/1, 5/1, or 7/1 Jumbo ARM available for a 680+ credit score but can only go to 70% LTV. If the additional down payment is available I would be more than happy to assist you in this purchase.

Jerry Sachs, Mortgage Consultant
PrimeLending
904-394-1396
jsachs@primelending.com
0 votes Thank Flag Link Tue Mar 2, 2010
You can aslo try US Bank. They specialize in jumbo loans. in fact, they go to 90% with NO MI!
0 votes Thank Flag Link Tue Mar 2, 2010
Try Debbie Siegal at Westchester Mortgage in Newton. I can't make any promises but she would be a good place to start. Tell her Evan Walsh sent you.

debbie@westchester-mortgage.com
Web Reference: http://www.walshteam.com
0 votes Thank Flag Link Tue Mar 2, 2010
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