10% Down should be sufficient as long as you are able to document that $200k income and fico scores. You are in a better position than most. In fact you might only need to spend about $650k instead of $750k and be ahead. I live in North Valley and love the area. We also have a California Distinguished High School. I know NV well. Call me if you are not already working with another Realtor.

Thu Mar 13 2008, 14:15

Sorry, also most lenders can let you know instantly if your area is considering declining with a zip code.

Wed Feb 27 2008, 15:07

You guys are painting with a pretty broad brush, and am sure are trying to help but the only way to find out is to contact bank or mortgage broker directly. Even contact a couple of them to make sure each one is not being optimistic, but realistic.

Everyday Lenders are cutting programs and without a full pre-qualification process accounting for all liabilities, cash reserves after closing, and to many to mention numerous conditions. It is difficult to say yes with confidence. I know there are some Retail banks still offering these programs, and a couple of Brokers still able to find such loan doing your homework ahead of time will be key. Also locking a loan is extremely important at this LTV and a Jumbo Loan. If you pre-qualified at a certain loan amount and Loan to value and you are not locked, if Lender or bank changes a guideline most times they do not have to honor your loan.

if you need more advice feel free to contact me

Wed Feb 27 2008, 15:06

There is still financing available for 90% loan for buyers with good credit scores. Talk with your local mortgage broker to find you the best possible rate and terms.

Tue Feb 26 2008, 22:33

The short answer is yes, there are loan options for 90% financing even in a declining market given your credit profile and income. Lenders are reducing the amount of financing they are willing to offer by 5%-10% in declining markets. Some lenders have given a broad brush to all of Santa Clara County, some lenders have said all of California, and other lenders are being more specific and allowing the appraiser to determine if the property is in a declining market. In regards to your situation, you can get 90% financing but most likely you will get 1 loan and need to have Mortgage Insurance. I have helped clients with as little as 10% down in declining markets with purchase prices up to $1M. The key is that if you are over a $650K purchase price, you will most likely need mortgage insurance but if you are under a $650K purchase, you can have what is called lender paid mortgage insurance (LPMI). This of course comes at a higher interest rate but it can sometimes be more advantageous if you are below a $650K purchase price. I am happy to help you personally and you can reach me directly at 650-492-4071. Thanks.

Tue Feb 26 2008, 20:42

Bb,
Certain lenders have the muscle and know how to demonstrate that San Jose is not a declining market.
Call my man Russ Glines, at Century Oak Finncial, he'll be more than happy to talk you through the process. (408) 691-7541

Best of luck to you.

Joe Connolly, Realtor®

323 481 6299 c

Keller Williams Realty - Wilshire
5900 Wilshire Blvd.
Los Angeles CA 90036

JoeConnolly@kw.com

http://www.joesellsrealestate.com

Tue Feb 26 2008, 16:42

Absolutely. You seem like you have the FICO and income to get a 90% loan even in a market that may be "declining" Feel free to email me for my lender who can help

Tue Feb 26 2008, 16:37