Financing in 19103>Question Details

Lawrence, Home Buyer in 19103

Can you still get a jumbo mortgage (non-FHA) in today's market with a 5%-10% downpayment?

Asked by Lawrence, 19103 Sat Jan 3, 2009

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Yes, there are still lenders with jumbo loans. Qualifying for them just got a little bit more difficult. Credit scores, loan to value and a good appraisal will be key in qualifying. Guidelines are a little bit tighter. Each loan pretty much goes on a case to case basis. I would find a good Loan officer that you trust to help you through the process and see if you could qualify. If you need help, feel free to contact me.
The very best of lck to you!

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
0 votes Thank Flag Link Mon Jan 5, 2009
The answer is yes. I'll need a better understanding of the particulars.
Web Reference:
0 votes Thank Flag Link Mon Jan 5, 2009

Yes, you can find jumbo financing but lenders are few and far between. Right now, I only have one in Pennsylvania that I routinely work with that can go to as high as 90% Loan-to-Value with a 720+ credit score and a loan amount not to exceed $800,000.

If that works for you, you are welcome to call me to discuss the prequalification process.

Luke Allison
Flagstar Bank
0 votes Thank Flag Link Sun Jan 4, 2009
Lawrence, the answer should be yes, depending on your credit, income and assets. Banks may require you to show reserves for a period of time as well. I would suggest to contact a local mortage professional. If you need a referral for a local Philadelphia person, let us know. There are a few local mortgage pros that are here on Trulia as well.

I see that you are in Center City. What areas are you primarily interested in ?

Feel free to search our site below for more info,

Chris Somers
0 votes Thank Flag Link Sat Jan 3, 2009
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