Financing in 22044>Question Details

tlon2010, Home Buyer in Falls Church, VA

Hello, are there any options for low down payment (5%) loans in the $800k-$850k range? Any 80/20 loan options out there any longer?

Asked by tlon2010, Falls Church, VA Sat Jun 8, 2013

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You can borrow up to $729,750 using FHA but the mortgage insurance would be extremely expensive. Typically you need 20% down to get a true jumbo mortgage. If Nick says he can help definitely contact him. I know TD Bank has a similar program also. Or they did at least. I don't know Nick personally but his answers are always solid on Trulia and he has a good reputation in the industry. Compare it to the FHA but it sounds like you need at least 10% down no matter how you slice it. Which would still be an amazing deal in 2013. Hope this was helpful and good luck.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
1 vote Thank Flag Link Mon Jun 10, 2013
While not 5% down, our bank offers a second mortgage portfolio product that would allow 10% down in the price range. We kept the first at the loan limit of 625,500 or 80% to avoid mortgage insurance and stay out of higher true jumbo rates, and add a second for the difference, with at least 10% of the sales price down.
1 vote Thank Flag Link Sun Jun 9, 2013
Thank you, all. One other question. The sellers are willing to finance some of the purchase. Are there any programs where we could finance 15%-20% with the sellers holding the second?
0 votes Thank Flag Link Mon Jun 10, 2013
Sorry. It would be for a home purchase, primary residence.
0 votes Thank Flag Link Sun Jun 9, 2013
Are you thinking or a residential property jumbo loan or a commercial loan? If you can call me at (703) 269-8706, I would be happy to discuss your details and help.
0 votes Thank Flag Link Sat Jun 8, 2013
I have a few loan officers you can talk to about various programs. Please call me at 703-625-6731 if you would like to discuss your options.
0 votes Thank Flag Link Sat Jun 8, 2013
There are many loan options available. I have a few fantastic mortgage lenders on my team who can provide you with excellent information without the pressure of committing to anything or signing anything. Please give me a call at 703-307-3449 so we can discuss this further. I look forward to hearing from you!

Sincerely,
Realtor
John Ginty
Keller Williams Capital Properties Fairfax
10300 Eaton Pl, Suite 120
Fairfax, VA 22030
Cell: 703-307-3449
JohnGinty@kw.com
http://www.johngintysells.com
0 votes Thank Flag Link Sat Jun 8, 2013
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