Financing in Saint Augustine>Question Details

Michael, Both Buyer and Seller in Jacksonville, FL

Is it possible to get a Jumbo mortgage loan for a new home purchase in St. Johns County with less than 20% down?

Asked by Michael, Jacksonville, FL Wed Feb 27, 2013

My wife and have good income and excellent credit but lack the 20% down payment.

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4
There are many variables to financing. Having good credit and good income gets you halfway there. St Augustine qualifies for several lending products depending on the zoning etc... I can recommend two mortgage brokers here that can provide you with a pre approval within 15-30 minutes. Lender requirements and policies are always changing and it's best to speak to a professional in the industry for up to date information.

Feel free to email directly at aspeziale@davidsonrealtyinc.com and I can forward the Mortgage Brokers contact information that I've had excellent results with. One of which has done 4 mortgages for me personally.

Best Regards,

Ana
0 votes Thank Flag Link Wed Feb 27, 2013
As the others have already said, USDA is really the only option for a no money down mortgage. The other options involve using a city, county or state down payment assistance program.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $200,000 is going to have a monthly mortgage insurance payment of $208 but on a USDA mortgage it's only going to add $67 to your monthly payment.
0 votes Thank Flag Link Wed Feb 27, 2013
Dear Michael,
There are many type's of mortgages with as little 3.5% down or less, seller's assistance, and other options. Please feel free to contact me at the information below.
Danny Ebersold
dannyebersold@watsonrealtycorp.com
904-806-2772
0 votes Thank Flag Link Wed Feb 27, 2013
Contact your lender and check your credit score on go online to http://www.applywithkelvin.com fill out the question and Kelvin Kelly will respond to you. A lot depends on your credit score on what qualifications will be?
Please feel free to contact me at the information below.
Danny Ebersold
dannyebersold@watsonrealtycorp.com
904-806-2772
0 votes Thank Flag Link Wed Feb 27, 2013
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