There are a couple of options for financing $650k home with less than 20% down, but you will likely pay PMI. What is available to you will depend on your personal financial situation, income sources, assets and a few other considerations. Responding to Belinda Agosto's comment below, the FHA loan limit in our region is generally $303,750. For Homes prices above $438,000, buyers can avoid a jumbo mortgage and keep the down payment at about 10% if they are a highly qualified borrower, buying a high value home. Lenders can issue a FNMA maximum mortgage of $417,000 with 5% down and a second mortgage or home equity line of credit HELOC for the balance with a 10% down payment. Second Mortgages are more complicated than PMI, and they are not as easy as they were a few years ago, but they are an option for certain buyers. Not all lenders are the same. If you need recommendations, please contact through profile. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
You may want to try a credit union or a private bank becuase they do not have the same guidelines as the government back loans and private mortgage insurance requirements.
Coldwell Banker United
You may qualify for an FHA loan that requires only 3.5% down (does not include closing costs but a good agent like myself will negotiate those on your behalf to be paid partially/fully by the seller!).
Please give me a call if you'd like more details. THANKS!
Belinda Agosto, CDPE, CIAS
Wilkinson & Associates Real Estate
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8604 Cliff Cameron Drive, Ste. 110
Charlotte, NC 28269
http://www.CharlotteHomeConnect.com (Where you go to search for ALL homes including Foreclosures, REOs and Short Sales)
http://www.HUDHomeAdvisor.com (Where you go to find out more about HUD's $100 Down Program on Government Foreclosures!)