Financing in Philadelphia>Question Details

So.rental, Home Buyer in Philadelphia, PA

2012: Philly Suburb Jumbo Loans with 5% to 10% down with 730 FICO?

Asked by So.rental, Philadelphia, PA Thu Nov 15, 2012

I am looking for a home in the $525k range in the Philly suburbs like Phoenixville. Also have looking at possible getting a new home (Toll Brothers properties) which are very nice. I know the FHA limit in Montgomery County is $417k, are there any mortgage lenders in the area that offer a Jumbo loan with 5%-10% down? Have excellent credit (730) and the more than enough income to pay even if the rate is 5%, just wondering if I can get the loan.

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8
Joshua Stein’s answer
Have you already asked this question of a mortgage broker? They would be your first and best resource once they have looked at your personal situation in detail.

I would be happy to suggest a few if you do not already have someone in mind as well as review your options for your new purchase as you look to move into the 'burbs.

Joshua Stein, REALTOR®
Coldwell Banker Preferred - Conshohocken
jstein@cbpref.com
Office:(610) 828-9558 * Cell:(215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894
PA License #RS317975

If you know anyone who needs help buying, selling or renting in the next 60 days, give me a call so I can help them meet all of their real estate goals.
0 votes Thank Flag Link Fri Nov 16, 2012
I advise you to contact Edward Dubinsky at Absolute Home Loans. He has some creative jumbo programs that may be available to you.

Edubinsky@ahmcloans.com Direct Cell: 215-808-5353

Please feel free to contact me regarding Buyer representation. You should really have a Buyer's Agent by your side looking out for your best interests. I'd be happy to show you currently available homes that meet your preferences and requirements. I am a Certified Negotiation Expert and can assist you in negotiating a great deal.

All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
LarrySellsRealEstate@gmail.com

DJCRE, Inc.
Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
2 votes Thank Flag Link Thu Nov 15, 2012
5% down payment is fine up to 1 mil loan amount. Higher loan amounts available with 10%+ down payment. 700 credit score required, full income and asset documentation will also be required.

Five Stars Mortgage
National Jumbo Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
http://www.FiveStarsMortgage.com
0 votes Thank Flag Link Fri Apr 29, 2016
Great question! We have a lot of buyers that fall into this same situation. I structure these loans as one loan instead of breaking the financing into two loans. The best part of the loan is that it does not have any monthly mortgage insurance. Feel free to give me a call or email and i can discuss this option in deatail with you.

Best of luck and I look forward to hearing from you!

Joseph S. Cordova
NMLS# 146855
jcordova@eveshammortgage.com
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
Apply online at: http://www.joecordova.com
0 votes Thank Flag Link Thu Nov 15, 2012
Good evening So,

Give Ryan a try: http://www.homecatch.com/mortgage

Tell John + Sheri sent ya!

All the best, John + Sheri Curci RE/MAX Propereties 1-866-473-6290
0 votes Thank Flag Link Thu Nov 15, 2012
Call me to discuss your needs

Michael Solomon
2154212121
0 votes Thank Flag Link Thu Nov 15, 2012
Call Maura McDonnell @ Mortgage Master Inc--they have some unique products with jumbos-her contact her # is 610-291-146o



Amanda Saunders
Prudential Fox and Roach
0 votes Thank Flag Link Thu Nov 15, 2012
Hello So.rental.

I have a lender with 2 options for 10% down on jumbos.
$417,000 conventional and a second mortgage to 90%
or a 80/10/10 with a jumbo first and then 10% second. If you are buying in the $525k range I would suggest the first option.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Thu Nov 15, 2012
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