Financing in Massachusetts>Question Details

Nana, Home Buyer in Massachusetts

any information for jumbo loans with 3-5% downpayment?

Asked by Nana, Massachusetts Mon Dec 14, 2009

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7
Yes you can get a jumb loan with 5% down if you go FHA.
0 votes Thank Flag Link Mon Dec 21, 2009
Thank you all of you for your answers and advises. They are very helpful.
Nana
0 votes Thank Flag Link Tue Dec 15, 2009
Look for a credit union or small community bank that will offer a second mortgage. They will typically lend 15% of the required 20%. 5% will come from you. However, if the second mortgage company is willing, you can get the first mortgage at the conforming rate of $417,000 then the second for the remainder up to 5% from you. Rates on seconds run around 9.5% for 30 year fixed and 9% for 15 year fixed. You'll also have to make sure that the first mortgage company will accept the second mortgage company. We call that a CLTV (combined loan to value). Your LTV is 70%. Your combined LTV or CLTV is 95%. This will also keep you from having to pay mortgage insurance (MI). The MI on FHA is .55% of the loan amount plus you will have to pay a 1.75% funding fee (which is financed into the loan). It may take a little leg work, but may be worth looking around.
0 votes Thank Flag Link Tue Dec 15, 2009
Good morning Nana:

FHA jumbo mortgages in Bristol County are currently up to $475,000 with 3.5 % down. Contact Jeff Drew at StarMortgage.com. There are many changes currently being contemplated with FHA to increase the down payment .

Rob

http://GoodwinRealtyGroup.com
0 votes Thank Flag Link Tue Dec 15, 2009
Nana,
Depending on how much of a jumbo loan you're looking for, FHA might come into play.
If the size of the loan exceeds FHA jumbo limits, then unfortunately there is no market for jumbos at 5% down.
0 votes Thank Flag Link Tue Dec 15, 2009
Thank you, Ann. The county is Bristol, MA. Do you have any ideas for lenders giving that kind of loans?
0 votes Thank Flag Link Mon Dec 14, 2009
Hi Nana....jumbo loan limits by county. Which county do you need financing?
Ann
0 votes Thank Flag Link Mon Dec 14, 2009
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