Avoiding Jumbo Financing
I am looking at home in the 600-750K range. I have 20% to put down and good credit. If I finance 600K (assuming 750K house and 20% down and 5.25% rate), taxes at 7500, and insurance at 750, I am at a 25% housing to income ratio.
I am being told that the only way to avoid the Jumbo loan rates is by financing less than $417K or putting 30% down. Is anyone doing piggy back loans anymore or should I just set my sights lower. If there are piggy backs available, what do the terms look like on those?
Dear Joe,
I'm not a mortgage broker, but I would suggest speaking with a local broker. I generally disagree with the posts below. While piggyback loans are not as common as they were previously, there are still a few available. I'd suggest contacting any of the following:
Daniel “Dan” Larkin, Senior Mortgage Consultant
Wintrust Mortgage
600 Hart Rd. #115
Barrington, IL 60010
312-952-8068 (C)
847-277-1781 (off)
847-620-2591 (f)
dlarkin@winstrustmortgage.com
Jae McPherson
Chicago Bancorp
1555 Naperville-Wheaton Rd.
Naperville, IL 60563
630-388-1300 x 253 (off)
312-212-5473 (f)
312-617-1723 (C)
jae@chicagobancorp.com
Tracy Campagna Barnes
Guaranteed Rate
773-290-0345 (off)
773-381-1405 (cell)
773-516-6774 (fax)
tracy.barnes@guaranteedrate.com
http://www.guaranteedrate.com/tracybarnes
Good luck.
Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
3934 N. Lincoln Ave. Chicago, IL 60613
773-418-0640 (mobile) 312-577-0985 (fax) 773-293-1200 (off)
Christopher.thomas@sothebysrealty.com
http://www.myagentchris.com
Wells Fargo offers a piggy back on their own loans according to the latest rate sheet. Example first loan through Wells, Second mortgage through wells also.
Most lenders right now are not offering any type of piggy back loans. Your best bet is to contact your local bank or try an online lender for lower rates. Hope this helps! -Cheryl Delzell, Realtor SunState Realty, LLC
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