You could possibly get a conventional 90% loan to value mortgage at 10% down, but a better and cheaper option would be an 80% first and 10% second. The rates are lower on the 80% loan because it would be lower than $417k which makes it conventional rates. Additionally, there is no PMI insurance.
I am a local mortgage broker and would be happy to help you get pre-qualified. We work with over 30 lenders to help you get the best possible financing for either a single family or multi-family properties.
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Smart Mortgage Centers
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I can recommend some great lenders to talk to. You are slightly above the conforming loan limit of $417k on a single family home, but the limits are higher on multi unit dwellings. It may work to do 80% first, 10% second, 10% down.
You should talk to Sharri Ptak, Coldwell Bankers Lincoln Square's in-house Mortgage person. She does a great job and has a great company behind her.
2156 W Montrose
Chicag, IL 60618
Please visit my website at http://www.idealhomesinchicagoland.com. You can reach my preferred partners that have many options available to you. Plus you can find your ideal home. I actually have my Rep from BMO Harris here in my office today. Please contact me and let me have you talk to him, in fact he currently has a $2000 grant available. My services and website are free for you to use.
I highly recommend working with Mary Kay Laurent with Guaranteed Rate at 773-516-6859. She is on top of her game and she will work with you to make sure you have the best product.
Chad I attended the Chicago Association or Realtors Economic Outlook this year. Unless you are going to be in Chicago are for 3-5 years I am not sure if an ARM will be right for you. The Fed is planning on keeping the record low interest rates down until we reach a nation unemployment rate of 6.8% or so. So you will have to weigh out the pros and cons or what I going to call risk and benefit of taking an ARM; remember when your arm comes due the rates could possible change dramatically.
You may also consider a 417,000 first loan and a second up to 90% which will
save you on the first lower 'non-jumbo' poortion of the payment.