Find a house at or below 75% of its value and place a contract for that amount. The difference between the value and the sales price will be considered your down payment. The lender charges 8% but it can be financed. So, if you find a house at 67% of its value, no money down and no fees due to the lender. Ask to have the seller pay the closing costs.
Once you buy the house, you may want to wait a year before refinancing it so that you can roll the closing costs into the value of the property. Some lenders will do this sooner, so check around. Otherwise, the norm is that if you refinance before the one year time frame, you'll have to bring the new lender (bank) will give you 90% of the sales price or appraised value, whichever is less. If you wait the year, it's 90% of the appraised value. Most lenders max at 80% for jumbo, but there is one that goes to 90% with no MI with a 700 score.
Visit my website for more info. Good luck!
404 644 3295
My lender just came out with a phenomenal jumbo loan program with competitive interest rates. He mentioned it in our sales meeting this morning and we were all shocked! Give me a call and I can get you in touch with him to see what he can do. Once we get you qualified, we can get you in for a home buying consultation. Look forward to hearing from you.
The Live in Atlanta GA Team
Keller Williams Atlanta Midtown
Let me refer you to a great lender:
Mark Milam | Production Manager
Heritage Bank Mortgage
3333 Peachtree Rd, Ste M-10, Atlanta, GA 30326
t: 404.395.1102 | f: 404.506.9484
If he can help you get the loan, I can definitely help you locate and acquire a sound well built home at the best possible price.
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