I am weighing in late here, but thought I'd follow up to see if you have been able to get any help with your mortgage needs.
An 80/10/10 would work great provided your credit is good enough. I would be happy to show you all the options available to help you save the most amount of money short term and long term.
I am an experienced mortgage veteran and have the knowledge to help guide you to the best options available.
Please feel free to give me a call or email anytime I am happy to help!
Sr. Mortgage Loan Originator
Shawn@ShawnSullivan.Biz | http://Www.ShawnSullivan.Biz
WJ Bradley Mortgage Capital LLC
NMLS ID 3233
3800 American Blvd #1500
Bloomington, MN 55435
I would agree with Bob on the $417,000 first and $55,500 on the second.
If you think you may be in the home less than 7 years you may want to price out a Jumbo ARM loan. Pricing on that is pretty attractive.
Most likely the smartest way to get you the best deal would be to do a $417,000 1st mortgage and then we we will set up the rest on a 2nd mortgage to the 90%.
This allows you to stay out of a Jumbo loan. Jumbo loans have more restrictions on credit and higher interst rates then a normal conforming loan. If you have average credit a Jumbo loan outright might be harder to obtain. Regular conforming loans are much easier to qualify for.
Overall this will get you the best deal on what you are looking for. Make sure you are working with a local MN professional who you enjoy communicating with.
I look forward to hearing from you.
Purchase Manager / Loan Officer
2801 Hennepin Ave S
Minneapolis, MN 55408
My business is built on referrals from people like you, so please feel free to pass on my name and number to anyone looking to buy or refinance a home. Thank you!
Meet in person with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
So, where are you purchasing in MN?? Is this for a specific property already?
I have several lenders that have the most current loan programs available to you as a buyer. Please let me know if you'd like me to send you some referrals for lenders that can help you. I don't want to inundate you here on this post.
Good luck, bbg, and stay in touch~
Give me a call/text or shoot me an email.
kw | Keller Williams Integrity Realty
2680 Snelling Avenue N, Suite 100 | Roseville, MN | 55113
Also visit me on Trulia at:
We can discuss it in more detail to see which direction to go. kim@BuyTwinCitiesHomes.com (651) 457-HOME (4663)
If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)
Lakes Sotheby's International Realty
Email me in private at email@example.com
Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty