Home Buying in 92704>Question Details

sanandparikh, Home Buyer in 08902

I am looking for a second mortgage for $245k. I already have a FHA mortgage, but need to move further south in NJ, due to my wife getting a new job.

Asked by sanandparikh, 08902 Mon Oct 15, 2012

Is there any way I can get a conventional mortgage at 5% down, with a credit score of 680ish? DTI is about 40% including new home mortgage, etc... If there is a lender you know of, please let me know asap.

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You can get a conventional loan with a 620 credit score with 3% down.. Check out The Lenders Network they can refer you to a Lender in CA that offers the conventional 97 program.
1 vote Thank Flag Link Sun Sep 29, 2013
You best act quicly on the 3% down option as this will no longer be available through conventional financing. You will be able to achieve the 3.5% financing with FHA.
FHA will allow you a second FHA mortgage if you are moving to another area.

From FHA Guidelines

Relocation A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is
â– relocating, and
â– establishing residency in an area outside reasonable commuting distance from his/her current principal residence.
NOTE: The relocation need not be employer-mandated to qualify for this exception.

Point your mortgage lender to the FHA guidelines regarding this as it is taken directly from the FHA Mortgagee Guidlines!
0 votes Thank Flag Link Wed Nov 6, 2013
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