Is it possible to buy in newport coast,ca with 10% down? How about owner financing?
I am looking in the 1.5 to 1.7 million range in Newport coast. I can put together about 200,000 dollars for downpayment.Are there any loan programs out there? Is there room to negotiate with sellers on owner financing?...or taking over their loan?
I am also looking for a good local agent who is familiar with the newport coast area and has his/her finger on the pulse of the local market.
I can do it with 20% down but I highly doubt you will find a lender doing jumbo loans that large in Southern California who will do that loan with 10% down. Most of the other banks I know of only go to 75% LTV. I would either consider buying a home at $1 Million or trying to come up with an extra down payment. I know it is probably not what you would like to hear, but I just want to give you an honest answer.
If you have any questions, don't hesitate to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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