Below $417,000 will be a conforming loan.
The tricky part is, lately jumbo rates have been almost the same as conforming. So comparing rates and fees with different lenders may be smart.
Also, ask yourself is it better to use that extra money you will put down somewhere else, like into upgrading the kitchen or bathroom in the home you will buy?
It is not always cut & dry as every borrower's needs and homes are different.
Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700X49 cell 267-934-1971
That is correct. Purchase price can be higher, but for a conventional mortgage, the loan amount cannot exceed $417K.
Good Luck with your home purchase. If you have any other real estate related questions, please feel free to call me directly. I'm available to assist you in meeting your goals.
Have a great day. Looking forward to speaking with you soon.
All the best,
Realtor, Certified Negotiation Expert
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994
Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc.
I would like to represent you in the purchase to make sure your interests are protected and would love to send you letters from previous clients relating how I conduct myself.
Please contact me by the means below.
Century21 Advantage Gold
I would suggest you speak with a Loan Officer who can provide you with a variety of options so you can determine what is the best way to go. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
Kristin Calvaresi - 877-292-3890 (goes to me cell phone) firstname.lastname@example.org
That is correct. It is also possible to do a 80% conventional first mortgage at $417,000 and a second mortgage to 90% of the purchase price and it is still not a jumbo
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960