The scenario you are describing is a "jumbo" loan. Those normally require 20% down. If you can get the additional down payment the terms might be better.
Another option you have is an FHA loan. The product allows for less down payment and the rates are favorable.
On a 15 year FHA loan - if you put 10% - you don't have to pay mortgage insurance - excellent feature!
On a 30 year loan mortgage insurance is required.
Hope this helps,
I'd love to sit down and chat with you to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.
In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."
I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
I would suggest doing FHA to get a 3.5% down mortgage. This would cap you at a max amount of 635k for a 1 family. Keep in mind that 2,3 and 4 families all have higher loan limit amounts.
you decide to buy and review different loan programs.
With a 15 year loan you will pay it off sooner but, with a
conventional loan of 30 years, that to me sounds like what you need.
By just making a extra payment once a year you will buy the
loan off in just 20 years and it will give you more freedom.
If you have additional questions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail email@example.com
Hope to hear from you soon.
Why do you want a 15 year? I think you would be better off with a 30 year fixed. The payments are less and you can alway pre-pay some principle along the way which would shorten the loan term. If you make a 13th payment every year, you will shorten the loan to about 22 years instead of 30. Not only that, if it turns out you sell the house sooner rather than later, you will be paying off all the principle anyway. You will also get a bigger tax write-off. If you borrow $600,000.00 with a 30 year fixed mortgage the costs would be about $3,400.00 per month. Then you add in real estate taxes and insurance which would bring that number up to $3,800.00 per month. With the income, assets and credit you quoted you would qualify for this type of loan.
If I can be of further assistance, please contact me again.
Madison Estates & Properties, Inc.
Office: (718) 645-1665