Property Q&A in Turlock>Question Details

Amanda, Other/Just Looking in 95307

what would be the interest rate and down payment of this house?

Asked by Amanda, 95307 Wed Sep 2, 2009

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The FHA and Fannie Mae loan limit for Stanislaus County is $423,750. This house you are looking at is $525,000. So you would have to put $101,250 down to buy it. Basically 20%. Since FHA and conventional loan limits are $423,750 for a single-family home in Turlock, you would have to find a portfolio lender who keeps their loans if you wanted to put less than $101,250 down. And I'm not sure you could find one. You might be stuck at 20% down on this one. But you could get a fabulous rate, possibly 4.75% right now on the 30 year fixed.
0 votes Thank Flag Link Wed Sep 2, 2009

The down payment for this home would be at least 10%. With just 10% down you would need a jumbo loan. This home is well over the limit for FHA loans which require 3.5% down. Your interest rate will depend on your credit history. If you have not gotten pre approved yet I will be happy to help you with that. I work with several lenders that can get you pre approved and ready to buy. In this market if you are not pre approved your offer would go straight to the trash. You can also go to my website and answer a few questions to get pre approved. and click on the get pre approved tab.

Jim Patton
Century 21 M&M and Associates
Web Reference:
0 votes Thank Flag Link Wed Sep 2, 2009
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