Jumbo Loan Down Payment All Locations : Advice

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Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
Seeking mortgage broker specializing in self-employed buyers
If you need referrals please feel to contact me directly.
0 votes Share Flag Tue Jul 2, 2013 Home Buying in Putnam County
Ray Blankenb…, Real Estate Pro in San Antonio, TX
Ray Blankenberg answered:
What is the difference between points and PMI?
PMI is private mortgage insurance and points are what you pay a mortgage company to obtain a loan or buy down your interest rate.
0 votes Share Flag Mon Mar 25, 2013 Financing in San Antonio
Roswell Moore…, Real Estate Pro in Scottsdale, AZ
Roswell Moore, CMPS answered:
Mo payment next to listing,
Hi Bschrissy,

The calculator I see here on Trulia gives the monthly payment based on a 30 year fixed rate mortgage with 20% down & includes your Principal & Interest payments, & 1.3% ... more
0 votes Share Flag Fri Mar 22, 2013 Financing
EdithJasser…, Real Estate Pro in 60093
EdithJasser YourRealtor4Life answered:
Is it possible?
First step is to connect with a good reputable lender/loan officer, you can also at the same time talk to your bank, where you have your accounts and see what type of loan could work f ... more
0 votes Share Flag Fri Mar 22, 2013 Home Buying in Morton
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
How soon can one start to look for another property if bank denies mortgage loan on a contract deal?....thank ...
You should find out why the bank denied the loan, and try to correct the issue. There is no set time limit to start another process.
0 votes Share Flag Mon Mar 25, 2013 Home Buying in 11236
Klaus Illian, Real Estate Pro in Saint Louis County, MO
Klaus Illian answered:
Excellent credit, high income but don't have 20% of 700-800k. Need to sell..... 5458 pebble lane Osage beach MO 65065
Forget FHA financing if you plan to buy in the $700-800k range. The FHA limit in this area is a little over $275k. A good local lender can give you the details. I can refer you to on ... more
0 votes Share Flag Fri Mar 22, 2013 Home Buying in Saint Louis
Kawain Payne,…, Real Estate Pro in Long Beach, CA
Kawain Payne, Realtor, Notary answered:
My wife has fair credit (about 640 and mine about 760). Am I able to apply for a mortgage without her, including not having her credit checked?
Hello,

You may apply for the loan without using your wife, if you do not need her income to qualify.

Remember the credit score is one factor in deciding on a loan approval. Other ... more
0 votes Share Flag Fri Mar 22, 2013 Home Buying in Pewaukee
Linda S. Cef…, Real Estate Pro in Oak Creek, WI
Linda S. Cefalu answered:
1st time home buyer..Are any classes i can take because i am clueless?
Hi,

You can start with a lender or an agent. Finding a great agent is just as important as a great lender and very often the agent has experience with lenders that they can refer yo ... more
0 votes Share Flag Sun Jul 7, 2013 Home Buying in 46222
Tina Lam, Real Estate Pro in San Jose, CA
Tina Lam answered:
Financing Question
On a pure financial cost basis, you'll pay less interest with the 15 year option. However, you gain additional cash flow flexibility with the second option. As for which is better, th ... more
0 votes Share Flag Mon Mar 25, 2013 Financing in San Antonio Road
Simon Campbe…, Real Estate Pro in Miami Beach, FL
Simon Campbell answered:
we found an affordable home on land contract and notified the seller of our interest.. what are the steps for buying a home on land contract?
Here is a general breakdown:

1. Inspect the property yourself.

2. Discuss terms with the seller including sales price, down payment, interest rate, years of amortization and ballo ... more
0 votes Share Flag Fri Mar 22, 2013 Home Buying in Big Rapids
Mandy Fritsc…, Real Estate Pro in Wisconsin
Mandy Fritsche answered:
Are there any banks in WI that offer special financing, non-traditional down payment options for teachers ...
FHA requires 3.5% down payment we go down to 580 credit score. We would have to look at your scenario to see FHA would allow you to have 2 FHA loans at 1 time. There is a few circumst ... more
0 votes Share Flag Fri Mar 22, 2013 Home Buying in 53224
Skip Stamper, Real Estate Pro in Ormond Beach, FL
Skip Stamper answered:
how much do seller's usually pay in buyers closing cost in Ormond Beach, fl?
Sellers are not obligated to pay any closing costs for Buyers. However, when negotiated in a contract, they can contribute up to 6% of Buyers closing costs of their loan.
0 votes Share Flag Fri Mar 22, 2013 Home Buying in Ormond Beach
Josh Barnett, Real Estate Pro in Oklahoma City, OK
Josh Barnett answered:
Are there special grants or programs for first time home buyers?
Click on the "Mortgage" tab above, fill out a loan application and Trulia will have a lender contact you to go over financing and programs that may be available.
0 votes Share Flag Thu Mar 21, 2013 Home Buying in Georgia
Chris Bought…, Real Estate Pro in Phoenix, AZ
Chris Boughton answered:
I am thinking of finding a company and do a lease Has anyone heard good or bad things about doing rent to own or lease to own?
I believe the biggest cons to this scenario is typically you would pay more for the home, and/or at a slightly higher interest rate due to the increased risk that the owner is taking. ... more
0 votes Share Flag Fri Nov 1, 2013 Home Buying in 85020
Suzanne MacD…, Real Estate Pro in 07856
Suzanne MacDowell answered:
how much of a down payment should you have to purchase a home?
It depends on a lot of factors including which type of mortgage you plan to obtain. An FHA mortgage requires only 3.5% down, however you would have to pay an additional mortgage insura ... more
0 votes Share Flag Thu Mar 21, 2013 Home Buying
Matt Elliott, Real Estate Pro in 20148
Matt Elliott answered:
First Time Home Buyer w/ 800 FICO score & 140K Annual salary but only 5% downpayment
I would agree with you on the 5% conventional. It should be less monthly w/out the FHA mortgage premium.

A good, competent lender can help you best.

Will Gaines
First Porfolio M ... more
0 votes Share Flag Wed May 8, 2013 Home Buying in Herndon
Wayne L. Bro…, Real Estate Pro in San Diego, CA
Wayne L. Brown answered:
Is it legal in California for a broker to be the buyer's agent and also the mortgage broker in the same transaction.?
In most cases, Yes, as long as it is disclosed. However, if you are doing an FHA loan, it is prohibited by HUD.

That said, some lenders frown on this, and as their own policy may no ... more
0 votes Share Flag Sat Mar 29, 2014 Financing in San Diego
Chris Chin, Real Estate Pro in Ventura, CA
Chris Chin answered:
Prequalificiation Letter hold up
Brianna,

Proof from your lenders should suffice underwriters requirements. But it is best to ask your loan officer to give you specifically what the underwriters need to satisfy the ... more
0 votes Share Flag Sat Jun 1, 2013 Home Buying in Oxnard
Carole Laman, Real Estate Pro in Las Vegas, NV
Carole Laman answered:
AFA earnest $$ goes...can a buyers agent negotiate part of the FHA loan as a dwn pymnt or does the buyer hav ...
The seller can contribute to your closing costs but they can not contribute to your down payment. The down payment can be a gift from a family member. Carole Laman with Affinity Realty ... more
0 votes Share Flag Tue Jul 16, 2013 Home Buying in North Las Vegas
Justin Linds…, Real Estate Pro in Destin, FL
Justin Lindsey answered:
First time home buyer
Well first, what are your other scores are. Your median score will be what really matters. Lenders also will view your credit score through the eyes of FICO, which can have significant ... more
0 votes Share Flag Fri Mar 22, 2013 Home Buying in Martinez
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