Beebee

I don't think so-- esepecially if a home is over 417K. The Jumbo Conforming are rates between the Conforming and Jumbo. This is for the 30 yr. fixed at least.

I can't seem to find a loan below 7% and I have a FICO above 800. The idea of saving 200K in order to get the loan down to a more manageable size seems impossible. By the time I save 200K-- homes will be even higher in price and I will need to save another 200K!

I am sure that there are lower percentage loans if you get ARMs--but I don't feel comfortable going that route. - Tue Apr 29 2008, 07:49

Thanks Leslie. We have looked at the comps, but it is hard to compare because not many homes in that area that we are interested in have sold recently. I know that the sellers want to re-coup what they put into it and maybe not lose any money-- but they bought it last year, an even with the upgrades they made, the house has only appraised for 20K over what THEY bought it for. And that it only one banks estimate. It needs more work (new roof, some electrical...). We want the location and really think the house has potential (needs some work)-- but we have offered what we can afford. So-- they would of course be taking a loss if they accepted our offer-- since they have to pay the agent fee and because they sunk money into it since they wanted to make a profit. No one would take a loss, right? It has been on the market for close to 5 months with a couple of failed buyers (financing falling through).
I guess we are just looking outside our price range-- the sellers have every right to hold out for what they want! I wouldn't want to lose 50-70K either! - Wed Apr 23 2008, 19:53