Alan

I'm a:	Real Estate Professional
Location:	Virginia

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My score is 635 and improving. My income is obove 140K. I am looking to get financing on 550K?

Asked Thu Aug 30 2007, 07:05 by Matt - 22408 - Foreclosure - 10 answers

Alan answered:

You would definitely want to do a 1st mortgage of $417,000 (which is the maximum conforming loan amount) and a 2nd mortgage for the balance of $123,000. The 2nd can be either fixed or adjustable and the interest is for the most part tax deductible. By keeping your mortgage at conforming pricing, you are saving anywhere from .5% to .625% in interest rate. I would be happy to get a much more detailed explaination of what your ultimate goal is here and how best to meet that goal through finding the best mortgage for your unique situation. I have been in the mortgage business for 14 years and have helped thousands of people become new homeowners. Call me ANYTIME at 703-398-5513 if you would like a FREE mortgage analysis.

Thanks
Alan Logan
Sr. Mortgage Banker - Tue Nov 20 2007, 11:26

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