Can one buy a home with only 10% down in the Bay Area?

Asked by Ricardo, San Francisco, CA Thu May 24, 2012

I currently own a home in San Francisco. We are considering putting it on the market so we can buy a home in Moraga. Our home will fetch about $1.1M and the home we're looking to purchase is on the market for about $1.2M. We can only come up with 10% down at this time. Can we still do this?

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6
Gregorio Den…, , San Diego, CA
Thu May 24, 2012
"Maybe a mortgage broker will come on site and answer this but most of the particpants are real estate agents. "
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I did answer. The conforming limit in Contra Costa is $625,500. To purchase a 1.2 million property with 10% down will require a pledged asset (or similar) program since no one will provide mortgage insurance above conforming limits and would be required at 90% LTV.
Web Reference:  http://WeFixRates.Com
0 votes
Jed Lane, Agent, Petaluma, CA
Thu May 24, 2012
Your agent can recommend mortgage brokers to talk to or you can talk to your bank. Maybe a mortgage broker will come on site and answer this but most of the particpants are real estate agents.
If you want recommendations for mortgage brokers or help listing your home let me know.
0 votes
Lizete Santos, Agent, San Francisco, CA
Thu May 24, 2012
Ricardo,

It depends but you'll have to discuss this w/ a lender.
Here is a referral:
May Montana
Guarantee Mortgage
415-694-5513
May@maymontana.com

If you need additional referrals feel free to contact me.

Regards,
Lizete
Web Reference:  http://www.LizeteSantos.com
0 votes
Gregorio Den…, , San Diego, CA
Thu May 24, 2012
It might be difficult to find 90% jumbo financing without pledged assets. It's not as easy as it may seem to get 90% financing above $625,500 in Contra Costa County. Make sure you speak with someone familiar with jumbo financing and associated programs.
Web Reference:  http://WeFixRates.Com
0 votes
Matthew Goul…, Agent, San Francisco, CA
Thu May 24, 2012
Hi Ricardo,

Yes you most likely can if you meet the lenders requirements. Please call me so that I can do a free market analysis of your current home, you may be surprised in the current market what your home may get.

From the lender perspective, I would call Dean Rizzi 415.694.5533 and let him know that I sent you.
0 votes
Ron Thomas, Agent, Fresno, CA
Thu May 24, 2012
The home is not the determining factor; you are.
Broker Mike Rowland in El Sobrante can help you with both.
mikerowland@windermere.com
510-222-9150

Good luck and may God bless
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