Does anyone offer an 80/10/10 on a jumbo in CT?

Asked by Mjw, 06019 Fri Sep 23, 2011

My husband and I are looking to purchase a house in CT and the purchase price is $700K. We don't have 20% to put down right now and are looking for a loan that might be available to us. We have a credit score of 750 and make very good money. I'd appreciate any input. Thanks!

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Mjw, Home Buyer, 06019
Fri Sep 23, 2011
It sounds like we'll have to save up a bit more for a down payment then as we could only do 10% right now. Thank you!
0 votes
Chris Goodri…, , Newtown, CT
Fri Sep 23, 2011
I am a licensed mortgage banker in Connecticut and have access to many loan programs to provide our borrowers the widest array of choices and lowest rates and fees. The best option we have for you would require a 15% down payment. Either one loan at 85% LTV with no Mortgage Insurance or 80/5/15 (80% 1st mortgage and 5% HELOC, with 15% down.) Please feel free to call me if I can help you with a pre-approval for your purchase.

Chris Goodrich
Executive Mortgage Banker
Northpoint Mortgage
10 Waterchase Drive
Rocky Hill, CT 06067
ph: 203-241-3994
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, ,
Fri Sep 23, 2011
With a 750 score we can go to 85% LTV on an $800k loan amount in Connecticut (90% LTV to a $500k loan amount).
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Sep 23, 2011
Jumbos have a whole set of new rules these days. I just got approval for a doctor and it took me 3 months and had to pass the watchful eyes of 2 underwritters. I doubt you will find one offering 80-10-10. Check with Wells Fargo, if anyone can help they can. If they say no, it's very unlikely anyone else can do it either.
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