Asked by JoeIrving, 60614 • Fri Apr 17, 2009
I am looking at home in the 600-750K range. I have 20% to put down and good credit. If I finance 600K (assuming 750K house and 20% down and 5.25% rate), taxes at 7500, and insurance at 750, I am at a 25% housing to income ratio.
I am being told that the only way to avoid the Jumbo loan rates is by financing less than $417K or putting 30% down. Is anyone doing piggy back loans anymore or should I just set my sights lower. If there are piggy backs available, what do the terms look like on those?
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