Can I secure a Jumbo loan with 20% down and a credit score of 690?

Asked by Cuswim92, 30341 Fri Apr 13, 2012

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, ,
Thu Jul 17, 2014
Yes! We do Jumbos to $4 million down to a 620 Mid FICO (with exception), 660 with no exception, and 680 for our best rates. Available in AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
Web Reference:  http://www.craigbosse.com
1 vote
, ,
Wed Dec 11, 2013
Mike,

We can make you a jumbo loan in FL for $460K with a 693 middle credit score, but you cannot use the rental income unless it has been shown on the schedule "E" of your tax returns for at least one year.

Thanks,

Larry F Delbridge II
Sales Manager NMLS# 114090
404.493.2288 Cell
888.703.3070 Fax
http://www.gpnmortgage.com/alpharetta/ldelbridge
1 vote
, ,
Wed Dec 11, 2013
Yes you most certainly can. Technically there are jumbo programs that are not credit score driven. This of course all still depends on your credit history as well as whether the loan is going to be a true jumbo or a high balance conventional.

Please note that a jumbo is typically any loan amount over $625K, depending on the area. Let me know if you have any further questions.
1 vote
, ,
Tue Oct 29, 2013
Cuswim92,

The simple is yes you can. We have a number of jumbo or non-conforming programs that will enable you to finance 80% of the purchase price with very competitive rates.

Call or email me at your earliest convenience to discuss your options.

Tim

Timothy Brown | LPO Manager
EVOLVE bank & trust
11605 Haynes Bridge Road Suite 125
Alpharetta, GA 30009
o. 770.255.3880 | f. 678.935.1156 | m. 678.467.9959
NMLS #:168281
1 vote
paul124, Home Buyer, 14212
Tue Oct 29, 2013
Hi Cuswim92

A reverse mortgage is a loan for senior homeowners that uses a portion of the home's equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.To know more search

http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/how-does-a-rever…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
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1 vote
michaelmyer, Home Buyer, Saint Petersburg, FL
Sun Jan 6, 2013
Wanting to buy a house for 575k. will put down 20%. so I need a mtg for $460K in FL.
my credit score is 693. Reason being the only debt I have is mortgages.
I have a house that I rent for $900. mth and payment is 880.piti and another house which was my primary house I just started renting out for 2500. and my payments equal 2044 piti. Im paying mth to mth now renting a place right now. My income last year was 134K and this 2012 tax return will be 160Kish. My question is,..... will I be able to account for the rents that I just started collecting on what was my primary at 75%. on a jumbo product.
Mike
1 vote
Mike are you still looking for some help with your loan? I can refer you to a lender that can help you get approved.
Flag Sun Sep 1, 2013
, ,
Fri Apr 13, 2012
As promised, US Bank cannot do the loan for you at 90% (very small print). They can go to 80% for primary residence. Second home through them requires a 720 score. With the credit union on primary residence, I can go up to 95% (80/15/5). Minimum score is 680. Max debt to income is 40%.
The max loan amount on the second is $250,000.
So, 1st mortgage to 417,000; second to 250,000. Max loan amount: $667,000. If you are putting 10% down on the sale price? That's a $740,000 sales price. Not all banks will allow you to go to 95% or allow you to have a second mortgage to 95%, so make sure you ask. The second mortgage is fixed and therefore not pretty. There may be other companies that have better rates than mine. Just be careful. Few Loan Officers know to read the fine print until you are half way through the process. Most LO's who respond on this site are good enough to either know what they are talking about or admit they don't.
1 vote
, ,
Fri Apr 13, 2012
Yers, jumbo financing is available in Atlanta with a 690+ FICO. The current Atlanta conforming loan limit is $417,000. A lot will also depend on your actual loan amount.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
1 vote
, ,
Fri Apr 13, 2012
You have 2 choices: split the loan between a first mortgage company and a credit union or I may be able to get you through US Bank.

Typically, the credit union will want at least a 700 to 720 score becasue of the risk. I'll check the guideline later today with Georgia's Own credit union to see if they'll lend in Virginia and what the minimum score will need to be.
US Bank is nicer when it comes to refinancing vs purchases. They allow up to 90% on jumbo loans with no mortgage insurance. Of course, credit has a lot to do with that as well as whether or not this will be a primary or secondary residence.
Another thing to look into is to see which county in Virginia has a higher loan limit for conforming limits. Not all counties max out at $417k. Some go higher, some lower. Send me some county names and I'll check the limits or send me your email address and I'll send you the whole list.
1 vote
, ,
Fri Apr 13, 2012
Cuswim92,

Yes you can buy a property with 20% down and a 690 score. Obviously your income will need to be sufficient to ensure that your total debt load is below 45%. Other than that, this is very straightforward.

Let me know if I can help. We can close you in 14 days if required.


Timothy Brown
LPO Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
tbrown@getevolved.com
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
NMLS#: 168281
1 vote
, ,
Fri Apr 13, 2012
Yes you can, call me 404.493.2288.
1 vote
Don Maclary, Agent, Virginia Beach, VA
Fri Apr 13, 2012
I would be happy to find a waterfront Virginia Beach home to use that jumbo on:)
1 vote
Char Walker, Agent, Atlanta, GA
Fri Apr 13, 2012
I have mortgage partners on my team who definitely can. We can assist in securing a home for purchase while protecting your interests. Give me a call to discuss further. 770.865.4128
1 vote
Five Stars, Other Pro, Jacksonville, FL
Wed Feb 3, 2016
Yes, we can offer up to 95% jumbo financing with a 680 score. Please see the latest Jumbo loan guidelines in the provided link below.

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
http://www.FiveStarsMortgage.com
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