Asked by Olimits7, Nutley, NJ • Mon Oct 15, 2012
I know for a conforming loan the amount needs to be less or equal to $417K. However, is property taxes and insurance included in the loan amount or is this separate?
For example, if I put 20% as a down payment and it gets me to $405K loan amount. And I want to include the property tax and insurance, for example $15K, within my loan payments.
Would this then make the loan a "jumbo" instead of "conforming" since the total is now $420K, or are property tax and insurance added to my monthly payments differently and this $15K won't effect the $405K loan amount?
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