Incline Village Mortgages

Asked by Craig Williams, Casselberry, FL Mon Mar 9, 2009

What is the cutoff between conventional and jumbo mortgages in the Incline Village market? Are there any competitive mortgage products out there that allow less than 20% down, or are those a thing of the past?

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Luke Allison, , Asheville, NC
Mon Mar 9, 2009
The conventional loan limit is $417,000 and the FHA limit is $403,750. An FHA loan will only require 3.5% down but a conventional loan (especially in a declining market like Nevada) will require at least 10% down with a 720 credit score.

If you are thinking about buying in the $400k or less range then I would highly recommend the FHA product. Great rates, easy to qualify for and the least down payment requirement in the market right now.

Luke Allison
Flagstar Bank

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