i can afford a higher monthly payment however not willing to put 20% down on a 580K new construction home.

Asked by James, Scottsdale, AZ Sat Jan 24, 2009

what are my options?

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Laura Myers…, Agent, Scottsdale, AZ
Sat Jan 24, 2009
BEST ANSWER
Run your numbers. You will have a higher interest rate on the Jumbo loan yet many people are working to keep more liquid cash or perhaps your thinking of buying those stocks that have hit bottom! 20% down on 580k would put you at 464K so you'll remain at jumbo pricing but minus PMI and perhaps higher rate due to the LTV (loan to value) it will cost you less over the long run over most other investment vehicles right now. but also consider negotiating further with your builder....if you could get down to the $417 price point you'll look at a significant rate drop making the deal outragous! (in a good way :)) Builders will negotiate and many people don't realize it. Hopefully you have a representative on your side as you know the sales office personel are happy to help you but fully represent the seller at all times.
Put someone on your side.
"Your Life, Your Choice, ...Make it Great!

All my best,
Laura Myers
Keller Williams Arizona Realty
1 vote
Brad Bergami…, Agent, Prescott, AZ
Wed May 18, 2011
James,
I have to agree with Laura, staying out of a Jumbo Loan is a very good thing. With 20% down you can stay way from PMI also.
There are loans out there for you if you decide to put 10% down.
the choice is yours. Shop around.
Brad
Web Reference:  http://bradbergamini.com
0 votes
Brad Bergami…, Agent, Prescott, AZ
Wed May 18, 2011
James,
I have to agree with Laura, staying out of a Jumbo Loan is a very good thing. With 20% down you can stay way from PMI also.
There are loans out there for you if you decide to put 10% down.
the choice is yours. Shop around.
Brad
Web Reference:  http://bradbergamini.com
0 votes
Jake Johnson, , Melville, NY
Tue Apr 21, 2009
FHA has mini-jumbo rates down to 5 - 5.5% depending on credit scores and down payment. You only have to put down 3.5% to get one. You can call me at 888-536-3001, ext. 1540 or email me at jjohnson@lendamerica.com. The name is Jake Johnson. Good Luck!
0 votes
Donald Keys, Agent, Scottsdale, AZ
Sat Jan 24, 2009
James, hopefully you have a professional REALTOR representing you as a buyer's agent on your new home purchase.

This sounds like a question for your lender. Remember you are not required to use the builder's lender to purchase a home.

Consult a lender. If you need an excellent lender recommendation for the East Side of town feel free to contact me via my website below
Web Reference:  http://www.TheKeysTeam.com
0 votes
Randy Hooker, Agent, Chandler, AZ
Sat Jan 24, 2009
Great question, James!

The biggest issue confronting you at this price level is that you'd be looking at a "jumbo loan." And to be quite honest, lending restrictions and requirements on jumbo's (above $417K in the metro Phoenix area) have gotten to be unbelievably difficult. If you don't have a relationship with an experienced, reputable Loan Officer, I would strongly encourage you to find and consult with one. If there are other options for you, s/he could lay them out for you. If you'd like me torefer you to one of the best LO's in the state, just let me know.

...randy
0 votes
Stew Keene, Agent, Scottsdale, AZ
Sat Jan 24, 2009
James,

Your options will depend on what you qualify for.

I don't fully understand your circumstance so your question to me is so open ended I wouldn't know where to start with more detail of what you are attempting to do.

The mortgage lending game right now is very complicated and I have to deal with it every day.

My question is Why" are you being told you need 20% down and of course this is something that should not be discussed openly on the Internet.

Sincerely,


Stew Keene
Ph (480) 220-7491
Fax (866) 711-8573
StewKeene@yahoo.com
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
0 votes
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