Each county has their own loan limits so let's break down Queens County. In short, any loan amount exceeding $417,000 is considered a "conforming jumbo." So, if the purchase price is $600,000 here are the minimum down payment options:
Conventional = 10% down payment
FHA Loan = 3.5% down payment
VA Loan = 0% down payment
A common mistake with Pre-Approval Letters and placing an offer is that realtors, sellers, and attorneys automatically believe a larger down payment equal greater chance of approval. Simply put, this is not true. Whether you put down 3.5% or 20% it all comes down to the same thing; you either qualify or you don't. Seriously, I've had clients put down 50% and barely qualify but such a large down payment is instantly perceived as more qualified when it only tells half the story. This is why I dedicate a tremendous amount of time and effort for each of my clients. I leave no stone unturned so there are no surprises down the road when it matters most.
If you'd like to discuss your home purchase and obtain your Pre-Approval Letter please don't hesitate contacting me. I may be reached directly via phone or email, whichever is easiest.
Direct: (201) 957-6768
Licensed by New York Department of Financial Services
Member of NAMB - The Association of Mortgage Professionals
Member of New York Real Estate Investors Association