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Jumbo Loan Down Payment All Locations : Nationwide Real Estate Advice

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Showing results for jumbo loan down payment [Clear search]
Sun Feb 19, 2017
answered:
The reason the bank claim Title so late in the process is because they cannot foreclose without sustained delinquency. This is why they don't immediatly "take the house back" when your BK is discharged.

It seems that FHA should allow for this loan as long as, and per their guidelines; "provided the reason for the bankruptcy was due to extenuating circumstances, and the borrower hasexhibited the ability to manage their financial affairs, and the reason for the bakruptcy is not likely to happen again.."

Cheers
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0 votes 4 answers Share Flag
Tue Mar 26, 2013
Cindy Davis answered:
There are only two loans that I know of that require nothing down The first is the VA loan, and the second is a USDA loan for some rural areas...otherwise, FHA (with 3.5% down) is your best bet. ... more
0 votes 5 answers Share Flag
Tue May 14, 2013
Matt Laricy answered:
There are plenty of them out there. Try calling Tony Lupescu at 708-351-6416.
0 votes 12 answers Share Flag
Tue Jul 2, 2013
Anna M Brocco answered:
If you need referrals please feel to contact me directly.
0 votes 5 answers Share Flag
Mon Mar 25, 2013
Ray Blankenberg answered:
PMI is private mortgage insurance and points are what you pay a mortgage company to obtain a loan or buy down your interest rate.
0 votes 4 answers Share Flag
Fri Mar 22, 2013
answered:
Hi Bschrissy,

The calculator I see here on Trulia gives the monthly payment based on a 30 year fixed rate mortgage with 20% down & includes your Principal & Interest payments, & 1.3% for your taxes & insurance, which is a bit high for the Phoenix metro area. You'd be better served to contact a local licensed loan originator to get the specifics with more accurate numbers.

You can go as long as 40 years on a fixed rate loan, but the rates aren't as attractive a 30 year fixed rate. As loan as both husband & wife are on the loan, if one spouse dies, nothing happens in terms of your mortgage or the payments as far as the bank is concerned.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
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0 votes 1 answer Share Flag
Fri Mar 22, 2013
Edith Karoline Jasser answered:
First step is to connect with a good reputable lender/loan officer, you can also at the same time talk to your bank, where you have your accounts and see what type of loan could work for you and based on your income and your debts (like car payments, credit card outstanding payments etc.) the bank or lender will be able to give you. And what amount of down payment you have available at the moment.

Then if all those numbers work out for you, you need to connect with an experienced Buyers Agent, a Realtor who has expertise and loves to work with buyers. If you need a good recommendation get back to me and I gladly send one your way. But before even looking at properties and or finding out with
a Realtor if you can find for the loan and down payment available what you would like, do the financial
side first, just explore those options first....

You seem to be honest and very straight forward and I am sure that with so many loan options out there one can be found for you. And I gladly connect you with either or or both, just let me know.
I am a real estate Broker and we all work for Sellers as well as Buyers but I particularly love to work
with buyers, as I enjoy the teaching and guiding my clients through the entire process and seeing the
excitement when we find the right property, at the right price.

Now I always always, especially to first time home buyers recommend, do not buy as much as you
are allowed, be safe, be prudent.... have some extra money in your pockets for repairs, vacation a new car down the road.... Look at what your monthly expenses would be, and take it a notch down
to be on the safe side....

Any more questions or concerns feel free to e-mail me.
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
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0 votes 3 answers Share Flag
Mon Mar 25, 2013
Jacques Ambron answered:
You should find out why the bank denied the loan, and try to correct the issue. There is no set time limit to start another process.
0 votes 7 answers Share Flag
Fri Mar 22, 2013
Klaus Illian answered:
Forget FHA financing if you plan to buy in the $700-800k range. The FHA limit in this area is a little over $275k. A good local lender can give you the details. I can refer you to one but feel free to use anyone you want. I am sure I could help you. Do you want to meet for coffee on day next week?

Klaus Illian
Wood Brothers Realty
5600 Hampton Ave.
St. Louis, MO 63109
314-541-4615
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Fri Mar 22, 2013
Kawain Payne answered:
Hello,

You may apply for the loan without using your wife, if you do not need her income to qualify.

Remember the credit score is one factor in deciding on a loan approval. Other items examined are:

Your income
Debt to income ratio
Down Payment amount

Now with regards to the community property issue. If you buy the home without your wife on the loan she may have to sign a quit claim deed in order to get the loan funded. You can in turn sign a grant deed adding her to the title.

Your escrow officer can take care of both deeds for you. In this case your wife would only be off title for a few days.

If you need your wife's income, then she has to be on the loan.

Best of Luck To You!!!
Kawain Payne, Realtor
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0 votes 8 answers Share Flag
Mon Mar 25, 2013
Tina Lam answered:
On a pure financial cost basis, you'll pay less interest with the 15 year option. However, you gain additional cash flow flexibility with the second option. As for which is better, that's up to you. ... more
0 votes 10 answers Share Flag
Fri Mar 22, 2013
Simon Campbell answered:
Here is a general breakdown:

1. Inspect the property yourself.

2. Discuss terms with the seller including sales price, down payment, interest rate, years of amortization and balloon payoff. If terms are acceptable, move on to #3.

3. Present a written offer to the seller. Make the contract subject to a satisfactory home inspection.
Here are a few sites where you can get forms (Offer to Purchase) that will help you:
http://www.rocketlawyer.com/document/real-estate-purchase-agreement.rl?rlfr=srch:1:1
http://www.lawdepot.com/contracts/real-estate-purchase-offer/?loc=US
Most likely the seller will do a background/credit check.
If offer is accepted (i.e. signed and dated), move on to #4.

4. Deposit the down payment/earnest money deposit with a title company under the Seller/Buyer name.

5. Hire a home inspector. If inspection is okay and/or seller is willing to fix items, move on to #6.

6. Use a title company or real estate attorney to create the Contract for Deed. Once the document is ready, both buyer and seller will sign and the contract begins.
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0 votes 2 answers Share Flag
Fri Mar 22, 2013
answered:
FHA requires 3.5% down payment we go down to 580 credit score. We would have to look at your scenario to see FHA would allow you to have 2 FHA loans at 1 time. There is a few circumstances they will allow this in. You could do a loan without him but if it is a FHA loan then we have to include is debt becasue we are in a marital property state but would not be able to use his income. If you are looking outside of Milwaukee County you may be eligible for USDA Rural Housing loan with NO down payment. If you would like to explore all your options please contact me or go to my website to do the online application.

Thanks,
Mandy Fritsche - Prospect Mortgage
Mortgage Loan Officer
NMLS# 557211
262-327-5700 Cell
877-868-9198 Fax
mandy.fritsche@prospectmtg.com
www.MyProspectMortgage.com/mfritsche
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0 votes 4 answers Share Flag
Fri Mar 22, 2013
Skip Stamper answered:
Sellers are not obligated to pay any closing costs for Buyers. However, when negotiated in a contract, they can contribute up to 6% of Buyers closing costs of their loan.
0 votes 5 answers Share Flag
Thu Mar 21, 2013
Josh Barnett answered:
Click on the "Mortgage" tab above, fill out a loan application and Trulia will have a lender contact you to go over financing and programs that may be available.
0 votes 3 answers Share Flag
Fri Nov 1, 2013
Chris Boughton answered:
I believe the biggest cons to this scenario is typically you would pay more for the home, and/or at a slightly higher interest rate due to the increased risk that the owner is taking. There is also some concerns about the seller carrying the loan and not making payments to the mortgage company if it is not owned free and clear. If the contract is written properly, this risk can be minimalized. The reason most people would accept this increased risk and cost is due to not having the credit to qualify for a home through more traditional channels such as Conventional or FHA.

I wish you the best in working toward your dream home!
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0 votes 8 answers Share Flag
Thu Mar 21, 2013
Suzanne MacDowell answered:
It depends on a lot of factors including which type of mortgage you plan to obtain. An FHA mortgage requires only 3.5% down, however you would have to pay an additional mortgage insurance that can be costly these days. USDA loans, which are available in an amazing number of areas you would never guess could qualify, are still zero money down. Conventional mortgages are still 20% down and, with the increase in PMI insurance, many institutions are offering their own loans with down payment amounts lower than 20%

My suggestion to you would be to sit down with a good, local, mortgage banker to discuss your options. What I mean by mortgage banker is not one of the big banks, but a smaller firm that specializes in writing mortgages rather than one that has depositors and so on. If you don't know of such an institution, contact a local realtor and ask to be referred. And good luck!
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0 votes 2 answers Share Flag
Wed May 8, 2013
Matt Elliott answered:
I would agree with you on the 5% conventional. It should be less monthly w/out the FHA mortgage premium.

A good, competent lender can help you best.

Will Gaines
First Porfolio Mortgage
703-401-0241
wgaines@firstphc.com

If I can help with anything at all during your search, I'd consider it a privilege. I lived in Herndon for 7 years, my office is in Reston, VA.

All my best,

Matt Elliott
Keller Williams Realty
703-627-2167
MattE@kw.com
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0 votes 12 answers Share Flag
Sat Mar 29, 2014
Wayne L. Brown answered:
In most cases, Yes, as long as it is disclosed. However, if you are doing an FHA loan, it is prohibited by HUD.

That said, some lenders frown on this, and as their own policy may not allow it.

Hope this helps.

Wayne L. Brown
Mortgage Banker
Security National Mortgage Company
NMLS # 343946
Company NMLS 3116
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0 votes 15 answers Share Flag
Wed Nov 30, 2016
Stephen McRory answered:
-
See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO w/cc
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
www.StatedIncomeALT.com
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide

Go to: WWW.PRO-OPTION-COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
====
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