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Financing in Belmont : Real Estate Advice

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Activity 2
Tue Aug 20, 2013
answered:
It looks like you have a lot of moving parts there.

The conforming limits for 3 family homes in Boston is $720,700 and for FHA is $810,450.

From a down payment standpoint, you're probably looking at needing at least 20% - either to meet the conforming/FHA loan limits and qualify for better rates OR to qualify for jumbo financing options.

I don't know of any portfolio options with less than 20% down, primarily because PMI is not obtainable over the FHA/conventional limits.

I can help you in reviewing your options if you want to give me a call or shoot me an email.

Tony

Tony Grech

Loan Officer -NMLS #966417



WCS Lending, LLC

Tony.Grech@WCSLending.com

Toll Free: 866.936.5363 ext. 278
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Thu Dec 30, 2010
Pacita Dimacali answered:
The bigger question is is: is the condo complex FHA approved? If it's not, it doesn't matter if there are 2 or more units. If it's not on the list of FHA projects, it won't qualify for an FHA loan.

Here's a link where you can fin the FHA approved condo projects
http://www.myfha.net/FHAguidelines/FHAcondos.html

Good luck!
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Financing in Belmont Zip Codes

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