Great Rates

Philadelphia Mortgage

Jumbo Loan

Posted by Earl on April 6, 2012 in Jumbo Loan with 8 Comments


Question by LaraLara: Jumbo Loan….?
I have read some of the postings about Jumbo Loans. What credit score and income is needed for a couple with 5% down and looking to buy a 620K home in California RIGHT NOW? We have a great opportunity to do so. I have heard that your age, race and location (CA vs. NV for example), makes a difference. Have the big companies shut out Jumbos indefinitely or just for a few months? Any experts out there that can answer and/or help?

Best answer:

Answer by Landlord
You need a standard downpayment, 5% doesn’t cut it.

Age race and location mean nothing and are not part of the equation.

If you have no other debts you can do OK on about 180k a year income if you have decent credit.

Give your answer to this question below!

Mortgage Loan Tips.
Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage – For The Least Points – And No Junk Fees!
Mortgage Loan Tips.

“wpdripper”, The Most Versatile Wp Plugin To Drip Feed Content
Wpdripper Is The Easiest And Most Complete WordPress Plugin To Drip Feed Your Content Over A Period Of Time. Upload Texts, Even With Html Code, Randomly To Your Wp Blog, Using A Single Zip File And Have Them All Tagged Automatically.
“wpdripper”, The Most Versatile Wp Plugin To Drip Feed Content

Oraclesql | Idrc | Going Green: Save Your Older Epson Printers From The Garbage dump And Be Thrilled | Yoga Mats: What’s the Best Choice for You? | Kps096 | Tongkat Ali ankaufen Solche schlechtweg des Weiteren treugesinnt qua schnellem Beförderung trendy unserem WWW | Was ist kratom? Eine Frage stellen sich immer mehr Benutzern im Netz. | Ten rubber matting Techniques Outlined | Alternative Treatment For Carpal Tunnel And One Man’s Devotion To Discovering A Better | Asssesment | The Journey Of Carpenters | Northern Vs Southern California – Where Is Better Land Investment? | SEO Software | 5 The different parts of Real Fitness | link building services | Engagement/wedding | Adobe Photoshop Elements Editing Application – Ten Years Old And Much Better Than Ever | Les cocktails smoothies

You can follow responses to this entry through the RSS 2.0 feed.Both comments and pings are currently closed.

8 Responses to “Jumbo Loan”

  1. Alex

    April 6, 2012 - 2:19 am
    1

    Speaking from a Mostly Dallas perspective-We are seeing a boom in the Jumbo market right now and expect it to continue through the end of the year. Homes in the over 400K price range are going strong.

  2. Adam

    April 6, 2012 - 2:45 am
    2

    With the looming housing issues, why don’t you wait and see if prices in California come back down somewhere close to reality?

    I could get a 7,000 square foot high-end house on a half acre in a gated community for that price in Houston!

  3. Larry

    April 6, 2012 - 3:10 am
    3

    Jumbos ( loans over $ 417K ) are being avoided by investors .
    No one can tell the future , for ‘how long’ but for a $ 620K I think you’re going to need 20% down and over a 720 FICO .
    Also , the ones being issued seem to be going for 7.5 % and up .

    http://www.memphisdailynews.com/Editorial/StoryLead.aspx?id=98625

    >

  4. Jared

    April 6, 2012 - 3:24 am
    4

    Race is a factor? Where did you hear that BS? If it’s a factor at all, it’s not the way you think. There’s so much bad press and govt pressure surrounding banks ‘not making loans in bad neighborhoods’ that banks actually make more loans in bad neighborhoods than credit/income/ratios would dictate.

    In other words, as usual, it is the white man that is being discriminated against.

    When it comes to jumbos, of course, these don’t usually apply in poor areas, so no factor for you.

    No one can really answer this for you because loan program guidelines are changing day to day. My friend works for a lender and each day for the past several weeks she gets an email from headquarters outlining the latest in what’s allowed, and what isn’t, for specific loans.

    So you need to get with a mortgage broker and make sure he is checking all the options – not just one that seems to ‘work’ – and rechecking the options daily until you close.

  5. Randy

    April 6, 2012 - 3:39 am
    5

    Jumbos are tough right now. Most lenders are in limbo for the next few weeks/months trying to figure out what to do. Race and age have nothing to do with it, location may. Conforming seems to be the way they are all going 417K max loan amount no prepay, full doc. You can do 2 loans maybe an 80/15 with good credit, but as far as 1 jumbo for 95% you probably are not going to find that. Wait a bit and let the market get it’s bearing and they should come back.

  6. Adam

    April 6, 2012 - 3:58 am
    6

    ok race has nothing to do with it your 5% can be done its just you have to go to a lender that knows how to do it firstof all you dont want a 95% loan anyway you just need to split the loan and a proper split will avoid all the issueswithit being a jumbo loan.

  7. Stanley

    April 6, 2012 - 4:02 am
    7

    I’m sure that you’ll find someone to do a jumbo loan. However, you will probably need 20% down. Age, race and location should make no difference (discrimination, no-no).

  8. Allen

    April 6, 2012 - 4:10 am
    8

    if your in such a rush to buy
    then you shouldn’t be buying
    it should be a well though out process
    and for that price tag you have a next to impossible time getting a loan with only 5% down
    many are leery of lending with such high amount on a house that very might depreciate, yes in even in sunny California where some of the steepest declines in home values are happening

No trackbacks yet.

Posts with similar tags

Posts in similar categories

  • Recent Posts

  • Categories

  • Tags

    About Amortization Awareness Bank Busters Chicago' Fast Fest Finance Financed Industrial Interest Journeyman Know Loan Mcgrawhill's Mortgage Nest Numbers Owner Parade Rates Rigger Should Tables What With

  • Archives

    • Runs On WordPress © 2012 Philadelphia Mortgage · Milwaukee Realtor