Profile picture for lisa911332

417k is the max loan amount these days?

I just found out that if you are putting 10% down, then 417k is the max amount you can get for a loan in most places. My broker said that high cost of living places like NYC will get you more money.
I'm looking at Hartford Ct and 417k but I was just surprised at that amount because it doesn't buy you THAT much house.
So all of these houses that are listed at 700k and up need a buyer with 300k cash to buy their house?
Is this in all places or should I ask another broker?
  • December 30 2008 - Richmond
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

If you are gonig to be in a true jumbo loan, then you will have to look to some sort of portfolio lending for help.  10% down will be tough but I know of some that will do 15% provided income and credit are acceptable.
  • December 30 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Your biggest problem with 10% down in getting mortgage insurance.
  • December 30 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lisa911332
My broker told me that for the jumbo loans  417k and up that a buyer needs 30% down.
He said 10% down is to qualify for the 417k and under.

Do you know of any banks that are giving jumbo loans w/ 10% down? That would be no problem for me.
  • December 30 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

$417,000.00 is the conventional loan limits for most all states.This is fannie and freddies guidelines.
There are jumbo loans available above 417k the pricing is not as good and the maximum loan to value is 90% so you would have to have atleast 10% down.

Hope that helps answer your questions
  • December 30 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.