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590K home purchase price with 20% down - How do I best Structure Loan?

How can I best structure a loan on a 580K home purchase price with 20% down.Fico is in the 670-680 range
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August 28 2012 - Charlotte
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Answers (4)

Hello,

If you are able to put down 25% with a credit score of 680 there are programs.  It looks like if your score is 680 there are lenders that are able to do something for you with 20% down.  Still looks like you need to bring your scores up.

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August 28 2012
If the property is in Mecklenburg County then you are capped at $417K for a conforming loan. If you wanted to do a piggyback 70/10/20 then you will probably need to raise your scores to qualify for the 2ND mortgage. You can get a Jumbo with 20% down but will probably need a middle Fico score of 680 to get that. Work on raising your scores.
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August 28 2012
Abby is absolutely correct use a mortgage professional for mortgage advice and a Realtor for home buying advice, that said a growing trend for higher end retirement homes might be a reverse mortgage, it leaves a lot more money in the retired living nest egg, by basically putting down half the money up front and then giving that equity back to the bank. I would be glad to put you in touch with a great lender and then provide my top services, just read my reviews for Kingsland, GA
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August 28 2012
The best advice I can give you is to talk to a mortgage lender.  There are a couple of different options.  Give me a call or email me and let's discuss further.
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August 28 2012
 
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