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800+ scores, jumbo mortgage...maybe. 95% LTV w/ subordinated?

Basically, I'm looking at houses, but we have a limited budget due to the lack of equity in our current house. does anyone do 95% LTV above 417K anymore? We have near-flawless credit, we've never missed a payment on our house (or anything) even through unemployment during the downturn, but I was hoping, best-case scenario, to get a loan under the jumbo limits, no PMI, do my own escrow, then lump the rest, up to a 550K loan, or so, in a piggyback loan up to 95% LTV.

OR, I'll gladly just use an escrow if we can get a loan like this.

OR, depending on the rates, just do 80% as a jumbo, then 15% piggyback for the rest, if that makes more sense.

Basically, avoiding PMI is #1 in my book, especially if it means getting a second mortgage that I can pay off sooner and free up some $ monthly down the line.
  • July 07 2014 - Naperville
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Answers (3)

Hello "CC",
I am with [self-promotional content removed by Zillow moderator] and we will go up to 95% on a $650K loan amount for a Single Family Home in Naperville, Illinois. Standard Purchase or on a Construction to Perm Draw loan. As far as avoiding PMI- first off- Credit Union's PMI is usually 10% to 20% lower than any banks or brokers, due to our CU status. However, to avoid PMI altogether, we can do an 80/10/10 for sure.

I'd love to close this for you. Feel free to call me at [contact information removed by Zillow moderator]. Godspeed.

Sincerely,

Mark Schepansky
NMLS: 136027
[Spam/contact information removed by Zillow moderator, see our Good Neighbor Policy]

  • July 07 2014
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The biggest issue that you will probably run into is the fact that Naperville is located in Will County Illinois.  FannieMae and FreddieMac loan limits are capped at a conventional loan limit of $417,000.  What this means is that unless you go with a non-conforming loan there is no way of doing a 5% down like with a traditional conventional mortgage.  Also most non-conforming loans today require a minimum of either a 15% or a 20% down payment and the combined loan to value (both first and second mortgages) usually cannot exceed 80-85% loan to value.  There may be a place out there that can assist you, however I am unaware of a product out there for your situation to meet your needs.
  • July 07 2014
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Most lenders will go to 90% LTV/CLTV when you exceed conforming limits unless you are a Veteran, then we can go higher.  You are allowed to get a gift to help with your down payments to bring you within guidelines.  Email or cal if you have additional questions.

Best Regards,
Patty
  • July 07 2014
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