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Are there are 5% down jumbo loans?

I want to buy a house selling for $895,000 in PA. It has income potential - two cottages that can be rented out.
Is it possible to buy with 5% down?

I also own three investment properties and one primary - do you know anything about portfolio loans and how to qualify? 
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August 28 2011 - Quakertown
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Answers (4)

Amy,

You are not going to find a portfolio lender at 5% or 10% down. If you have sufficient equity in your other properties you might find a portfolio lender in PA  that will cross collateralize you properties in lieu of a down payment.

Happy funding, Rudi
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August 30 2011
Portfolio in and of itself doesn't mean anything other than that they set their own rules so they can't sell their loans to Fannie/Freddie--they have to hold onto the paper themselves (in most cases).   What type of portfolio loan did you have in mind? 

If you're in Pike County then the conforming limit is 729k.   Not sure if that helps.  

You're not going to find 5% down on that loan amount as far as any channel I've heard of, although you may be able to get it at 10% down through a portfolio lender I know of and can refer you to.  Please feel free to get in contact with me (by clicking on my name) if you'd like me to put you in touch with a broker that can work with this lender.
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August 30 2011
Sorry, it is not out there.
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August 28 2011
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Doubt it.
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August 28 2011
 
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