Profile picture for soeletta

How can we get an 800k loan? Told FHA of 730k is max. Any other options?

Seeking to buy in 900k range with 10% down. California Bay Area. Stable jobs with income of 200k and credit scores over 750 each. First time homebuyers. Are there truly no other loan options available for us at present?
  • April 05 2009 - San Mateo
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Answers (6)

"This doesn't sound like it should be that difficult."

Herb,

Your answer is mind numbingly ridiculous. The reason it does not sound that difficult to you is because you have no cogent understanding of real estate financing.

Why have you decided to start answering mortgage questions when it is so painfully obvious that you don't know the answers to them?

Also, please stop digging up 3 month old posts that were sufficiently answered by those far more qualified to do so than you.
  • July 04 2009
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This doesn't sound like it should be that difficult.  I'd like to connect with a mortgage broker, then talk about options..  If you really can't get a loan with 10%, you can simply ask the seller to carry back an additional 10% for some term and that will get your 20%..  Anyway, lets connect you with a good mortgage broker and go from there.
thanks
  • July 04 2009
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With Jumbo financing the only option is FHA at the current limit if you have less than 20% for a down.  For Jumbo loans PMI is not available which means a 20% to 25% down payment.  Buy less house or put more down that's about it.
  • April 05 2009
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Profile picture for dfors2
I would not buy a house that expensive unless you have tons of savings on the side.  You will be a slave to your house.  Your debt to equity assuming no other debts and no other income will be close to 40%. I am in an 850k mortgage with a higher income than you and its a burden.  Thankfully I am about to refi to a VA loan on the balance of 700k at 5%.
  • April 05 2009
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You have 2 choices, raise your down payment or lower your price range. Also, if you are working with an agent, please ask them to stop showing you properties that cannot be financed.
  • April 05 2009
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Profile picture for Nationwide Lends
Unfortunately the FHA loan limit for your county is $729,750.

There are millions of homes out there.  Can you settle for less and readjust your numbers where they need to be to the FHA guideline.

Click link for FHA limits in your county

https://entp.hud.gov/idapp/html/hicost1.cfm
  • April 05 2009
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