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Looking for Loan Above $417,000 in Qualifying NJ Area (5% down)

Looking to buy a home in Kinnelon, NJ -- This area has a higher conforming limit due to cost of housing/living ($625,500 vs. the usual $417,000).

After selling our home, we won't have much money to put down, and I'm hoping there are lenders who would finance a 30-year fixed-rate conventional loan in the $500,000 range (give or take) with only 5% down.  I'm not interested in FHA loans and we don't qualify for VA or USDA loans.

We have no debts and outstanding credit (last FICO score I saw was 820).  Most of the info I've seen looks like 10% would be the minimum on such a loan, but I'm hoping with our strong credit, lack of debt, and long history of mortgage payments we might find a lender willing to make 5% work.

Any recommendations/leads would be appreciated.
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February 28 - Kinnelon
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Answers (4)

This is a very easy scenario for most in mortgage lending to do so make sure you take your time shopping!

Being a Direct Lender I have many options for you in your situation and if you reach out to me by my profile I would love to put together and send you all of your options (programs, rates and closing costs).

Good luck!
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March 06
Hello, we would be able to offer a 5% down option for you without any mortgage insurance.  Please reach out to me through my profile so that I can learn more about your scenario and your ability to qualify.  Thanks!
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March 01
Yes we do offer a 5% down on the loan that you are describing and you are showing compensating factors that will allow you to qualify for this loan. You can reach me via my profile.
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February 28
Look me up through my profile. I can help, I am a local NJ lender. Thx Dave
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February 28
 
Related Questions
Looking for Loan Above $417,000 in Qualifying NJ Area (5% down)
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March 06 | 4 answers
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