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Looking for a 90% jumbo loan for Virginia are there any out there with out PMI

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January 13 2011 - Rockville
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Hi - Yes I have a solution for you.  My bank offers 10% down in your situation.  You would have a high-balance conforming first up to $535,900 and the remaining on a second up to 90%.  ie: $94,100 second trust on a $700,000 purchase price.

An ARM would not be an option if you stay out of jumbo, which seems to be your only option with 10% down, as Fannie requires LTV's below 75% for a high-balance ARM.  Feel free to contact me if you would like assistance.
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January 13 2011
It looks like the conforming and conforming plus Loan limits in that county are $535,900, so this loan will be treated as a Jumbo loan. It is going to be hard to get around paying MI since this is the case.
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January 13 2011
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The property is in Hanover County VA
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January 13 2011
What county is this property located in?
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January 13 2011
I should have known you'd be right, Clay.  I just found the little asterisk on their ratesheet, which is right next to the guideline stating they'll do $800k up to 90% on a purchase.  Goofy!
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January 13 2011
You can still do this loan at 90% without the monthly mortgage insurance (MI) It will depend on where you are in VA and what the conforming limits are there. If you are in NoVa, your sales price and loan amount are still considered comforming (plus) and not a true jumbo. Makes a big difference with your options. I am here if you need anything at all.

Scott
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January 13 2011
John, I agree but they only do 90% up to $500K on a purchase. I also agree the 2nd on an 80/10/10 has to come from somewhere else.  
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January 13 2011
Clay, according to their advertising they go to 90% on a single loan purchase.  On their purchase second position Helocs, they only go to 85%.  Again, according to their advertising.  
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January 13 2011
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Purchase price 700,000

10% down

NO MI and no intrest only

Payement at/below $4K/month

taxes & insurace $615/month

Excellent credit
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January 13 2011
I believe US Bank only goes to 85% on a purchase at that loan size. An 80/10/10 is doable.
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January 13 2011
Need to know a little bit more information...What are your credit scores? It is tough to get the loans split right now, but might have a one loan solution.
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January 13 2011
To my understanding, US Bank can do that scenario, but only through their portfolio arm, so you'll want to contact a reputable broker that works with them.  Try Ken Kopper.
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January 13 2011
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Purchase price is $700,000 we can do 10% down, want to avoid PMI and hope to get payment as close to 4K as possible, we would love 30 year fixed but would look at 7 or 10 year ARM or 80-10-10 split

BTW....US Banks will not do loans in Virginia...we checked
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January 13 2011

What is the loan amount and is it a purchase or refi?

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January 13 2011
US Bank can do loans at a 90LTV with no PMI
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January 13 2011
i heard US Bank can do loans with no PMI at a 90LTV
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January 13 2011
 
Related Questions
Looking for a 90% jumbo loan for Virginia are there any out there with out PMI
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Latest answer by Nick Pakulla
January 13 2011 | 16 answers
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