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Profile picture for NOSYT

Looking for a jumbo loan? What's the best route and would I qualify

Currently we are looking at a house around 700k. We own our starter home with a mortgage of 164k left (payment 800) we don't want to sell this home and we have guaranteed long term renters at 1100 a month. Co-signer if needed with 840 credit score and steady income. Credit score 700 Income 150k Down payment 13% No credit debt or other debt except car payments Car payments 1600 6 months of reserve cash aside from down payment Would I be able to qualify with both homes? Selling possible option What would the loan look like that I could qualify for?
  • May 01 2014 - Portland
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Answers (9)

Best route is to fill out a complete loan application, allow them to verify your income, and assets. Then start looking at a Jumbo loan, versus 1st and 2nd (first being a high balance loan amount depending where you live). Then compare costs and fees to do either. That's the best way to go about it all. From everyone's posts toy can tell you can get it done.
  • May 02 2014
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Profile picture for Portfolio Home Loans
How much equity do you have in the home?

We could possibly loan you up to 90% LTV on your purchase. It would be a $417k conventional 1st followed by a HELOC 2nd that would close at the same time as your 1st. It makes your payment lower as well because the 2nd is interest only. Once you get to 80% LTV either by paying it down or appreciation you could refinance it into a JUMBO.

  • May 02 2014
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Profile picture for Shane Torres
Wells Fargo Bank has good Jumbo Loan Options 
  • May 02 2014
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Profile picture for NOSYT
Thank you all for your commentary this is a good starting point
  • May 01 2014
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You might need more cash for the down payment. Lenders usually can only go as low as 15% when it comes to a jumbo loan. You can possibly have the rest of the down payment gifted from a family member. Or you can hold off and spend some time saving more money. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 01 2014
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The issue is going to be the credit score and the 13% down payment, not to mention your debt to income might be too high. Typically with a jumbo you will be required to put more down the lower the score. Out of the seven jumbo products I have in house, one will allow 90% down to a 680 score but the kicker will be the Mortgage Insurance. The cost is higher and there are a few other items to be considered than the information you have provided here. There may also be a portfolio product available but your $9k over the max loan amount, if you can come up with the $9k it might be a more viable option. 

With that said, you'll need more reserves and considering real estate taxes and possible HOA fees it is hard to say that the income is enough to support both homes. I would need to take a closer look at the whole picture before I could answer that question.

Your best bet is to make a full loan application... If you're not able to purchase now you at least you will have all the information you need to get your ducks on a row. 
  • May 01 2014
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Profile picture for DavidFerris
Jumbo loans will require 15% down.  Check with a local lender to make sure you do not qualify for any special programs
  • May 01 2014
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Profile picture for Chris Boyles
You would need to contact a local lender to talk with them about this situation, but I will tell you that they will want to see 20% down, you will have to qualify for both home payments monthly with your Debt To Income Ratio no higher than 48%, that number can very on the borrower but not much.  Most of the times they want to see 6 months Reserves and that can very as well on what amount they consider is enough for each month, this is with the home being leased.
  • May 01 2014
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Profile picture for daveskow
Locate a loan officer and begin pre approval processes to find out for certain .and to also explore options .... Ask friends / family / co workers for referaLs .... If you need more help feel free to contact me via my profile
  • May 01 2014
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