Profile picture for campagna8

Looking for the latest on Jumbo Mortgage in FL for $730k purchase price

Hi there, I'm looking for the latest possible options available in zip code 33070 for a home purchase price of $730k.   I have up to $170k at closing, but I would like to consider an 80-10-10 or 90-10 loan program.   

My primary driver is tying up as little in the home as possible while having the lowest rate possible on the bulk of the property.    I'm specifically wondering if a 85-15 or similar would be possible and then execute a home equity line of credit post close.    It is a unique situation where we have an option to buy on a home that has increased dramatically in value due to the market timing, condition, and renovation work.   We expect it to appraise $100k over the purchase price today.

What's possible here? 
  • July 24 2014 - Tavernier
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

Profile picture for campagna8
My apologies to those in this thread from 7/25, I didn't realize there were replies until the notification I got now from Bryan's post.    Scores were/are 778, 780, and 770

We went down the Wells Fargo path as a 85/15, set to close here hopefully Monday afternoon next week.   The house's value was appraised at $840k, purchase price of $730k with a mortgage amount of $620,500.   The appraisal person was extremely conservative (per the appraisers words) due to the situation with the purchase price and mortgage.   Basically not scaring the bank into wanting a second appraisal or similar?    I suspect once I finish the tile work and such and get the HELOC it will easily appraise for $880k or so if not a little higher.   

I do intend to open a HELOC against the home as we have additional renovation work to perform.   I do not have a provider for that yet.    I understand staying under 85% I will get better rates?
  • August 15 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Keeping your cash in your pocket is fine by Wells Fargo if you have the 10.01% down.  You'll need great credit and good reserves too.  Please inquire within and we can give you details...
  • August 15 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hello Campagna8,

We have an amazing option with a 80-10-10 that will give you an exceptional payment and savings. Feel free to contact me directly and I can walk you through ALL your options and allow you to decide which you feel is best for you.
  • July 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Your best bet is to do a straight 20% down JUMBO loan. After you close you can take out a HELOC which will give you the cash availability you need while keeping your rates and costs low. Just did this same thing for a client in GA and it worked great for her.
  • July 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The least amount you can place down is 5%. You can also do a 80-10. What are the current credit scores?
  • July 24 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.