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What are my loan options for a 859k purchase, 125k down payment?

Purchase price: $859,000
Available down payment: $125,000
Salary: $215,000
Credit Score: 750+
Location: Seattle, WA (King County 98101)

What are my options for a home loan? How much more would I have to bring to have reasonable mortgage options. Ideally minimizing PMI.
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June 04 2013 - Downtown
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there are  a few programs that  can go up to a  90%  ltv  to a 750K max  loan amount  ......there is no mtg ins  charged  either

the rates / fees are  higher than  what you would be able to obtain  with a  20% down payment ....but  still not to  bad ...

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June 04 2013
I would agree with previous.  We offer a program that will go to 90% to $750,000, with no mortgage insurance on either a 5/1 or 7/1 ARM.  The 30 year fixed option at this loan to value is usually pretty high. 
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June 04 2013
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June 04 2013

Would you qualify for a VA Loan? Depending on your area you could use your VA eligibility for the max amount then qualify for the remainder staying under the Jumbo Loan figures.  Jus an idea if you are qualified for it.  Remember that the VA has different amounts for different areas.

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June 04 2013
Hello,You could do a 1st at the high conforming loan of $506K and a 2nd loan. (line of credit) for the remaining $244K.  That rate would be based on prime plus a margin.    Here is what I have for today in regards to both loans;
30 year fixed at 4.25% (had increases lately:()  Principal and Int payment $2489.21
2nd loan at 5.24 Int only $1050.87.   Then you would need to add the taxes and insurance to this payment.    This would eliminate the need for mortgage insurance.  And give you a better rate on the first.  

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Enjoy this sunny day!
Carmel Slee
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June 04 2013
These are probably your best two options. Either 1 loan (I also can go up to 90% LTV with no MI). OR two loans, one at $506K and a second for the remainder. UNLESS you are VA eligible, in which case you would only need $89,750 for a down payment and could do one VA loan with no MI.

I have some great software tools that allow you to compare the different options and make a decision based on your short and long term goals.

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Best regards,

Doug
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June 04 2013
 
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What are my loan options for a 859k purchase, 125k down payment?
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Latest reply by Doug deBruyn
June 04 2013 | 6 answers
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