Profile picture for vish3

What is the least downpayment loan option for over 600K loan in howard county

I am looking to buy a home over 600K in howard county and want to know what are the loan options available. Would prefer to keep down payment to 5% if possible.

If that is not the case, what are the current rates for a 10% down payment option.

Let me know.

Thanks

  • December 10 2011 - Columbia
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Answers (9)

FHA will require only 3.5% down payment,  In Howard County, the maximum loan amount on FHA is $560k though - so that means your maximum purchase price with 3.5% down would be right at $580k.  

Unfortunately, any loan amount over $417k requires a minimum 10% down payment - so unless you have that to put down you are going to be capped out at a $580k purchase price with FHA.

Feel free to contact me with any questions.
  • November 05 2013
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Profile picture for ZAWiitanen
I am finding this information amazing. Any of you agents work in kalamazoo mi area? My husband and I own 2 duplexes and are wanting to buy our home at around 600k. We'd love to put down 3-3.5-5% down. This second mortgage option sounds great. Can anyone help us ?
  • April 03 2013
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as far as agents and lenders go, this site is not meant to be a billboard, it is here for no pressure Q&A; so I'd start with agents and lenders who are detail oriented enough to read s simple TOS; Columbia has plenty of each.
  • December 11 2011
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While the FHA max loan is $560K, FHA allows up to 100% CLTV so you can still use an FHA loan to achieve an 80/15/5 and only put down 5% and still buy for $660K. However, if you don't mind putting down 10% our bank offers a Conventional Jumbo with 10% down and no mortgage insurance so only 1 loan without a higher rate 2nd.
  • December 10 2011
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Profile picture for metrodcexpert
FYI...I have done work with Nick Pakulla at First Place Bank and I would HIGHLY recommend him if you are still searching for a lender. He did the loan on my house last year and you know that as a Realtor I made sure I got the best rate available.

If you need the help of an agent, I am happy to help as well. 

John Young


  • December 10 2011
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The FHA loan limit in Howard County is $560,000 and you would need at least 3.5% down.  Above this amount you are in true jumbo and generally need at least 20% down, but our bank offers a solution:

With 10% down we offer a standard Fannie Mae first mortgage (capped at $494,500 or 80% of the sales price) combined with our own in house portfolio second mortgage.  On $660,000 it would be a $494,500 first mortgage and a $99,500 second mortgage.  Feel free to contact me if you would like more information.
  • December 10 2011
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You could do that with 5% down using an FHA first mortgage. Since you would still have to pay both upfront and monthly MI on the 30 YR FHA loan, the combined P & I plus the monthly MI payment on the first would equal out to about a 5.25% rate, then add the piggyback payment. If you could qualify for and be comfortable with a 15 Yr amortization on the 1st mortgage, then you would not have to pay the monthly MI.    
  • December 10 2011
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Profile picture for vish3
Yes. Purchase price between 600K and 660K.
  • December 10 2011
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Would the purchase price be under $675K?
  • December 10 2011
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