Zillow Advice: Buying Process - Alternative Loan Options http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ Zillow Advice | Zillow Real Estate You have been given bad information. ... http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ You have been given bad information. You can obtain a high balance conforming product (conforming jumbo) with 10% down in Orange all the way up to $625,500. You will have mortgage insurance in one form or another but most opt for the lender paid option. If you would like another written quote, feel free to contact me. Wed, 28 Aug 2013 19:23:00 GMT http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ 2013-08-28T19:23:00Z It is for sure $625,500 for ... http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ It is for sure $625,500 for Orange County. That is a big miss on the part of the lender you spoke to....<br/> Wed, 28 Aug 2013 19:22:00 GMT http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ 2013-08-28T19:22:00Z I should have been more clear, ... http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ I should have been more clear, my apologies. The lender we spoke too said that if we wanted to use a jumbo loan program, their requirement was a 20% down payment. With our net proceeds and cash reserves that pretty much wipes us out financially and it just doesn't make sense to do that. 10% down is a much more feasible number for us. And as far as the conforming limits for Orange, I was informed that it was 417,000 across all cities in the county. Ill due more due diligence ad research that as well. I appreciate the responses. Wed, 28 Aug 2013 19:13:00 GMT http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ 2013-08-28T19:13:00Z I too would like to know ... http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ I too would like to know why you don't qualify for high balance financing. The conforming limit in Orange is $625,500 so there should be no issue with that aspect. Wed, 28 Aug 2013 18:49:00 GMT http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ 2013-08-28T18:49:00Z It sounds like there may ... http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ It sounds like there may be a key piece of information that can make things more clear. <br/>Do you know your credit scores?<br/>Other than the 75K, do you have other cash reserves?<br/><br/>There programs that allow for no MI even if you have less than 20% down. There are also 80/10/10 loans still as well. The requirements are a little more strict.<br/><br/>All The Best,<br/> Wed, 28 Aug 2013 18:26:00 GMT http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ 2013-08-28T18:26:00Z Why are you not able to be ... http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ Why are you not able to be approved for a Jumbo Loan? I would consider checking out other lenders, like myself, to see if I can get you qualified for a jumbo loan. The thing you have to understand is that not all lenders are the same. For example, Lender A can qualify for loan X and not loan Y, but Lender B can qualify you for loan Y and not loan X. In other words, the ability to qualify you for a certain loan can depend from lender to lender, unless you are not able to meet a circumstantial requirement. It still never hurts to try to talk to multiple lenders. So feel free to contact other lenders, like myself, to see what we can do for you.<br/><div><br/><div>Well I hope this helps! If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!<br/><br/>Good Luck!</div></div> Wed, 28 Aug 2013 18:18:00 GMT http://www.zillow.com/advice-thread/Alternative-Loan-Options/508945/ 2013-08-28T18:18:00Z