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Are 5% Down Jumbo Loans Available in Pennsylvania?

My husband and I are in the process of purchasing a new home. We had sold our home to move up and purchase a foreclosure. We were due to close on a foreclosure right before the holidays, but the deal fell through. The only homes we seem to find now would require a Jumbo Loan. We are looking to spend around 800K, both of our credit scores are over 730, with almost nonexistent debt, bot of our careers are with large companies, and a combined income 170K annually. by MarthaWashing324 from Pittsburgh, Pennsylvania. Jan 26th 2017 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,477 contributions

The general rule for homes that price range is 20% down. If you look around enough, you might find a 10% down, but that will come with a steep penalty in terms of interest rate. I am not aware of any 5% down jumbo offerings.

Jan 26th 2017
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I can offer 20% down with no mortgage insurance

Jan 26th 2017
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Sorry I meant to write 10% down with no mortgage insurance... there is not a huge change in rate either

Jan 26th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,862 contributions

Unfortunately, there are not may choices.. If you or your spouse is a Dr, CPA or Dentist, then there is a lender who offers 100% up to $1M.. other than that, you will be looking at a minimum of 10% down.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 26th 2017
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Bill Cook (loanpro)
#634 ranked lender in California - 43 contributions

This should be available wiht those credit scores but you will need to have: 9-12 months of the new proposed mortgage payment and property taxes and insurance in the bank DTI needs to be under 36.stable employment in same position or industry for last 2 yearsDisclosure: we don't lender in Pennsylvania but these rules apply for in other states

Mar 22nd 2017
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