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Jumbo loan in NJ with 5 percent down?

Hello, I am looking for a house in Northern NJ in the 700K range. I have an annual income of $200K and a credit score around 770. Is it possible to get a conventional mortgage with only 5-8 percent down? Or am I locked into FHA? by Bperillous from Hillsborough, New Jersey. Mar 8th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,266 contributions

The maximum conforming loan limit for your county for a single family home is $625K.. so if you keep you loan balance at that or less, you can go conforming, and the rates will be better than a jumbo.. if you have to go jumbo, you won't find a 5% down.. The very least is 10% and even that might be tough to find.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Mar 8th 2013
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Sharon Duffy (sduffy)
#72 ranked lender in Pennsylvania - 595 contributions

I would need a little bit more information....Please give me a call.Sharon Duffy7th Level MortgageCherry Hill, NJ732 606 6264

Mar 8th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,237 contributions

Anything over 417K will require a 10% down payment. Give us a call and we can explain how we can structure it so you can get up to 4% financed in to pay closing costs, thus freeing up that cash to go towards down payment!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 8th 2013
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Brian DiVito (brian@mhmlender.com)
#61 ranked lender in New Jersey - 8 contributions

Hello BperillousThe challenge on obtaining the conventional mortgage would be obatining MI (mortgage insurance). Generally there are 2 ways to pay the MI; monthly or 1 lump sum at closing). There are seperate guidleines for obtaining the MI. On a jumbo loan (loan amount above 417K) the guidleines are more strcit than a loan amount lower than 417K. I would be happy to look into this and see if they are options for you if you'd like? Brian DiVito Sr Loan Consultant908-233-3383 X5007NMLS#274474www.briandivito.com

Mar 8th 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

FHA jumbo at today's rates may be a bargain, compared with rates 5 to 10 years ago. Buying now, near the bottom of the market cycle may still be a smart move.

Mar 8th 2013
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Joe Shamie (Joe Shamie)
#5 ranked lender in New Jersey - 1,412 contributions

Agency jumbo loan limit is $625k. FHA will the only option

Mar 8th 2013
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Nicolas Amaro (NickAmaro)
#92 ranked lender in New Jersey - 23 contributions

Conventional limit is $625K...you will need an additional 20K or so for 700K.....is your 8% includes your monies for closing costs...? We could help you out......give us call to go over complete scenario....Our office is in Hazlet but I live in Fort Lee...I could meet you at your convenience...my cell is 201 398 3726 our office # is 732 264 2700 and my ext is # 38 would love to help you out....

Mar 8th 2013
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