Forgotten Your Password?

Need to Register?

Question Icon

Jumbo loans with 90% LTV

I am self-employed and have great credit 755. I need about $450k for a home to purchase and make some improvements to. Loans without PMI are preferred or if I can get it financed.. by coltonwest829191 from Norfolk, Nebraska. Jun 24th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Unless you put 20% down or more, you will pay MI, regardless of how it's pitched.. lenders will typically offer "No MI" jumbos, when in fact, it's built into the rate.. Your FAR better off paying MI, and once you reach 20% equity, you can ask to have it removed.. and you wont have to refinance to do it.. In comparison, if you do a 90% LTV loan, and assuming your property increases in value 3.5% per year. then within 3 years, you have reached 20% equity,, but if you choose the "No MI" option, which really means the MI is built into the rate, then you would be paying it for the LIFE of the loan.. the only way to get any relief from it would be to refinance. As far as finding a lender willing to do a 90% LTV jumbo.. there are options.. the best one being a $417K first, 10% down and do a small 2nd.. your combined (Blended) rate will be much lower than if you go just straight up Jumbo.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 24th 2015
1
0
Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Once you get into the Jumbo market there may be a 90/10/10 option that would make sense for you. Contact a lender that can work with this, it may relieve the MI issue and be cheaper than MI on that size loan. Always look at all your options.

Jun 24th 2015
0
0
Lisa Brandon (lisa@justintimeloans.biz)
#1113 ranked lender in California - 10 contributions

Send your loan scenario to lisa@justintimeloans.biz. We would be glad to take a look at it.Thank you.

Jun 24th 2015
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

If your loan is over 80%, you must deal with PMI somehow. 90% loans in the jumbo market are a bit tougher to get, but available. 80/10 loans are also possible, as are lender paid PMI options where PMI it is built into a higher interest rate while they claim you don't have PMI. Many of these sound good, but the reality is anything over 80% is higher risk, and you will end up paying for that risk one way or another.

Jun 25th 2015
0
0
Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

Are you needing money for the improvements? Let's discuss your loan scenario! My number is 800 315 8803 and my name is Jamie. I have been lending nationwide since 1989 and am happy to answer your mortgage questions. Jamie - NMLS 850582 , www.bartprequalifies.com, 800 315 8803

Jun 25th 2015
0
0
Subscribe to our news feed.