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Looking for options on a $600k loan

Looking for an option for a $750k purchase price. 750+ credit, looking to not pay PMI. Any options for 80/10/10 or 80/15 loans? by jd489589 from Allen, Texas. Sep 21st 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed, but in general.. you say you need options for a $600K loan on a $750K property.. that's 80% LTV.. If you put 20% down, there is no MI.. so how much do you have to put down?? Understand that you are in Jumbo loan territory.. Typically, jumbo loans do not have PMI.. For those that do, they typically have Combined Loan to Value (CLTV) requirements that mirror their Loan to Value (LTV) requirements.. so you cant do a 80/10/10.. This all being said,,, there are many lenders out there that will finance with 10% down on jumbo under $750K loan amount ad no MI.. so you shouldn't have a problem finding a lender willing to do it with 10% down.. The best advice I can give you is to contact a mortgage banker/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 a Banker/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 banker/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 big box banks. I'm a preferred Lender with California and Arizona 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Sep 21st 2017
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