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minimum down payment for a jumbo loan in NJ

by michael.p851 from Fair Haven, New Jersey. Mar 17th 2016 Reply


Peter Rinnyk (prinnyk)
#63 ranked lender in New Jersey - 14 contributions

Depending on credit score and actual loan size the average down payment range is usually around 15% Unless the loan amount is 625500 or below in which case you can go as low as a 3.5% down payment in Monmouth county NJ

Mar 17th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info needed.. Conforming loan limits are $417K, and FHA is $271,050, however, there are certain area's in the country that are considered "high loan limit" area's.. If you're in Monmouth county, then the maximum loan limit is $625,500. So if your putting 5% or less down, then you're restricted to this loan amount.. if you go over that, then you are in jumbo territory, and since there are no "conforming" set of guidelines for jumbo financing, then each lender will have their own rules.. Also, jumbo lenders usually have lower down payment requirements up to say $700K to $800K.. but the bigger the loan amount, the larger down payment that's required.. But in general, if you go above $1M.. your pretty much gonna need 25% or more down.. .. 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 NMLS# 226347

Mar 17th 2016
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

Most lender will require a 20% to 30% down payment. You might want to call a local mortgage banker or broker to see if they offer other mortgage loan options. I hope this helps. Jesse Stroup |California Mortgage Professional | www.jessestroup.com | NMLS# 6229

Mar 18th 2016
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