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We would like to Purchase $879,000 home with 15% down.

Are there piggyback loans available that would keep our first mortgage in the conforming range? We live in Virginia and the home will be in Loudoun County. Both my wife's and my credit is above 740.Dan5/28/12 by dlowe0_771_781 from Ashburn, Virginia. May 28th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

It's possible, but will be real tough to find in that price range.. If you have VA benefits, you're ok right now.. if you go FHA, you really close.. FHA loan limit for Loudoun county is $729,750, so about $17K additional down, and your there...or just come up with the 20% necessary for conventional, and once you close, you can look for a HELOC to pull that cash back out.. there are many different options, but, the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

May 28th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

I can do jumbo loans,with real low rates, but is there a way for you to put the 20% down ? most seconds are gone now adays.. email me at yourloanpartnerforlife@live.com i work in most of the states... linda or you can call me at 602-330-1598

May 28th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

DAN, I AM A private money lender, with better rates than most others out there email me at yourloanpartnerforlife@live.com, and I do not have all of the overlays from the banks.

May 28th 2012
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Sylvia Setash (MoneyStash)
#16 ranked lender in Virginia - 3 contributions

Absolutely, this can be done. I work for a local portfolio lender and this is one of our niche products, which allow 2nds up to 150K. The rate on the second is higher, however, unlike PMI (if your AGI is >100K), it is tax deductible. We also have a line of portfolio products that allow us to count rental income on a current residence turned rental, without regard to equity in the residence. You can keep the home up for sale for as long as you like, because we take the fair market rent, knowing if you can't sell, you will eventually rent. High credit standards required, but it appears you don't have an issue there.I would only consider FHA as an absolute last resource.

May 28th 2012
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Thank You everyone for your responses, it is greatly appreciated. It is a new home we are considering, so we will have 4-6months to come up with additional down payment and 20% down is a very realistic possibility. But before we sign the contract we just want to make sure we have an option if our current home does not sell for our estimated amount or we are hit with something unexpected that would restrict us from saving the additional cash in time.

May 28th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 796 contributions

diddo on what Velocity answered

May 29th 2012
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Matthew Wells (mwells1188)
#55 ranked lender in Maryland - 17 contributions

This scenario is definitely possible. I specialize in JUMBO mortgages/large loan amounts and keeping them within the conforming limits to allow for better interest rates and such. FHA/Hard Money lending should be kept as a last resort. Feel free to contact me with any questions that you may have (information is in my profile). My company is a correspondent lender so you will not be charged hefty brokerage fees, I will provide you with a no cost no obligation consultation, and I can arrange your loan so the lowest possible amount of money comes out of your pocket. For a credit score such as yours I have rates in the high 3's to mid 4's.

May 30th 2012
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Mike Cooper (mikecooper)
#24 ranked lender in Virginia - 8 contributions

Prime Lending in Winchester, VA does these loans now. Contact me and I'll send you all of the contact info you need.

Jun 1st 2012
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