Forgotten Your Password?

Need to Register?

Question Icon

10% down on $600K without jumbo??

We are deciding whether we could rent our current house out and buy a new house or if we will need to sell our curent house to get the money toward our down payment on our next home. We currently owe $213K and our current house is worth approx $350K (being on the conservative side). We are looking to buy a $600K home. We would prefer a way not to be in a jumbo loan if possible. (primary at $417 and then secondary...is that possible?) We have $60,000 to put down in cash. We are located in the Atlanta area. by kbandw_237_451 from Cumming, Georgia. Feb 5th 2012 Reply


Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions

Certainly but would need to know more about your ability to qualify to make that decision to keep or sell, regarding the loan amount you would not be considered Jumbo loan. We lend nationwide and I can be reached at ballen2accdessnational.com or 888-354-3299.

Feb 6th 2012
0
0
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

You could get a first and second to not have a jumbo loan but you would probably need to put down more money. Jumbo rates are really good right now, just a fyi.

Feb 6th 2012
0
0
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

There is really not enough information to properly answer your question, however you can do a first and a 2nd to get to conforming limits ($417K), however when you look at your Effective rate (the rate for the first and 2nd combined), and compare it to jumbo rates, you would probably be better off going jumbo... contact a local mortgage broker, not a bank and apply with them... they can type up comparisons specific to your scenario so you can see exactly what to expect... WilliamAcres.com

Feb 6th 2012
0
0
Mike Schults (Mikeschults)
#199 ranked lender in California - 24 contributions

Jumbo loans are great right now.

Feb 6th 2012
0
0
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

If you want to keep the old house as a rental and buy the new one to live in, underwriting will require that you income qualify for both payments without counting any rental income. This may limit some of your options, but to know for sure, contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. These options will included one loan vs two, how much down, etc. He/She will also be able to help you determine if a one loan jumbo is in fact cheaper than splitting the loans into two. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 6th 2012
0
0
WAYNE BLACK (wayne.black)
#7 ranked lender in Georgia - 9 contributions

Yes, This can be done. My office is in Forsyth county. Call me if I can help. ( 404-427-1997 ) There are a few different options .www.newhomefinance.net -

Feb 6th 2012
0
0
Subscribe to our news feed.