Affording a house

In Bucks county, the maximum conventional loan limit is $417K. anything above that would be considered Jumbo.. Jumbo loans will typically require you to have 20% down, and they also require you have cash reserves, typically enough to cover 6 to 12 months mortgage payments.. being $100K underwater, your going to have to wait till you can either sell your existing home, or enough cash to buy it down so you can sell it now and still have 20% for down payment.. There are lenders out there that will allow for less than 20% down, but these types of programs often require 740 to760 mid scores..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

You will most likely need 20% down payment. Has anyone looked at your situation to see if you can qua;ify holding both mortgages?

Hello, you don't need the full 20 percent down to purchase a new home. There are programs with 100 percent financing and . 3.5 percent down. ConventionalLoans are available with a 5 percent down payment. Please give aimee at monumentmortgage a call 610-695-9290 to discuss financing options. Thank you !

Jumbo loans with 10% down DO exist. However, you will need to dispose (sell) the current property and come out of pocket to do so, as you mention. Your options for a Jumbo loan become even better if you can swing a 15% down payment.

Hi, we offer 90% Jumbo financing in your area. Feel free to contact me with additional questions or to see if you qualify for the program.

Yes, there are lenders that offer a 10% down payment on a Jumbo loan- You will have to sell your current property prior to, or concurrently, with your new purchase.Contact your local community bank or a lender here on lender411 that can assistyou.

Depending on your lender yes. 90% financing is available now. Mike

If you're planning to buy at $700k w/ a 10% down payment = $630k loan = $2750 rough payment, figure in Tax/Ins (escrows) separately. Debt ratio cut off is normally 43-45% = In your case, based on a income of $275k annually your total debt load reporting on credit plus your new payment couldn't exceed $9850. Rental income is typically not used unless you have a history of receiving rental income. I am able to finance jumbos w. 10% down min on primary or second home purchases with no mortgage insurance for qualified borrows. Sometimes you can do as little as 5% down- depending on the program used. If you plan on staying in the current home I would advise restructuring the mortgage to get on the lowest payment possible, assisting you in saving the nest egg needed for your next purchase. I'm in West Chester PA, American Federal Savings Bank we lend in all states. Iris C 484-881-3260