Orange County NY : FHA loan limit is less than property amount. What are our options?
We are interested in buying home in Orange County NY. Given that FHA loan limit is 440K for Orange county and the homes we have been like are in 600K-700K range, it looks like FHA is ruled out. We are looking to make a downpayment of max 5%. Based on what I have read - typical conventional loan requirement is 10- 20% for downpayment? Are there other mortgage alternatives? We have Excellent credit score. by APEEDKS from stamford, Connecticut. Apr 18th 2013
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions
Fannie Mae High Balance loans are available to $625,000, Also a Portfolio Jumbo Lender can help you.Cntact me:James Mazzola732-501-4249
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions
What is you income? Will you qualify for a mortgage of this amount without paying 20% down. Loans are based on Income + Credit which effect qualifying. You will have to be under 40% of you income and current debt per month plus PMI coverage.
Joy Goldbeerg (jgoldberg)
#101 ranked lender in New York - 14 contributions
There are some other options other than FHA with 5% down. please feel free to call me to discuss further . Joy Goldberg Accurate Capital Corp. 631-559-3586
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
You will need 20% downpayment.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
In that loan amount range, almost everyone will want 20% down. If you poke around enough, you WILL find just 10%. Unfortunately, 5% down simply will not cut it in that price range.
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
Not lokiely that you will find a 5% down option in that price range.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
5% down will be difficult to locate.
Michael Cymbala (mcymba_323_730)
#83 ranked lender in New York - 1 contribution
There are many different financing options with putting down 5%-10% since you have excellent credit. Let's focus on eligibility....then suitability to find out what is best for YOUR financial picture. Contact me to discuss the best program/payment/plan for you. Michael Cymbala-Certified Mortgage Planner @ Coltrain Funding. 631-851-4420 x 316 www.coltrain.com/mcymbala
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
You will be wasting your time trying to get this loan done with only 5% down. If you qualify otherwise, I can get you approved with only 10% down and no mortgage insurance. Call or email me to discuss further, Peter Botros, 347 231 4444 or PeterJBotros@Gmail.com
Ask our community a question.
Get an answer
Related Questions
