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Charlotte NC Jumbo with 15% Down

Look to purchase a home in Waxhaw, NC with a purchase price of 650K. Have 100K to put down. Fico in the 680-700 Range. DTI ratios very low. Are there options available? by rfant_282_783 from Waxhaw, North Carolina. Feb 13th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Good Evening! I have a way to configure this purchase, so send me an offline email message through this site if you want to go over my scenario suggestion. I'm not sure it is something that can work on this property, but it is at least worth the consideration. I'm here to help!

Feb 13th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

There are lenders out there that will do Jumbo loans with 15 or even 10 percent down.. But they will usually require a higher credit score.. Click on the "Find a lender" tab above... type in your zip code, and search for a local mortgage broker.... you can also Google "Mortgage Broker <zip code>".. Both should give you a list of local brokers.. Then start dialing.. Your scenario is difficult, but not impossible.. 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

Feb 13th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You have a few issues with this scenario. Your loan amount excessd the conforming loimit of $417k and since the county in which the property is located is not considered "High Cost" you only loan option is going to be a true Jumbo loan. The Jumbo loan guidelines require a minimum down payment of 20%. In addition, most of these Jumbo products require a credit score of 720-740 to qualify.

Feb 13th 2013
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Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

That is a rather low score for a Jumbo, but it may be possible to get a 85% LTV loan without MI depending on what is driving the credit score. Call if you want me to review your options. I am located in Indian Trail NC. My Phone is 704-684-2117. Ken Baltes. American Security Mortgage.

Feb 13th 2013
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Aaron Herstein (amortizeit)
#48 ranked lender in North Carolina - 1 contribution

Hi there. It is true that jumbo does require a higher score BUT I can help you via a different mortgage option. Please feel free to call me or email me. I have several client doing the same thing right now.Sincerely,Aaron HersteinMovement Mortgage919-614-5626aaron.herstein@movementmortgage,com

Feb 13th 2013
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Jamie Lynne (nationwidelenderforyou)
#137 ranked lender in Texas - 576 contributions

If you have a 680 score. I can go up to 95% LTV without PMI on some of my loan programs. Feel free to contact us at 800 315 8803 - 7 days a week or visit www.bartprequalifies.com

Feb 13th 2013
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