New home purchase in Northern NJ: mortgage options?
Hello, I'm in the process of selling my current home and am looking for a new home in northern New Jersey. I have the ability to put 10% down, home price range between 700-850k. Credit scores are excellent, however I'm having a very difficult (impossible) time finding a mortgage product that would work for me. I have not able to find any 80-10-10 products where the 80% mortgage is a jumbo loan. Other than the FHA option which I was told is soon to become much less attractive (and I won't be ready to buy before that happens), what options are out there? I am by no means a mortgage expert...looking for some assistance. Thanks in advance. by mgeorge from Caldwell, New Jersey. Mar 1st 2013
Sharon Duffy (sduffy)
#70 ranked lender in Pennsylvania - 595 contributions
I am a broker in New Jersey. Please give me a call.Sharon Duffy7th Level Mortgage732 606 6264
Jamie Edwards (JamieLynn)
#37 ranked lender in New Jersey - 13 contributions
Good morning! Are you thinking about an 80-10-10 to avoid mortgage insurance? Because you can put 10% down and still not have mortgage insurance and still go conventional. You can either pay the MI upfront yourself, or have the lender pay it for you for a slightly higher rate. If you think you're interested, feel free to give me a call. 856-853-1234. I'd be happy to further discuss your options. Have a great day and good luck to you!
Scott Singer (ssinger)
#100 ranked lender in New Jersey - 28 contributions
Hi Mgeorge. You do have options, some of which avoid monthly mortgage insurance. You will have a very tough time today finding an 80-10-10 product. My firm is a direct lender headquartered in Parsippany, I am located in Westfield. Feel free to reach out anytime, 908-233-3383 X5018. I would be happy to help. Scott Singer
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
What you are looking for will be difficult to find, but not necessarily impossible. Keep checking and ask the companies you contact who can't do it if they have recommendations. Check with Sharon or Scott above who are in NJ for their options. Good luck!
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
There may be a wat to do this with no monthly PMI. Click on the image at left and call me.
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