Would a $500k property require a jumbo loan in Saco??

yes. anything over 417k is considered Jumbo here in Maine.

I have a friend who has 30 Year Fixed JUMBO's at 4.5% if you would like her contact info.

Not if you can put down 15-20% as a down payment.Please call me to discuss all of your options.Brendan C. Fontaine | Branch ManagerPrimary Residential Mortgage, Inc.392 Center Street Auburn, ME 04210O. 207-618-9153 | C. 207-272-9949 F. 207-370-6864 | NMLS # 102571www.BestMaineHomeLoans.com

Brendan C. FontaineO. 207-618-9153 | C. 207-272-9949 www.BestMaineHomeLoans.com

207-272-9949

Loan Amount for conventional is limited to $417K. if you put $83K down, and you finance $417, you can use conventional financing, otherwise you'll be subject to jumbo financing rates and terms.. 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

Any loan over 417K would yes. You could fill the 83K gap with down payment and a 2nd mortgage however to avoid a Jumbo. Good Luck!!

Anything above $417,000 would be considered jumbo in Saco, Maine. If you are putting 20% down that would make it a $400,000 loan amount and would be considered a conventional loan. I would be happy to go over your options or if you have questions.Flagstar Bank, FSB Geofrey Merino NMLS 317287geofrey.merino@flagstar.com480-560-1081

Unless the area is high cost area it is still $417,000. There are no high cost areas in Maine. Not knowing your loan details, i.e. purchase/ refinance; sales price/current value; down payment/equity; credit of all parties to the loan; etc. one cannot work out a plan to keep the bulk of your mortgage under the limits with a larger down payment or additional financing to equal the funds you need. It may not be worth your while to take out two loans and get a jumbo for now. You may find the pricing is not as far off as you think. I would be happy to meet with you and structure something that meets your needs.

Yes, unless you put enough down to only finance $417,000.

Yes, if the loan amount if above $417,000 it would be considered a jumbo loan.

Anytime the loan amount is greater than $417,000 the financing is considered to be 'Jumbo' or Non-Confirming. Guaranteed Low Price Direct Lender here!

Any loan over $417,000 is considered a jumbo.

Depends on loan size AS WELL as how many units. If over 2 then most likely no, if it is a conventional mortgage. Anything over 284k for FHA or 417k for FNMA, FMAC, VA would be considered Jumbo if it is a 1 unit.