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Looking to buy in Howard County Maryland a house between 600,000-700,000. I was told by the Broker I used for my first house that there are no more programs out there with 5 or 10 % down that I would need at least 20% down is this true? How much can the seller contribute. My income is 200,000 and good credit score.
Not true. I work for a local regional bank in the DC area and we are doing 80/15/5 loans, with the first trust up to 417K, which will give you up to a 596K purchase price w/ 5% down (our limit on 2nds is150K).
We are doing 80/10/10 loans up to $977,500, with a first trust of 729K and a second of150K.
In both cases, the first trusts are standard 30 year fixed products.
I thought they did away with those loans since the mortgage crisis? And I'd hate to see what someone pays on that 2nd loan if it's 150k at the end of the term.
Looking to buy in Howard County Maryland a house between 600,000-700,000. I was told by the Broker I used for my first house that there are no more programs out there with 5 or 10 % down that I would need at least 20% down is this true? How much can the seller contribute. My income is 200,000 and good credit score.
Those of you who are not familiar with Howard County Maryland, it's one of the top 6-7 richest counties in the USA.
Both my sisters, my brother and mother live there. $200k a year is essentially "middle class" in some parts of that county. The reason it's expensive to live there is cause it has super public school system.
That being said, Howard County unfortunatly is lumped into the "Baltimore" region thus has a $560k conforming mortgage limite Fannie/Freddie will buy. Kinda of unfair when "super commute" from West Virginia and places as far off as Frederick Maryland are considered as "Washington DC" suburbs and are eligible for the $729k Fannie/freddie cut off.
My brother is trying to refinance his 1 million dollar home (well it's now worth $800k-850k). But he faces that same $560k loan cutoff. He put $300k cash downpayment and may owe around $630k on the mortgage. But he's having trouble refinancing unless he brings another $70k to the table. The mortgage people won't give him a secondary loan/line of credit unless the home appraised for at least $800k. Now there's a "distress property" on his street the appraisal wants to take into account even though it doesn't have any where near the same upgrades as his home (he has added sunroom, top of the line upgrades Brazilian wood floors, all granite") while the distress home was a spec build costing less than $150k of his original list price.
He's not in any danger, got a 10 year arm that runs through 2015 at 5.625 but he can get a 4.75% no points refinance but can't now unless the appraisal comes through or he brings $70k more.
Howard County is very expensive. And I tried emailing that idiot House rep. E Cummings for my brother since I am more vocal than he
is about trying to get Howard County's conforming mortgage rates moved up to $729k and all I got was some crap response email.
Very unfair to those who live in Howard County with the way yet set the $560k mortgage when it's a very affluent county.
No, the combo loans still exist with portfolio lenders. Their still better for the consumer than the FHA with mortgage insurance. The criteria requires credit scores in the nosebleed section. As the market tightens, the required scores increase, as well.
What bank are you affiliated with? I'd like to call and inquire further about these products.
Quote:
Originally Posted by SmartMoney
Not true. I work for a local regional bank in the DC area and we are doing 80/15/5 loans, with the first trust up to 417K, which will give you up to a 596K purchase price w/ 5% down (our limit on 2nds is150K).
We are doing 80/10/10 loans up to $977,500, with a first trust of 729K and a second of150K.
In both cases, the first trusts are standard 30 year fixed products.
If there are posters on this board that you want to get in further contact with - many have information posted in their "about me" section of their profile, and you can always send them a private message.
What bank are you affiliated with? I'd like to call and inquire further about these products.
Please contact me by DM with your email and we can arrange a chat.
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What bank are you with SmartMoney?
