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Old 11-20-2008, 11:20 AM
43 posts, read 305,074 times
Reputation: 46


I live in an area where the jumbo loan amt is 437,000. We're looking at a mortgage of 775,000 with a loan of about 700,000 (putting down about 10%). Credit scores are in the upper 700's and income is sufficient. We want a 30-yr fixed. How hard are piggyback loans to come by? Or is it possible to get one loan for 700,000 and not have to do a piggyback? Any speculation on mortgage products for the next 5 months? Thanks!
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Old 11-20-2008, 01:36 PM
Location: Laguna Niguel, CA
768 posts, read 3,892,592 times
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Anything over 80% LTV will require mortgage insurance, and not too many MI providers are insuring mortgage amounts over the conforming loan limit these days. It'd be best if you could an 80/10/10 piggyback loan as you'd be able to avoid the MI but 80/10/10's are hard to find these days. Depending on the market you are in lenders might be limiting the CLTV below their normal maximums too (ie only 80% CLTV in CA but would do 90% CLTV in TX, etc.). Where are you buying?
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Old 11-20-2008, 02:06 PM
392 posts, read 1,377,592 times
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417K is the limit. The jumbo market is likely to be one of the last markets to "thaw" so I doubt the next 5 months will make any major impact.
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Old 11-20-2008, 03:23 PM
Location: Sugar Land, TX, USA
759 posts, read 2,793,763 times
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I just moved into a house a couple of months ago and looked at the options of getting a piggy, jumbo, etc. The rate of the piggy was outrageous and my broker looked at several places. it was 3-4% higher than conventional 15 year! i just went with a 15 year note...but we qualified for a special deal since my wife is a physician, and we learned that a few banks have special financing options for us because we fell into a into a very low risk group. (BOA mortgage programs for doctors) I would say putting 20% down will really be the best bank for the buck!
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