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I am buying a house and have to either get a jumbo loan (just over the $417k limit by about $10k) or a 80/15/5 loan(s). If I go the 80/15 route will it still be considered a jumbo loan with higher interest rates on both or not?

2007-12-26 06:16:56 · 3 answers · asked by ericmorgan80 2 in Business & Finance Renting & Real Estate

3 answers

No. As long as each of your loans is under 417 it is not jumbo.

Let's say that you need a loan for 450k....

I would suggest that you get one loan for 417 and another for 33k. The second will have a higher rate but the first will have the standard conforming rates, not jumbo. Focus on paying down the second so that eventually you will only have the first, conforming loan.

2007-12-26 06:30:06 · answer #1 · answered by J O 3 · 0 0

Jumbos are stressful actual now. maximum creditors are in limbo for here couple of weeks/months attempting to verify what to do. Race and age have no longer something to do with it, area could. Conforming seems to be the way they are all going 417K max loan volume no prepay, finished rfile. you're able to do 2 loans consistent with hazard an 80/15 with stable credit, yet so a procedures as a million jumbo for ninety 5% you in all hazard are no longer likely to locate that. Wait slightly and enable the marketplace get it extremely is bearing and that they should return back.

2016-10-19 23:43:03 · answer #2 · answered by ludlum 4 · 0 0

If the first is under the jumbo limit then it is a standard loan. The second will have a higher interest rate since they are in second place. But you willl not have any pmi so you should be better off with the 80-15
I am a mortgage banker in TN & KY

2007-12-26 06:29:24 · answer #3 · answered by golferwhoworks 7 · 0 0

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