Jumbo Loan for First mortgage a good idea/available?
As of now i am renting, We want to buy a home in the next few years. The problem is that even with the economic downturn, we really can't get a nice place in the Silicon Valle for less than about $800-900k. That puts us out of the FHA loan range . We are saving , and I think we'll have enough for about 10% down within 7 months My question is whether people think that lenders will ease up and we'll be able to qualify for a jumbo loan at that stage by thomas3 from Silicon Valley, California. May 7th 2010
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi Thomas3,Most non-conforming jumbo programs are going to require 15-20% or more for a down payment and 6+ months reserves so your down payment isn't your only concern. You will probably be better off doing an FHA jumbo ($729,750 in Santa Clara County) with a small second instead of a non-conforming jumbo loan.
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