I am new to the mortgage process and have been doing some research but still have a few questions. My husband and I want to build a new house, and are now looking into getting a mortgage. We have a specific development in mind and the house we want starts at 443K and the lots we like have premiums about 25-45K. By the time we do a few upgrades I imagine we will be at about 550K total. From what I can tell mortgages this large are pretty hard to qualify for. We both have decent credit (725+) and together make about 200K gross. Our only debt is a car payment for 700/mo and student loans for 1400/mo. What kind of down payment do we need to come up with? I would love to get the ball rolling on construction as soon as possible since I hate our rental, so if we don't have to come up with 20% down that would be ideal as long as we don't end up with a ridiculously high interest rate. We are starting from scratch, since we were throwing everything extra to paying off our credit cards. Also, I have not been employed for the past two years, I just finished school in May so I'm not sure if that will be a problem.
Thanks in Advance!
Don't have a lot of help but jumbos are certainly more difficult and require a higher rate. I'd check with the builder as a starting point. With the price of the homes they are building they should certainly have a few recommendations for lenders that do jumbo's that they have worked with. Certainly be cautious with using them as they often don;t have the best rates but will still be a place to start. As long as your job is related to your degree it won't be an issue. Depending on lender 30-60 days of pay stubs is all that is required. Good luck.