Jumbo FIxed 30 Year - LTV?

[Anonymous]

Are there any reasonable Jumbo 30-Year Fixed loans available with only 5 to 10% down?  If so, any recommendations on the best Lenders or Mortgage Brokers in the Northern CA area?

[Anonymous]

Hi Ironferg,

If you or a relative is a member of Navy Federal Credit Union,

they are currently offering 90% LTV jumbos @ 5.25% for 30yr fixed

rate mortgages. Navy Fed is the largest credit union in the

world and they are lending quite agressively. If you can handle a 15yr

fixed jumbo, that rate is 4.75%. Both loans come with a quarter of

a point (0.25%). 

In fact, just under 2 weeks ago their jumbo rates were only 5%

for 30yr fixed, but they've been creeping up a bit because lots

of folks in Florida and California have been taking advantage of them.

For the rest of the country, the max LTV for jumbos is only 80% . 

You can go to Navy Fed's website at navyfcu.org for

all the details.

Hope this helps. Enjoy the day!

CanDo

"The right attitude is everything" 

Message Edited by CanDoAttitude on 12-30-2008 01:05 PM

[ShanetheMortgageMan]

Navy FCU does have a good niche for those jumbo loans to 90% LTV, however they do require you be a member first, so you'll need to be a part of one of the 4 military divisions, Department of Homeland Security (DHS), retired from one of those divisions or DHS, or have a direct family member already a Navy FCU member (such as a brother or mother, can't be an uncle, cousin, etc.).

[ShanetheMortgageMan]

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@Anonymous wrote:

Are there any reasonable Jumbo 30-Year Fixed loans available with only 5 to 10% down?  If so, any recommendations on the best Lenders or Mortgage Brokers in the Northern CA area?

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If you are within the FHA loan limits for your county it'll just do 3.5% down, usually will get a lot better rates & lower mortgage insurance with Jumbo FHA than Jumbo conventional financing as well.

[Anonymous]

Thanks Shane,

We're looling in Novota, CA (Marin County), so I believe that FHA Limit is $625,000.  Does that mean that we could get a loan up to $625,000 with less than 20% down and what would closing costs look like?  Would they be included in the $625,000 or in addition?  Has the FHA CAP Increase been extended to 2009?  My Income is rather high, does that impact my chances of qualifying? 

[ShanetheMortgageMan]

The current (as in 2008) limit is $729k+ in Marin County, but as of 2009 it'll drop down to the $625k level you speaketh of.  As long as you aren't financing more than $625k then you'd just have to put 3.5% down (assuming the 2nd appraisal, which is required on FHA loan amounts over $417k in declining markets, doesn't come in more than 5% difference than the 1st appraisal).  Figure total settlement costs (which include both closing costs + pre-paids/reserves) will be about 2-3% of your sales price.  Closing costs aren't added in the loan amount, but FHA's upfront mortgage insurance premium (UFMIP) of 1.75% is financed into the loan amount.  There is no income limit you need to be within in order to use FHA financing, nor does it have a first time homebuyer requirement, etc.  It's pretty flexible on who can use the program.

I have some friends living in Novato off Atherton Ave. that I helped buy a home several years back, if you need a real estate agent recommendation I know of two very good ones (mother/son team) I could you send you their contact info.

[Anonymous]

Shane, I would very much appreciate the contact information as we have not touched base with anyone yet.  Any thoughts on lenders or mortgage brokers in the area, that could help wiht FHA?

[ShanetheMortgageMan]

Welcome, I sent that info via PM since putting personal contact information within the content of public posts isn't permitted.