Jumbo Mortgage

[Anonymous]

I have recently relocted to an area where housing is more expensive than where I came from.  My husband and I are looking at a $640,000 home with 10% downpayment.  Husbands FICO's TU 681 Eq 660  Ex 706, mine TU 717  Eq 685  Ex 744.  Combined income $160000.00.  1 paid medical collection, no cc balances, 1 car pymt of $560.  Given the current credit crunch (esp. on Jumbo's) what are responable expectations for obtaining loan and rate?

[Anonymous]

Is this verifiable W-2 income?
Willing/able to do FULL Documentation?

JUMBO rates just dipped under 7%

I would get with a broker or your bank and see what is available.

I am sure an Expert will jump in soon.

[Anonymous]

Very good questions! The market is changing...

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Timothy wrote:
Is this verifiable W-2 income?
Willing/able to do FULL Documentation?

JUMBO rates just dipped under 7%

I would get with a broker or your bank and see what is available.

I am sure an Expert will jump in soon.

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[Anonymous]

There is very few banks that are doing jumbos outthere now. What state is the house you are looking at? If can go full doc. There is a big chance that you will get a loan @ 90% ltv...Try Deutsche Bank.

[Anonymous]

Hello,

We are able to do Jumbo mortgages with 10% down with a minimum 660 mid FICO. It looks like you would qualify on that part. Debt to income ratios can go up to 50% and depending on the program (there are 2 that do this) some or all collections don't have to be paid off.

Good luck!

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