Mortgage Lending Options

[Gray]

Can someone characterize the difference between Navy Federal and PenFed as mortgage lenders and the approval process for obtaining a large mortgage through them?

Thanks.

[Anonymous]

Can't really comment on the difference between the lenders you mentioned. However, if the county in which you are buying is a "high cost county", you should be able to go up to $729,250 loan amount as a high balance loan, not a traditional jumbo. The rate and term will be better.  Many lenders also offer a VA  high balance loan.

Good luck.

[Gray]

The conforming loan limit of $729,750 will drop to $625,000 in October of 2011.  Since I'm going to be buying later than that, I'm looking at keeping the mortgage no more than $600,000 and putting a downpayment of 25 to 30 percent.