topic Re: First Time Mortgage Help in Mortgage Loans https://ficoforums.myfico.com/t5/Mortgage-Loans/First-Time-Mortgage-Help/m-p/60241#M1616 <DIV></DIV><DIV>I would try to get the purchase price to or below 417,000! That will keep you from getting a jumbo loan.</DIV><DIV>&nbsp;</DIV><DIV>As for the 80/20 loan... Well let me know if you find one. Most banks are doing away with that type of loan</DIV><DIV>&nbsp;</DIV><DIV>I was doing loans in NJ and the market is better than most but then again who knows what can happen</DIV><DIV>&nbsp;</DIV><DIV>As for your down payment you should be ok. Keep in mind that lending guidelines change everyday!! Keep your scores up and save up some money.<BR /></DIV><BLOCKQUOTE><DIV><HR />RJWilson wrote:<BR /><DIV>Dear All</DIV><DIV>&nbsp;</DIV><DIV>Please help with some of your great advice, I live in NJ (Bergen County - 07446) and would like to purchase a house in the region of $420,000.&nbsp; I have no down payment yet (In apporximately a year I will have in the region of $20,000) and a credit score of 770.</DIV><DIV>&nbsp;</DIV><DIV>My question is would I qualify for a LTV / 80-20 mortgage right now, my current rent is $1900 / month, with all the add ons for a monthly mortgage payment in my current situation right now (PMI etc) is it advisable for me to enter into the property market now or hold out for a more substantial deposit.</DIV><DIV>&nbsp;</DIV><DIV>My current salary is $105,000 per year.&nbsp; Also - what mortage brokers could you sugest for a situation like me.</DIV><DIV>&nbsp;</DIV><DIV>Thank-you so much</DIV><DIV>&nbsp;</DIV><DIV>Richard...</DIV><BR /><HR /></DIV></BLOCKQUOTE><DIV><BR /></DIV><DIV></DIV> Tue, 04 Sep 2007 20:52:21 GMT Anonymous 2007-09-04T20:52:21Z First Time Mortgage Help https://ficoforums.myfico.com/t5/Mortgage-Loans/First-Time-Mortgage-Help/m-p/59745#M1584 <DIV>Dear All</DIV><DIV>&nbsp;</DIV><DIV>Please help with some of your great advice, I live in NJ (Bergen County - 07446) and would like to purchase a house in the region of $420,000.&nbsp; I have no down payment yet (In apporximately a year I will have in the region of $20,000) and a credit score of 770.</DIV><DIV>&nbsp;</DIV><DIV>My question is would I qualify for a LTV / 80-20 mortgage right now, my current rent is $1900 / month, with all the add ons for a monthly mortgage payment in my current situation right now (PMI etc) is it advisable for me to enter into the property market now or hold out for a more substantial deposit.</DIV><DIV>&nbsp;</DIV><DIV>My current salary is $105,000 per year.&nbsp; Also - what mortage brokers could you sugest for a situation like me.</DIV><DIV>&nbsp;</DIV><DIV>Thank-you so much</DIV><DIV>&nbsp;</DIV><DIV>Richard...</DIV> Mon, 03 Sep 2007 16:27:42 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/First-Time-Mortgage-Help/m-p/59745#M1584 Anonymous 2007-09-03T16:27:42Z Re: First Time Mortgage Help https://ficoforums.myfico.com/t5/Mortgage-Loans/First-Time-Mortgage-Help/m-p/60241#M1616 <DIV></DIV><DIV>I would try to get the purchase price to or below 417,000! That will keep you from getting a jumbo loan.</DIV><DIV>&nbsp;</DIV><DIV>As for the 80/20 loan... Well let me know if you find one. Most banks are doing away with that type of loan</DIV><DIV>&nbsp;</DIV><DIV>I was doing loans in NJ and the market is better than most but then again who knows what can happen</DIV><DIV>&nbsp;</DIV><DIV>As for your down payment you should be ok. Keep in mind that lending guidelines change everyday!! Keep your scores up and save up some money.<BR /></DIV><BLOCKQUOTE><DIV><HR />RJWilson wrote:<BR /><DIV>Dear All</DIV><DIV>&nbsp;</DIV><DIV>Please help with some of your great advice, I live in NJ (Bergen County - 07446) and would like to purchase a house in the region of $420,000.&nbsp; I have no down payment yet (In apporximately a year I will have in the region of $20,000) and a credit score of 770.</DIV><DIV>&nbsp;</DIV><DIV>My question is would I qualify for a LTV / 80-20 mortgage right now, my current rent is $1900 / month, with all the add ons for a monthly mortgage payment in my current situation right now (PMI etc) is it advisable for me to enter into the property market now or hold out for a more substantial deposit.</DIV><DIV>&nbsp;</DIV><DIV>My current salary is $105,000 per year.&nbsp; Also - what mortage brokers could you sugest for a situation like me.</DIV><DIV>&nbsp;</DIV><DIV>Thank-you so much</DIV><DIV>&nbsp;</DIV><DIV>Richard...</DIV><BR /><HR /></DIV></BLOCKQUOTE><DIV><BR /></DIV><DIV></DIV> Tue, 04 Sep 2007 20:52:21 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/First-Time-Mortgage-Help/m-p/60241#M1616 Anonymous 2007-09-04T20:52:21Z