If you have a client looking to purchase a home that is over the conventional loan limits and doesn’t have 20% for the down payment, please have them give me a call.
I can now offer a jumbo mortgage up to $850,000 with as little as 15% down and up to $750,000 with as little as 10% down payment!!!! Both of these options are availalbe with NO MORTGAGE INSURANCE!!!! That is a savings of over $450 on a $750,000 loan amount, which means the purchasing power can increase by approximately $75,000!!!!!
A few caveats-
1- Minimum credit score of 740
2- Maximum Debt to Income of 41%
3- No first time home buyers or non-resident aliens
4- Single Family residence only
Remember, the conventional loan limits for most counties in NJ north of Mercer are now $625,500 and Mercer is $417,0000. FHA mortgages allow for higher loan amounts, however, the mortgage insurance is over 1% per year on the 30 year fixed mortgage!
Thanks again for all your support and referrals!
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