[quote=ncounty4]My husband and I have great credit (800) and great income ($250+). We want to buy a home in $700-800k range, putting 10% down. We understand that we would need to either pay PMI or get a 2nd with this arrangement. However, no one will loan us the money. Apparently a jumbo 90% loan product no longer exists?? How can young couples that are great credit risks buy property these days??? I find it hard to believe that everyone else our age has 20%+ to put down on good homes. Please advise. [/quote]
Yes – 90% jumbo loans just don’t exist anymore…even if you make $500K+ it would be very very hard. Banks will automatically assume that the value of your property (especially in North County) will depreciate by 20% or more before it creeps back up. Thus lending you 90% just doesn’t make sense right now.
Young couples with great credit scores can buy property with more down payment…at least 20%.
You can if you save at least 30% of your combined monthly take home for just a few years and you’d get your 20%+ down payment. We did (and our salaries are nowhere close to yours), why couldn’t you? Now we’re buying a home with at least 40% down and get the absolutely lowest possible rate, while you’re wondering why no one will lend you the money. It doesn’t take an Einstein to figure out your problems.
