jumbo conforming

[frebay_IHB]

can someone here confirm that the new amount for jumbo conforming is 749k from 729k? I'm trying to get a loan, make 200k a year, putting 27% down, with a 690 credit score and nobody will finance me. one person even said my sub 700 score is subprime!

 

[graphrix_IHB]

Jumbo conforming is still $729,750.

 

[no_vaseline_IHB]

[quote author="frebay" date=1213341447]one person even said my sub 700 score is subprime!</blockquote>


Anything under 850 is subprime now. I'm not kidding.

 

[Gohabsgo_IHB]

[quote author="frebay" date=1213341447]can someone here confirm that the new amount for jumbo conforming is 749k from 729k? I'm trying to get a loan, make 200k a year, putting 27% down, with a 690 credit score and nobody will finance me. one person even said my sub 700 score is subprime!</blockquote>


You should consider yourself lucky nobody let's you make a mistake!

 

[freedomCM_IHB]

heh, what roo said.



but what is up with a 690 FICO? I would work on that some.

 

[stepping_up_IHB]

When we were loan shopping a few months back I noticed that each lender had a different number for distinguishing between prime and subprime. I think Countrywide was setting theirs at 700 and B of A was 680. They take your middle score. I recall someone posting that B of A loans sucked, but twice now we've found their no fee mortgage plus the best deal out there and they were really easy to work with.

 

[usctrojanman29_IHB]

[quote author="stepping_up" date=1213393645]When we were loan shopping a few months back I noticed that each lender had a different number for distinguishing between prime and subprime. I think Countrywide was setting theirs at 700 and B of A was 680. They take your middle score. I recall someone posting that B of A loans sucked, but twice now we've found their no fee mortgage plus the best deal out there and they were really easy to work with.</blockquote>
BofA's No Fee Mortgage Program is pretty good, especially if the loan amount is low ($250k or lower). Although their rate is somewhat higher than other lenders, they do not charge you an garbage fees, pay for the appraisal, pay for the title/escrow/closing costs, and on top of that they actually pay for the PMI if your loan is over 80% LTV. So when you take all those items that they pay for, the actually rate gets better and better as your loan amount goes down.