The best option for financing a property over 417k and less than 1.2 million is with an ARM.  Rates range from 4.75 to 6.5%, depending on the length of the ARM.  A sweet spot in the low 5’s exists for well-qualified borrowers on jumbo loans.  I don’t expect this to change in the near future.  If you have a jumbo loan and are only slightly over the 417k limit, it is definitely worth your paying it down to under the cut-off so that you can take advantage of once in a lifetime pricing on conventional loans. 

An example from today’s callers:

765 middle credit score, 2 million dollar purchase price with a 1.2 million dollar down payment.  This is only a 40% LTV.  The rate available at wholesale to this customer was a 5.20% on an ARM.  Interest-only is available on these jumbo loans!

Conventional programs require 4 years now after a foreclosure.  The right answer for them turned out to be an FHA loan.  With 24 months of good credit since the foreclosure, they are able to qualify for an FHA loan with rates in the low 5’s.  Amazing isn’t!

720+ credit score

75% LTV

Purchase or Rate and Term Refinance

Loan Amounts between $150,000 and $417,000

Your wholesale rate for today with 1 origination point:  5.25%

In March, BusinessWeek Magazine named Peachtree City as Georgia’s Best Affordable Suburb. The article notes Peachtree City’s lakes and recreation amenities, along with its 90-mile network of multi-use paths and golf carts.

In choosing the best in each state, BusinessWeek focused on towns within 25 miles of each state’s largest city, featuring good schools, low crime, reasonable commutes, strong economies, and overall quality of life.

Georgia

Best affordable suburb: Peachtree City
Nearest major city: Atlanta
Population: 38,736
Median household income: $93,046
Median home price: $247,900
Unemployment rate: 3.6%
Violent crime index: 6

The magazine evaluated communities on a variety of factors but weighted affordability most heavily. None of the places had populations of more than 60,000 or less than 5,000.

Peachtree City also ranked in the top 100 CNN/Money Magazine “Best Places to Live in the U.S.” in 2005 and 2007, was named as one of the “Best Places to Retire” by U.S. News and World Report in 2007 and by Retire Georgia in 2008, and was featured in Newmax Magazine’s “10 Great Places for Boomers” in 2009.

As a general rule of thumb, you should expect to prove your income, assets/reserves, and employment status.

For all locations in the United States other than Alaska and Hawaii, the maximum guaranty amount is 25% of the greater of: (a) $417,000 or (b) 125 percent of the area median price for a single-family residence, up to $729,750.

So how do you find out if you can get a $0 down loan for up to $729,750? Call or email the team at Anderson Lending Group today.

Scroll down to VA Loan Lending Limits. Click on the desired state and the information comes up for each county. The results for the single family home allows for an eligible Veteran to purchase a new VA home loan with $0 up to that amount.

This only applies to new houses and does not cover cash out refinances or streamline refinances.

If you are a veteran and in the market for a VA loan in Georgia or Florida , Anderson Lending Group can help you with phenomenal rates and service.