Mortgage question

You can get a loan for any amount, under any terms. It all depends on the lender.

What the broker was referring to was an FHA-conforming loan.

Mortgages are a pain in the ass right now, even with flawless credit. My experience this year resulted in me my closing being delayed almost a month...

aptdude09: really? what caused the hold up?

Tas, who is the broker pls. I was looking to see if 90/10 was available recently and 625k works for this.
thanks

Essentially just slow processing on the banks behalf. Wells-Fargo just completely f'ed everything up....last minute 2nd appraisals, unnecessary financials at the last minute, blah blah....And my credit is flawless, 2nd home, income/assets very high for the low purchase. Just unbelievable to me as my previous experience was in another state. I was astounded (although my attorney wasn't surprised).

I actually know several (in my building and others) that had similar experiences.

If it's such a pain in the ass, pay cash.

90% financing up to 729,750 is within bank guidelines but the problem is obtaining MI at 90%. MI companies have been much more lenient approving MI at 85% because of the soft market. Maybe the MI company is only willing to go up to 625k. sunny.hong@bankofamerica.com