Conforming Jumbo in NNJ

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nutesch

433 Posts

Posted - 05/06/2008 : 1:19:17 PM

I'm hearing mixed feedback from investors on Condos for Conforming Jumbos....Are 90% LTV Purchase condos available in New Jersey (existing project...not a new condo construction) for loan amounts around $500 to $600k (located in the area where conforming goes up to $700k+)? FICO is in mid 700 range....Thanks!

nutesch

433 Posts

Posted - 05/06/2008 : 2:31:26 PM

bump

lukeallison

1391 Posts

Posted - 05/06/2008 : 5:24:09 PM

There are a few counties in NJ where this loan scenario would fit with the Freddie Mac & Fannie Mae jumbos. I'm not sure what county this is in but I think that would be the best route to go.

nutesch

433 Posts

Posted - 05/06/2008 : 5:53:29 PM

Thank you. Looking in Hudson county, which is definetly eligible for the expanded qualifications....Just more curious about people doing condos on this program as I've heard about others not having luck with condos on the "conforming jumbo" products.

lukeallison

1391 Posts

Posted - 05/06/2008 : 5:55:18 PM

I have received approvals on quite a few recently and since they are going to be so short lived, I trying to do as many as I can before they expire. I think it will be your best bet for both LTV and rate. Good Luck.

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