Can I get California Mortgage for 850K with 10% down?

I am looking to buy a house around 950K in california. Only have 10% down payment but 220k income and 780-810 credit score. Does anyone do these mortgages anymore?. I would like to get pre-approved. I am OK with paying PMI

jenkin7 · Posted: Wed May 27, 2009 2:57 am Post subject:

Hi Guest,

The conventional loan limit for one unit single family homes for 2009 is set at $625,500 in certain high cost areas. Thus, getting a conventional loan of $950k for single family home will not be possible. But as your credit score is good and you are ready to pay for PMI, some lenders may offer you a loan of that amount. I think you can go for a no-obligation free mortgage consultation with the lenders in this community. They will assess your credit score, DTI ratio, LTV and other factors and will be able to tell you if you can qualify for a loan of $950k. They will also suggest you what type of loan will suit your purpose and how you can get pre-approved for the loan.

sunil87020 · Joined: 04 May 2009 Posts: 251 -0.05 Dollars($)

Thnaks Jenkin7,
I was having sort of same query.
I got my answer.

Thanks a lot.

Posted: Wed May 27, 2009 9:54 am Post subject:

Actually that amount is 729K in California. from my original question I want to borrow 850K. I have spoken to AimLoan and they will let me borrow 729K with 15% down but not 10%. Any 10% loans out there???. They will have to go back to an 80:10:10 at some point as the majority of houses is a good school district in the Bay Area are over 800K

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