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If you are buying an expensive home and your loan amount is higher than the FHFA set maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac at $417,000 for one-unit properties in most of the country for 2015 (and up to $625,500 in some areas), you may be frustrated by the fact that most lenders require a 20% down payment.
Many affluent buyers are finding that they would prefer to put a lower down payment in order to manage their money differently. Some would rather invest their money in the stock market or would rather buy a new home without the stress of selling their existing home as a condition of obtaining new loan financing.
A perfect example is a buyer who is looking to buy a property, has an existing home with equity and only has liquid finances that allow for a 10% down payment. They do not want the anxiety that goes with buying and selling a property on the same day and they do not want to borrow from their 401k or liquidate funds (that will result in capital gains) for a 20% down payment.
If you consult the right mortgage professional like those at Expert Mortgage Associates you will find that there are jumbo lenders that will allow you to finance 90% of the purchase price (or appraisal whichever is lower) and even allow you to make a lump sum payment after a trailing property is sold thereby lowering your monthly mortgage payment. This strategy saves a borrower/buyer the expense of having to refinance after their trailing property is sold.