What Sales Price do you qualify for with $100,000 for Down Payment and Closing Costs in Seattle?

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2015-04-16_0945If you have $100,000 available for funds for closing, you may be surprised to learn that, assuming you have the income and credit to qualify, you can buy a home with a sales price of around $800,000.

Here’s one example of how you can buy a “jumbo” priced home with less than 20% down payment.

One of the programs we have available, which allows as low as 10% down payment for a jumbo mortgage. In the greater Seattle/King County area, any loan amount over $517,500 is considered a jumbo (or non-conforming) mortgage.

This morning, April 16, 2015 at 9:30 am, I’m quoting:

4.700% (apr 4.826%) for a 30 year fixed jumbo mortgage with lender paid mortgage insurance priced with 0.958 points. Based on a home priced at $800,000 with a  10% down payment and loan amount of $720,000. This is assuming the home buyer has credit scores of 740 or higher. The principal and interest payment of $3,734.19 does not include property taxes or home owners insurance. Rates are subject to change and credit approval.

Here’s how the rest of this pencils out:

  • $80,000.00 = 10% down payment
  • $3,602.90 = estimated closing cost
  • $6,897.60 = points of 0.958
  • $7,790.66 = estimated reserves and prepaids (taxes, home owners insurance and estimated 15 days of prorated interest)

TOTAL ESTIMATED FUNDS DUE AT CLOSING = $98,291.16

So assuming you qualify (back end ratio of up to 43% is allowed), you could buy a home like the one in this photo currently listed in West Seattle tucked away on Jacobsen Road and be enjoying the gorgeous views of Puget Sound from one of your decks!  NOTE: This home is currently listed below $800,000. The figures quoted above are not specifically for the property in the photo.

We also have “combo” mortgages available where a first and second mortgage can be used together. The mortgage quoted above provides the convenience of one mortgage with a fixed rate. If you would like me to provide you a quote based on a combo (aka “piggy back”), LPMI 10% down jumbo, or any mortgage scenario for homes anywhere in Washington state, please click here.

 

 

 

Comments

  1. Thanks, Melanie!

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