Finding a loan on Zillow | Forum profile

Probably going to need a larger down payment for that large of a loan amount.

Unfortuantely with that low of a score a traditional mortgage is not an option - you may want to try a hard money lender - visit www.reiclub.com for a list of hard money lenders - good luck to you!

Take the quote you were given and see if you can obtain a commitment at that rate and fee structure.  Good Luck

Thank you, your answer was really helpful :)

You mention improvments that you wnat to do to your primary.  If your primary is not in complete dissary it may be cheaper for you to just refinance the mortgage on your primary and take cash out to cover the improvements.

Got it.  The title of your post indicated "jumbo rate vs normal rate" which led me to believe you were looking for a rate comparison.  Loan limits are as follows: Conforming ($417k or less) Conforming Jumbo ($417,001 - $729,750***) Non-Conforming or Jumbo ($729,751+) *** this is a maximum limit based on geographic area and depends on whether subject property exists in high-cost area

The combined first and second mortgage exceeds the value of the property.  If the property is worth $225,000, you would have to change your loan request to $43,750 for most lenders to even consider it.

Here's the link to the actual request http://www.zillow.com/mortgage/LoanRequest.htm?request=ZR-VZSBMFN Mary please do not include contact information such as your email or phone number when answering questions in Zillow advice.  Thanks!

After reading your earlier response on Zillow, you could refinance your exisitng first mortgage into an FHA loan and have the the second mortgage subordinated to the new mortgage.