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How to get a jumbo mortgage with a 10% low down payment in Maryland, DC, or Virginia
How to get a jumbo mortgage with a 10% low down payment in Maryland, DC, or Virginia
Likely if you're reading this you are frustrated that there seems to be no way to obtain a mortgage above the Fannie loan limits, normally requiring a jumbo loan.  Alternative (non-conventional) loan products are loans required for loans above $729,750 for the DC metro area (including Northern Virginia, Arlington, Fairfax, Loudoun, Alexandria, Falls Church, Manassas, Montgomery County, Frederick County, Prince Georges County, and the District of Columbia).  Similarly, in the Baltimore metro area the limit is $560,000 (including Howard County, Anne Arundel County, Baltimore County, Baltimore City).   This has major impact for buyers in areas like Clarksville MD, Ellioctt City MD, and Annapolis MD where home prices easily reach the $700,000+ mark, but the County limit is only $560,000.  Similarly, in Bethesda or Chevy Chase MD with $729,750 as a loan limit not having 20% down becomes a problem with homes priced above $810,000. You can find the full list of county loan limits here, if you happen to be purchasing a home above these limits and don't have enough of a down payment to reach the limit you would normally be required to obtain ... more

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