Jumbo Vs. Conventional Loans

The median price of homes in Travis county is now at $335,000.  If you want to buy in central Austin that number goes up to well above $400,000.   I am seeing prices per square foot in my neighborhood of Rosedale reach 400+/square.  In Bryker Woods and Tarrytown they can go over $500/square.  This means a 1500 square foot home will run you over 600k.

Many people prefer the convenience of being a few exits from their offices to driving 30-45 minutes per day.  Buyers are willing to pay higher prices for much less house and they need options.  Most people I am meeting are more than capable of purchasing they just think they need 20% down along with 2 years of tax returns.

We now have a program that we can off one year of returns and you can put just 10% down.  So here is how it works.

Purchase price: $650,000

First lien: $421,100 (this is the max conventional loan amount)

Second lien: $163,900

Down payment: $65,000

We can currently go up to 900k with 10% down.  You can keep those extra funds for upgrades to your new home or keep the funds for a rainy day.

Please feel free to call or email me any time with questions.   I have a passion for real estate and especially real estate in central Austin.  I would love to hear your plans and help get you and your family into your new home.

Todd McDougall

512-779-4997

[email protected]

 

 

Comments

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