No. of Recommendations: 3
I will also agree with inparadise and Dave and Peter about getting a mortgage, but I would suggest a mortgage for no more than 80% LTV (at most).

Furthermore, given the size of the mortgage you are considering - 80% of 800k is still $640k - and without knowing the limit for conforming loans in NJ, it might warrant more analysis as to whether to limit the mortgage size to the conforming limit even if that brings LTV below 80%.

Regards, JAFO
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