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jfink46
291 Posts |
 Posted - 08/26/2008 : 10:51:48 AM
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OK, I searched through what has been recently posted on Jumbo loans, and other than Flagstar retail being able to do it, I can't find anyone else with less than 15%-20% down.
755 FICO
Orange County - Irvine, doesn't have a property yet, so no zip code, but assume a declining market adjustment.
$900K-$1M purchase price
10% Down
Purchase
Full Doc
I assume I can get the conforming Jumbo maximum of $729,750 at 90%, right? Or am I limited to 85% with the declining market hit? |
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liverichly
3927 Posts |
Posted - 08/26/2008 : 11:01:01 AM
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| I believe you are going to be limited to 85% LTV because of the declining market hit. I'd be surprised if you find anything higher than 85% LTV given the property location. Can they get gift funds for the extra 10% down to bring it to 80% LTV? |
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jfink46
291 Posts |
Posted - 08/26/2008 : 11:02:36 AM
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| Thanks...I am going to try to see if there is anything else they can do. Basically, it looks like I can get 90% up to $729,750, then 85% over that. |
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KHufford
5939 Posts |
Posted - 08/26/2008 : 11:12:25 AM
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John,
I reccomend working with some regional type banks in your area. The ones looking for high net worth clients. I have set up some sick deals with local retail banks for par pricing on super jumbo deals, and they will pay me on the HUD.
They will go to 80% all day for the right client, full doc.
I also have another bank that will do a 2nd to 90%, even 95% on jumbos in some cases.
Just gotta go talk to them... |
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jfink46
291 Posts |
Posted - 08/26/2008 : 11:25:54 AM
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Kyle,
My guy would not be considered a "high net worth client", and I can get 80% right now. Since this deal is in CA, and I am in NV, the local banks aren't an option.
Does your bank do CA? |
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