For Arizona (Maricopa County): Need 90% LTV on jumbo loan for home contract of $1.75M; desired loan amount $1.575M.
I'm a Realtor looking for a lender to do my clients primary residence loan in Paradise Valley, AZ. This is a good deal and with a little updating will be worth quite a bit more. Plans to hold for approx 3 years and then sell for a profit. He would like to do 10% down loan ($175,000) on a home priced at $1,750,000. He has the 20% needed but needs the other funds to secure a custom home residential lot for a future home he'd like to build, 2-3 years down the road. He has great credit plus owns a home back east for cash, value over $2m. Which will be placed on the market and that cash used to pay off the lot loan and build his future house. Ideally you could finance all 3 loans: 90% LTV jumbo loan of $1.575m, plus the residential lot and finally the construction loan. Most important right now is the 10% down jumbo at $1.575 loan amount; $1.75M purchase price. by Janis902 from , Nevada. Nov 6th 2013
Tracy Logan (TracyLogan)
#37 ranked lender in Nevada - 3 contributions
Hi there, I will have my Arizona license in about 30 days but you will not be able to get a jumbo loan at 90% LTV. You're looking at a minimum of 20% - 30% down depending on fico.Thank you.
John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions
Hi Janis, I'm a local mortgage professional here in Scottsdale. In that super jumbo range, 20% would be the minimum down payment here at W J Bradley. I have really competitive rates on that, but wouldn't be able to help with 10% down. My direct line is 480-368-7715 if you or your client has any questions or would like to hear more. Thanks and have a wonderful day! John Moran
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Suggestion, perhaps they can put the 20% down and then obtain a HELOC to buy the lot at a later date? You mentioned UPDATING needed on the home, we offer a JUMBO RENOVATION loan where up to $150,000 in improvements can be added to the loan - as long as the home appraises high enough. 80% max LTV. Please let me know if I can help: pdumouchel@primelending.com
John Schweer (johnschweer)
#9 ranked lender in Missouri - 163 contributions
I have a program that will go to 90% it i a bank portfolio program
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