How are high-priced homes financed?
Just something I've been curious about...When someone finances a really expensive house, lets say 2M, how is that usually done? Is it like cheaper houses where it is most common to have 20% down or do lenders usually require much larger down payments? Are there more stringent requirements for reserves and DTI as well? by owenz545 from Scottsdale, Arizona. Jan 11th 2011
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
We can go up to 80% loan-to-value to $2M/ 75% LTV to $3M and 65% LTV to $5M. Reserves can be from 2 months to 12 months depending on lender. DTI can actually be larger. We have one portfolio lender that will go up to $4M with a 680 FICO and 60% DTI.Happy funding Rudi
Nick Heth (nickheth)
#25 ranked lender in Arizona - 4 contributions
It depends on the area as well. In short it is like conventional financing however the loan to value tends to go down as well as the debt to income requirements go down as well. There are a variety of companies that will finance out side the box as well, some will even take pledged assets.
Sarah N. Montes (FUNDINGNOW)
#60 ranked lender in Texas - 13 contributions
We can finance a $2M mortgage loan with 10% Down and 5% Int.Rate!We are Funding Now! Email us to set up an appointment for a quick application over the phone.FundingNow@Live.com
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