Our current home is valued at $900K, We owe $660K, so there is 230K here. We also have about $200K sitting in savings account. That makes a down of $430K. Can we mortgage the rest of 1.7M ? Assuming that we have the joint income to support it? 2 questions: Is this down possible? DO we have to sell existing house before we buy the new? What would the payment be on 1.7M ? by Manny.Bazargan124 from Villa Park, California. Nov 12th 2013
There's just not enough info to answer your question specifically, so in general, Most lender who do jumbo loans will want to see at least 20% down, unless you have VA eligibility benefits available to you..(VA allows for lower cash down) Also, lenders will require cash reserves when doing a jumbo loan.. most will like to see 6 - 12 months payment reserves.. so if the new housing payment is $10,000 per month, then you would need $60,000 to $120,000 additional cash in the bank after your down payment. As far as what the payment would be?? it all depends on what interest rate you would qualify for, the property taxes, the insurance, HOA, etc.. all of this info is required to quote you a rate.. if your serious about this, then you should contact a local mortgage broker and let him look at your complete scenario.. this way, there's no guessing games.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
call me. 4357648709lets talk specifics so we both know we are on the same page
With our portfolio loan program- Jumbo Alternative we could do this loan. We are a direct lender and the only company to secureitize since the 2008 crash. here is a link to our site showing it. We can go up to 90% ltv up to 2.5 million https://www.caliberhomeloans.com/loans-programs/caliber-portfolio-lending-program/jumbo-alternativemichael.diaz@caliberhomeloans.com
Manny- Yes the guidelines allow for up to $2 million with just 20% down. You would have to have to close on your current home before we can close on this purchase. Please feel free to call my office regarding rates and terms. Ken Gunn- Local Huntington Beach, CA lender 714-374-3799.
Most folks in this situation would try to do simultaneous closings. You list your property for sale, and once your under contract you go and find the home you want and put in your offer subject to your existing home selling.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Manny- Most people will try to enter into escrow with an agreement that they have to sell their current home. In today's market it is tough to put together a $2.1 million sale without the move up buyers. It really all depends on the seller and how they will see your offer. if you do the offer without the contingency you will have to sell you home and close at the same time. Ken Gunn ken@gcnhomeloans.com 714-374-3799.
Preferrably you buy the house you want contingent on the sale of your existing home as part of the necessary $$. However, some borrowers dosell their home first and if you feel you need a longer to get into a homeyou could request to rent back the house for a couple of more months fromthe buyers. Otherwise, in a tough buyer's market you may need to get a temporary rental place. It sounds you have a place in mind and that shouldmake it much easier for you to decide how much time you need!
If you are not able to close simultaneously, plan to store your furniture, and live in rental housing.
Thank you Manny, send me an email so we can discuss all your options in purchasing this home. I have many options to help iron this out for you. Contact me @ Chris.caporiccio@wellsfargo.com. We offer several specialized JUMBO programs to make this a reality..I look forward to hearing from you Manny,Best
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Hello Manny, I can offer several specialed JUMBO mortgage options to help you with this transaction. Send me an email @ chris.caporiccio@wellsfargo.com to discuss your options.I look forward to hearing from you MannyBest
Yes. Assuming you can sell your home for at least $900K and you owe $660K, you have $240K equity in it. However, unless you sell it on your own, there will be realtor fess to pay, which could be in the $36K to $54K range. Let's say they will total $45K. That will leave you with $195K + your $200K savings = $395K, which, if it is all used for the down payment on the $2.1M home, results in a first mortgage of $1,705,000, and a loan-to-value ratio (LTV) of 81%. No lenders will do this loan. Most require a 75% or less LTV. Fortunately, we have a few that will allow up to 80%. Assuming you can make a down payment of at least $420K, the loan amount would be $1,680,000. It is conceivable to get a loan with an interest rate in the 3s to the mid 4s depending upon the loan program. For sake of example, at 4% for a 30-year amortized, $1,680,000 loan the monthly payment would be $8,121. With one of our lenders, though, this could be reduced substantially. Property taxes could be about $26,250 annually, however, there may be a way to reduce this significantly. Will you be able to take occupancy of the new home whenever your existing one is sold? If so, it may be possible for the transactions to be done simultaneously so you can move from one home to the other with no housing interruption. The payment on the new home is dependent upon many factors, the most important of which are the loan program you choose, your new home's LTV, your FICO score, your debt-to-income ratio, and your cash reserves. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss this situation with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.
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Hello Manny, I have several specialized JUMBO products we can offer you. Contact me by email so we can discuss your options and move you into your new home without issue.Here is my email, chris.caporiccio@wellsfargo.comI look forward to hearing from youBest
Hello Manny, I believe that I have several specialized Jumbo mortgage options to help you secure financing for this home. Please contact me by email Manny at chris.caporiccio@wellsfargo.com so we can review the exact option that makes the most sense for your new homeI look forward to hearing from youBest,Chris Caporiccio
Manny- If you have an Arm figure a payment between $7300 to $7600. If you want fixed figure above $9000. Ken@gcnhomeloans.com
Thank you Manny, Hopefully you and your wife fidn the house of your dreams and you consider using Wells Fargo and myself as your lending institution. I am not a Broker or Corrospondent lender, Wells Fargo is a direct lender and the number one sevicing company in the Nation.Best of luckI hope we chat soon, Manny.Chris Caporiccio -- Chris.caporiccio@wellsfargo.com
Best Jumbo rates. Direct Lender. 20 years of experience in the industry. Highest level customer service. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson
i have a great loan office in California for you... tons of experience email me at lwintersteen@mprousa.com
Hi Manny,Are you still looking into this? If so, drop me an email at rhanson@gladewaternational.com My jumbo rates are very good right now.... Regards, Rob Hanson
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