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50% down on $1mm+ house, any lenders with low doc for high down payment?

I want to put down $500K+ on a $1.1+ million house in the SF bay area.   The problem is I own another house that I would prefer to keep and rent - and with that, my DTI will be high.  Also I have a mortgage mod on my credit report from 2010 - my credit score is still 710 though.

Are there any lenders that are more lenient with higher down payment?  thanks!

(the reason this is posted twice is because I accidentally posted it in Peninsula OHIO- I meant bay area)
  • September 23 2013 - Burlingame
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Answers (6)

Due to the ratios been off the required, and due to the modification of 2010 the best loan available will be a hard money loan up to 60% Loan To Value and rates between the 9% to 12% with a ballon payment of 3-5-7 or 10 yrs, and 1 yr prepayment penalty.

For more information, please go to my profile adn reply.

regards;
  • October 01 2013
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I think I have a plan, I have an lender that has an asset depletion program. So if you have money in the bank, we can use that to help off set income. But this is only on jumbo loans, so yours might work. 
  • September 24 2013
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Most of your standard JUMBO/Conventional lenders could not help.  There are some banks and local lenders that have Portfolio programs(loans they keep & service) that may have some asset backed loans.  We work with one such lender in the Southeast, that would work around standard conforming guidelines if the prospective borrower had investments of certain amounts being managed by the bank.

 
I'd recommend speaking to a local bank/credit union to explore.

  • September 24 2013
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If you're still looking for some options let me know, as it sounds like you're going to need a lender that will portfolio the deal. Feel free to shoot me over an email at [spam content removed by Zillow moderator due to violation of Good Neighbor Policy] and I will discuss your options further.
  • September 23 2013
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There are some portfolio programs as well as private money sources available for out of the box type of financing if for some reason traditional sources won't work. Let me know if you need some assistance by clicking my profile.

Best of Luck!
  • September 23 2013
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The only loans I know of for your situation would be private money which have relatively higher interest rates than conventional loans.  Your rate would be in the 10% area with 3 or 4 points. 

I'm going to check with a colleague of mine on the availability of a low doc loan which may have better terms.  If it is available, I'll post the terms here.
  • September 23 2013
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