Profile picture for treray

High Income, 5% down, 630 - 640 Score with rate frustration ! Seeking community advice.

Hello,

I've scoured this site for months which has helped my knowledge increase tremendously. With that said, I find a home on the Westside of Los Angeles for 800K and was pre approved for the 100% financing with Navy Federal Credit Union for only $600K at **7.1%** and $32K due at closing. I couldn't believe the high rate but the 100% financing was very attractive. My annual income is 200K but like many others (2014 W2 at 120K) but I have only 5% to put down. My credit is mostly due to credit card vs available balance that Ive put on due to family crisis over past year. Ill probably refinance into an installment loan as a single payment. My lease is up July 1 and with a competitive rate, mortgage payments will be slightly higher than my current rent payment which is very doable. Just wondering if there could be anything available for someone like me. Maybe 80/15/5? Low down ARM? Any help would be greatly appreciated. Thank you
  • May 17 2014 - West Los Angeles
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Answers (2)

Profile picture for Westside Realtor
It's possible, but I would have to refer you to my very knowledgeable loan officer. If it can be done, he's the one to do it.
  • May 21 2014
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Profile picture for USMortgageRanger
Thanks for the post. We will look at the current pay stub for the past 30 days to help calculate the present income along with W-2 for the previous two years. While you are FHA loan limit for the County is $625 so you could realistically qualify for a very low rate at the $600K  been offered by the CU. On the JUMBO side you will be required to have a minimum down payment of 25-30% . Please allow me to go over all your eligible options including a Rapid Re-score to get your credit back to 720
  • May 17 2014
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