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Looking for a high LTV (85-90%) super jumbo in Connecticut...

Anyone have any thoughts on lenders that would be willing to go to 90% for a super jumbo (1,225,000 on a 1,400,000 home)?
  • October 24 2012 - Greenwich
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Answers (8)

  • Hello CTJDR,

 
I had a prior post to this question but below are a few updates which will improve my answer to your question!
 
I work for a JUMBO Direct Lender with HQ in CT and have the ability to do the following which can be used as a guide:

80/10/10 (90% Financing):

Purchase Prices up to $2,500,000
 
Primary Residence

Condo/Single-Family Home

85% Financing up to $1,500,000 (One Loan & NO PMI):

Purchase Prices up to $1,760,000

Primary Residence

Single Family Home

95% Financing:

Purchase Prices up to $655,000

Primary Residence

Condo/Single-Family Home 


Please reach out to me through my profile in case you have any further questions regarding these programs or questions about rates. 

Hopefully this helped answer your questions or concerns about financing in CT!

Good Luck!

 Steve
  • April 17
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  • March 19 2014
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Have you found a lender yet?

Like I mentioned before I do have the ability to do this loan!

***90% financing on 2 loans and close them both at the same time***

Primary Home (Purchase or Refinance):
-1 to 2 family homes up to 3.5M --- 90%
-3 to 4 family homes up to 3.5M --- 75%
-Condo up to 3.5M --- 90% 

2nd Home:
-Up to 1.5M --- 90%








  • March 27 2013
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On a Super Jumbo loan I can go up to 1.5M at 80% LTV, 2M at 75%, 2.5M at 70% and 3M at 65%.  The loan max of 1.5M at 80% will allow a CLT (combined-loan-to-value) of 90% but I do not have a second investor in place to provide that second mortgage subordinating to a first mortgage of that size.  Smaller jumbo loan sizes I can do a combo going up to 90%.

  • March 27 2013
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Very good question! 

I do have a few investors with the ability to offer loans up to 90% loan to value on JUMBO & SUPER JUMBO loans.  Some which will offer 1 loan to 90% and others which will allow a 2nd/HELOC up to 90% and close simultaneously.

***If you have a situation where you believe that you have a very high loan to value and very close to 80% without an appraisal done yet I wouldn't take the chance working with someone who doesn't have this ability!  JUMBO & SUPER JUMBO appraisals are very expensive and you may lose the funds used to pay for the appraisal if your value comes up short.  My recommendation is to start with lenders who can provide the 90% option first.

I hear a ton of war stories where brokers (who didn't have a 90% option) tell clients to bring the difference to 80% and promise them with a 2nd/ HELOC loan to 90% after closing.  Only to find out they then don't qualify for the additional financing!

I would be happy to help anyone who may need up to 90% financing or close to 80% and nervous they may miss the mark on an appraisals value. 

If you click on my web site I have a scenario page which allows me to offer FREE QUOTES off basic information…

Good Luck!

Steve

  • March 24 2013
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  • January 29 2013
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That's a tough one.  If Julie can do it, I'd love to know with who - I have occasional clients looking for the same product.  If I can help in any way, please do not hesitate to contact me.

--
This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.
  • October 25 2012
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Yes I have a lender that will! Contact me!
  • October 24 2012
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