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Replies (6)
- Clay Branch, "Georgia Loans"
- Contributions:7836
Contact this Zillow lender in CO and see if he can do an 80/15/5:
http://www.zillow.com/profile/Colorado-Lender/
http://www.zillow.com/profile/Colorado-Lender/
- David Widlund
- Contributions:204
Hmmmm.... I would be leery of the buddy referral system. If a loan officer recommends another loan officer, he has someone's best interests in mind, just not yours. My best answer is that the most you can borrow on a conventional loan is $417,000, so unless you want a jumbo loan (worse pricing and higher down payment), you're going to have to split this loan up. I try to stay in the loop with the maximum loan-to-value ratio that Home Equity loan or 2nd mortgage lenders are allowing. I know it's possible to go to 90%, but it's very difficult to go to 95%. There is at least one bank in Colorado who will do it on a case-by-case basis, but it's very rare. And you can't get an answer without going through the entire application and underwriting process. If you need a referral for possible 2nd mortgage lenders, let me know. I don't want to shill for some buddy I give favors to so I'll just give you the names of the banks. Good luck!
"Hmmmm.... I would be leery of the buddy referral system. If a loan officer recommends another loan officer, he has someone's best interests in mind, just not yours"
Hmmm, that's the dumbest statement I've heard in a while.
This is a professional forum where contributors see what others add and many have been here for years and have first hand knowledge of how their colleagues perform. There is no higher form of praise than a referral from a colleague. Forget all that Realtor referral garbage, when another loan officer who understands the business refers someone, that means something. Your implication that Clay has someone else's best interest in mind is ignorant. The loan officer he referred happens to be an excellent choice and based on your limited contributions and your ignorant response, I submit he's a better choice than you!
Hmmm, that's the dumbest statement I've heard in a while.
This is a professional forum where contributors see what others add and many have been here for years and have first hand knowledge of how their colleagues perform. There is no higher form of praise than a referral from a colleague. Forget all that Realtor referral garbage, when another loan officer who understands the business refers someone, that means something. Your implication that Clay has someone else's best interest in mind is ignorant. The loan officer he referred happens to be an excellent choice and based on your limited contributions and your ignorant response, I submit he's a better choice than you!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I don't think that's going to happen. Conforming High Balance loans require 10% down. Loans up to $417,000 only require 5% down. I don't do FHA but I think you can do $475,000 with 3.5% down, but you'll have an upfront mortgage insurance fee and a monthly fee.
Happy funding, Rudi
Happy funding, Rudi
- Clay Branch, "Georgia Loans"
- Contributions:7836
The OP doesn't need a High Balance loan, he simply needs a lender with a 95% 2nd. The 1st mortgage is $380,000 at 80% LTV, 2nd mortgage is $71,250 for a CLTV of 95%. You either offer it or you don't.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Clay, who do you suggest Mike should contact for lender that offers a 2nd to 95% CLTV?
Happy funding, Rudi
Happy funding, Rudi
Low down payment on a $475k loan
Thanks!
Mike
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