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Phil Caulfield's Advice

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  • 19 Contributions
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Phil Caulfield wrote:

Are there jumbo loans available with 10% down? .

Answer
You can go up to 1.5 million if you can find a seller to carry a second mortgage for $250k with a 1.1 million first mortgage. The down payment requirements for jumbo loans were decreased recently with one of our programs.  (hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
September 15 2013
(0)

Shall I remove my loan contingency?

Response
I would wait to remove your loan contingency until you and your lender are confident that it is safe. Here is an article I wrote about [hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
September 15 2013
(0)

Jumbo loan lenders with low down payment options?

Answer
We do not require 20% down for a jumbo loan. We require as little as 10% down for a jumbo loan. This video talks about the down payment options for jumbo (hot link deleted by Zillow moderator. Please see our Good Neighbor Policy) for a purchase price up to two million.
September 15 2013
(0)

Is there a minimum credit score you need for a jumbo loan?

Answer
The answer to your question depends on the loan program and/or lender. Some loan programs have a minimum credit score with no flexibility. If your score is not high enough you have to wait until your credit score improves.There are some jumbo loan programs that do not have a minimum credit score. Here is an article that talks about a [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]Make sure you ask your lender if there is any flexibility if your credit score is lower than what the guideline states.
September 15 2013
(0)

how can I refinance to a 90% LTV loan with no PMI?

Answer
There are loans available with no PMI in California up to $625,500 loan amount (depending on the county the property is located in) and up to 95%. Here is an article I wrote about a loan with no PMI.   (hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines)
September 15 2013
(0)

refinancing and cash out

Answer
You have three options: refinance just the first mortgage and take cash-out on the first mortgage. You would need the line of credit lender to agree to subordinate their loan to the new first mortgage.The second option would be to consolidate both loans together and add the cash out to one new first mortgage.The last option would be to refinance the line of credit and add the cash out to the equity line.
September 14 2013
(0)

Save for mortgage down payment or pay off car loan?

Answer
You would be best served by saving more for a down payment. If qualifying is an issue, you can always pay one of the car loans off at the close of escrow. In the meantime, save as much as you can!
February 12 2013
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Does it make sense to postpone home buying plans till next march?

Answer
I think this video will help answer your question.  (hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines)
January 30 2013
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Will having a loan out on my 401(k) negatively affect my mortgage loan application?

Answer
It is difficult to say how much "damage" a 401K loan will do to your chances of getting a mortgage loan. Some lenders count the payment in the debt-to-income ratios, some do not.It is in your best interest to disclose the loan upfront to the lender. It will save headaches down the road. The lender will know anyway because the payment will be on your paystub.
January 16 2013
(1)

5% Down payment without PMI?

Answer
Here is a program that offers 5% down with no PMI
November 30 2012
(0)