Posted on: 16th Mar, 2011 01:55 pm
Hi,
I'm wondering what type of availability there is for Super Jumbo Mortgages with Down Payments lower then 30% (Condo)?
Loan amount is under $2 Million, stellar credit (over 800), solid assets, etc.
After speaking with a couple of the largest Super Jumbo underwriters, I've been told that their guidelines don't allow for them to lend on such a large purchase without 30% down.
I see some specialty companies, but wondering if any large of regional banks/underwriters are able to loan at a more manageable down payment (e.g. 20%, 25%).
Thanks for any help :)
I'm wondering what type of availability there is for Super Jumbo Mortgages with Down Payments lower then 30% (Condo)?
Loan amount is under $2 Million, stellar credit (over 800), solid assets, etc.
After speaking with a couple of the largest Super Jumbo underwriters, I've been told that their guidelines don't allow for them to lend on such a large purchase without 30% down.
I see some specialty companies, but wondering if any large of regional banks/underwriters are able to loan at a more manageable down payment (e.g. 20%, 25%).
Thanks for any help :)
Hi Darkfire,
Welcome to Mortgage fit,
Most of the super jumbo Mortgages are handled with the help of private investors (through banks) as institutional margin is very low in this deal.
There are plenty of independent real estate brokers who only deal in ' big tickets' instead of retails mortgage deals.They only go for few deals per year but make sure that they only concentrate on the big ticket deals.
As far as margin is concerned 20 % could be possible (it was 100 % financing for super jumbo mortgages prior to 2007) but you need to look out for the better deal.If you wish to use this platform just go through this link,
http://www.mortgagefit.com/lenders/dir/
So in which state you currently live in?
Feel free to ask any further query if you have.....
DIPA
Welcome to Mortgage fit,
Most of the super jumbo Mortgages are handled with the help of private investors (through banks) as institutional margin is very low in this deal.
There are plenty of independent real estate brokers who only deal in ' big tickets' instead of retails mortgage deals.They only go for few deals per year but make sure that they only concentrate on the big ticket deals.
As far as margin is concerned 20 % could be possible (it was 100 % financing for super jumbo mortgages prior to 2007) but you need to look out for the better deal.If you wish to use this platform just go through this link,
http://www.mortgagefit.com/lenders/dir/
So in which state you currently live in?
Feel free to ask any further query if you have.....
DIPA
Hi Darkfire,
As the loan amount is higher, none of the lenders will be ready to offer you a loan unless you provide 30% down payment. I don't think any of the lenders will approve your request if you don't pay the required down payment.
As the loan amount is higher, none of the lenders will be ready to offer you a loan unless you provide 30% down payment. I don't think any of the lenders will approve your request if you don't pay the required down payment.