Posted on: 11th Dec, 2007 02:45 pm
I have a total loan amount of 620K. FICO 684. Full Doc and need 100% CLTV!!
Hi rachael,
Welcome to this forum.
Your FICO score is not too bad. I think you will qualify for that Jumbo loan. There are so many registered lenders in this community. You can try to contact them. Someone will surely help you.
Thanks,
Larry
Welcome to this forum.
Your FICO score is not too bad. I think you will qualify for that Jumbo loan. There are so many registered lenders in this community. You can try to contact them. Someone will surely help you.
Thanks,
Larry
Who will help me?? Any ideas? I have looked almost everywhere.
Hi Rachael,
Welcome to Mortgagefit discussion board.
684 is not enough. At present you should have at least 720 FICO score to qualify for Jumbo loan.
Lenders do not approve 100% CLTV. You can get not more than 80% CLTV. FHA is a good option though as Larry has mentioned above.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
684 is not enough. At present you should have at least 720 FICO score to qualify for Jumbo loan.
Lenders do not approve 100% CLTV. You can get not more than 80% CLTV. FHA is a good option though as Larry has mentioned above.
Do let me know if you have any other questions.
Thanks
Blue
Well Rachel,
Your score isn't bad, so you can still give it a try. You said you've looked around everywhere but didn't qualify for one. Have you asked the lenders as to why they've denied your loan application? Is it just for the score or there's more into it? There can be a number of reasons for denial, you need to know them and then remove them if required.
However, not all mortgages are score dependent but they do require a moderate score of 500 which you already have. However, in your case, it can be a bit higher since it's a jumbo loan. Anyway, you can try and have a talk with some of the lenders in our community.
The lenders in our community offer a variety of loan programs to borrowers having different income and credit profiles. So, in case you are interested, you can send us your request for mortgage quotes along with the details as required.
We shall pass on your request for quotes to our community lenders and those who can match their profiles with your loan requirements, will contact you asap.
Good luck
Your score isn't bad, so you can still give it a try. You said you've looked around everywhere but didn't qualify for one. Have you asked the lenders as to why they've denied your loan application? Is it just for the score or there's more into it? There can be a number of reasons for denial, you need to know them and then remove them if required.
However, not all mortgages are score dependent but they do require a moderate score of 500 which you already have. However, in your case, it can be a bit higher since it's a jumbo loan. Anyway, you can try and have a talk with some of the lenders in our community.
The lenders in our community offer a variety of loan programs to borrowers having different income and credit profiles. So, in case you are interested, you can send us your request for mortgage quotes along with the details as required.
We shall pass on your request for quotes to our community lenders and those who can match their profiles with your loan requirements, will contact you asap.
Good luck
you are shooting for the stars! i dont blame you for trying, but in December of 2007, you are so very unlikely to find a lender willing to go 100% on a jumbo.
fha is not a viable option for that loan amount - they are limited, typically, to less than the conforming limit of $417000.
this is simply not a good time to be seeking jumbo loans.
that doesn't mean, of course, that you should quit shopping around - someone with deep pockets might come along and offer you a loan.
fha is not a viable option for that loan amount - they are limited, typically, to less than the conforming limit of $417000.
this is simply not a good time to be seeking jumbo loans.
that doesn't mean, of course, that you should quit shopping around - someone with deep pockets might come along and offer you a loan.
You are close. I know of a lender who will go to 100% CLTV, but the max is $417K for the 1st. They can go the rest of the way on a 2nd, but you'd need a 700 FICO. If you can get your score up a bit, you might be able to do it.
Rick,
This will give Rachael a ray of hope i think.
This will give Rachael a ray of hope i think.
I can do 100% at 700 score and 95% with 680 but its tough market at high ltvs nowdays for jumbos.
