Posted on: 25th Dec, 2008 07:50 pm
I am in need of a jumbo mortgage.
Home is worth 4 million and I would just need as little as 50% down, however would take more if allowed.
Credit is below average. Had some recent mortgage lates (this year) on a few properties, but everything is all caught up now.
This new loan would be for my primary residence, selling my current home that is worth about 1.3mm.
The lates were due to some real estate investments that took a very long time to sell, however they have all sold and back into a good position.
Home is worth 4 million and I would just need as little as 50% down, however would take more if allowed.
Credit is below average. Had some recent mortgage lates (this year) on a few properties, but everything is all caught up now.
This new loan would be for my primary residence, selling my current home that is worth about 1.3mm.
The lates were due to some real estate investments that took a very long time to sell, however they have all sold and back into a good position.
Hi Guest!
Welcome to forums!
If your credit is not good, then the lenders will not be ready to give you mortgage considering the present market condition. I appreciate that you have paid off the late payments and caught up on other dues as well.
There are various ways through which will be you can try to improve your credit, Check out the following link to know more:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Once your credit is improved, you can look out for jumbo mortgage. You can contact the local lenders and check out the terms and conditions available. You can also seek a no obligation free mortgage consultation from the lender of this community. This will also help you in comparing the market rates.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If your credit is not good, then the lenders will not be ready to give you mortgage considering the present market condition. I appreciate that you have paid off the late payments and caught up on other dues as well.
There are various ways through which will be you can try to improve your credit, Check out the following link to know more:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Once your credit is improved, you can look out for jumbo mortgage. You can contact the local lenders and check out the terms and conditions available. You can also seek a no obligation free mortgage consultation from the lender of this community. This will also help you in comparing the market rates.
Feel free to ask if you have further queries.
Sussane
Even with 50% down, they wouldnt give me a loan. I would put down 2 million and just need the other 2.
Generally, it would be difficult for anyone to get a loan as you describe the situation. However, I would not say it is impossible. It would probably take a local bank which uses it's own money and does portfolio loans and a well written credit explanation as to why something occurred and will not occur again and it would probably take a full documentation loan--verify income and assets, not stated income--and it would probably take a goodly amount of reserves.
It is a possibility, probabaly not a possibility with high odds.
I answer this way, not because I know of national lenders who will do this.
We have a local bank that covers NJ and CT and nine counties in NY and we could look at it. Any other state would be local banks that I do not know about.
It is a possibility, probabaly not a possibility with high odds.
I answer this way, not because I know of national lenders who will do this.
We have a local bank that covers NJ and CT and nine counties in NY and we could look at it. Any other state would be local banks that I do not know about.
