How did this situation turn out?
WJ Bradley Mortgage
The reason for all of the concern and confusion stems from the Primary Occupancy Affidavit you signed when you refinanced your home (as a primary home). This document states your intent to live in that property for at least one year. You can reference this document in the copy set of your closing paperwork from the refi.
Some scenarios (combination of refi and new purchase) are very difficult for a lender to accept, others can indeed work with a strong letter of intent and supporting documentation. If your loan officer is helping you with this assessment, you're fine. If not and you need help, just get in touch.
Yes we do these 80/10/10s in California (refi and purchases) and they have been very helpfull
90% financing (80/10/10) for max combined liens NO grearter than $750,000
85% financing (80/5/15) for max combined liens between $750,001 â€“ 1 Million
OWNER OCCUPIED ONLYâ€“ no second homes; non owner or non-owner occupants
Single family homes/condos and O/O duplexes OK. No triplexes or fourplexes.
Cannot have more than 6 â€œnon subjectâ€ properties â€“ financed or free and clear.
We need 700 Fico for combined liens < 750K and 720 for combined liens > 750K
The second is a concurrent Home Equity Line of Credit.
HELOC Terms; 10 year period with min I/O payments; 20 year repay period; $50 annualEarly Term. Fee Max HELOC $350,000 Min HELOC $7,500
Call me if you want more details as this is a great purchasing tool for your buyers.
I would go back to your mortgage broker that helped you refinanced your house. Since they have all your financial docs, they would be able to tell you what financing options they have with your current income and finances to determine what they can do for you to get qualify for the home. They can give you a faster answer on what exactly they can do for you.
Best of Luck,
Katie Q. Anderson
13400 Sabre Springs Parkway, Ste 100
San Diego, CA 92128
You will be OK.
Let us know if we can assist...WE DO 80/10/10 PROGRAM WITH NO MI
Keller Williams Realty/RBD Residential
CA DRE# 0170306
You should speak with a lender/mortgage broker about how much home you could qualify for. Avoiding PMI might be out of reach, but you want to avoid a jumbo loan as well. With today's market, your appraisal for a refi is probably not reflective of what you can fetch out in the open market, so might be looking at more equity than you think. Assuming you don't have a prepayment penalty (which are rather rare), then you will likely want to sell your home, with a lease back option (if necessary). Once you're in escrow, start putting offers on the homes you want.
There isn't an actual underwriting guideline pertaining to this but an underwriter may ask for a letter of explanation explaining the situation.
Don't see this as an issue.
Feel free to reach out to me for more information.
You may be LOCKED-IN.