Financing in 94506>Question Details

Hb2011, Home Buyer in 94506

Is it possible to find a loan for a $1million house with only 10% downpayment in California. Highliy qualified w/ income and credit ..

Asked by Hb2011, 94506 Mon Oct 17, 2011

We are looking to buy...excellent credit and high income, but just limited downpayment. Looking for a lender willing to work with us...and just keep hearing there is nothing out there that isn't FHA or requiring 20% downpayment.

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Hello Hb2011,

It is definitely possible to go 10% down on this scenario. Take a look at my blog for further details about this particular program,… Best of luck to you.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
0 votes Thank Flag Link Thu Nov 24, 2011

Yes, you can but as noted below anwers, you will have to have excellent credit. I have contacts for some excellent loan officers with Wells Fargo and BofA. My favorite seems to be on Wells Fargo side. I find that you will find a ton of mortgage brokers out there giving you a ton of different rates. My contact seems to be by far the best and consistent with not only helping getting you the loan that works for you but consistently closing in a short amount of time if you wanted it so. It's really nice having someone that does excellent work for my clients.

If you need help in the area, I work for Better Homes and Garden - Previously Prudential California Realty. I am a certified Short Sale Specialist as well as REO and HAFA certified.

Please call if you need a referral for a loan broker/agent.

Best regards,

Lillie Missbrenner, Realtor
Better Homes and Garden
Cell: 925-628-9100
0 votes Thank Flag Link Wed Nov 23, 2011
As Mr. Rudi stated you can get close to 1M but you will need a high credit score of 760+.
0 votes Thank Flag Link Wed Nov 2, 2011
Contact: Adryana Berns of RPM Mortgage @ 925.648.7700.
You can also visit her web page:

I'm sure it's possible.
My best to you! ☼ ♥
0 votes Thank Flag Link Wed Nov 2, 2011
I have 2 programs they may work for you.

1. Requires a 740 FICO: 80/10/10 to $1.1M. Seller carries back 10%.
2. Requires a 760 FICO: 90% LTV goes to $250,000 over Conforming High Balance Limit. Max is $875,500.

Happy funding, Rudi
Web Reference:
0 votes Thank Flag Link Tue Oct 18, 2011
ps: FHA max loan amounts are determined per county and will vary accordingly. And for california, the max for a single family home is 625,500. Here's a link to further assist you:

That said, anything over that you would have to make up the difference.
0 votes Thank Flag Link Tue Oct 18, 2011
Hi, Hb2011. Typically in cases like this, regardless of credit, all lenders require a mininum of 20% down.
0 votes Thank Flag Link Tue Oct 18, 2011
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