Senior Mortgage Banker
3490 Piedmont Road, Suite 750
Atlanta, GA 30305
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Senior Loan Originator
Angel Oak Funding
One Buckhead Plaza Suite 1560
3060 Peachtree Road NE
Atlanta Ga 30305
Apply online- http://michaelkempter.angeloakfunding.com
There are a number of low down payment options including both 5% and 10% down. You are right that the reserve requirement creates some complications when not selling your previous primary residence. No PMI in these programs.
Call at your convenience for immediate assistance.
Timothy Brown | LPO Manager
Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125 | Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
These and other details are best resolved with a quick phone call. With your timely cooperation with document requests you should be ready to close in 30 days or so.
Call me at your convenience at (404)988-7542.
Over 40 years of personal industry experience at your service...
Capital City Mortgage Investments
Ask him if he offers a mortgage split of 417k/168k. You'll still only have to pay 10% down and you still won't have MI, but you will have a second mortgage at a much higher rate. The great part about this however is that the first mortgage can be fixed for 30 years at a conforming rate instead of a non-conforming rate. The second mortgage comes from a credit union or small community bank.
I would then recommend taking the other half of your savings and put it towards the other house and pay down the pay off. Get rid of that debt so that you can live more stress free.
Have someone assume your current mortgage (depending on the type of loan that you have) and ask the loan officer if an assumed loan means a sold loan in the eyes of the underwriter. If it does mean the property has been sold, then your reserve requirement will be less. Then follow the other steps above.
You may also want to look at homes that come from the FDIC and haven't hit the market yet. Sometimes you can find properties at 40 or 50 cents on the dollar, especially when talking about jumbo priced homes.
I have a single loan uption up to $750K - you only need to put 10% down (versus the 20% you're estimating). This loan carries no PMI (private mortgage insurance) requirement.
For a $650K purchase, you would only need to put down the $65K, show approximately $20K in reserves (6-months PITI on the property your purchasing).
This is a very straightforward jumbo product without a lot of underwriting restrictions or hurdles.
With good credit and income, you should qualify easily.
Call me anytime - 770-864-7926 - Monday through Friday up until 10 PM EST.
Solid Source Realty Inc
770-475-1130 x5457 (office)
In today's mortgage market, this is a very unique product. The guidelines are below. Please call me with any questions. This is a one loan product with NO PMI ( private mortgage insurance).
Minimum FICO: 680
* Owner Occupied Only
* No first time home buyers (must have owned SFR in previous 3 years)
* Only 1 unit, detached SFR allowed (no attached homes or condos)
* Max debt to income ratio of 45%
Historical rates on this program have been very good. Please call or email me for rate inquiries or questions @ 678.468.4046 or http://www.kimdjones.com