I am happy that you had a good experience with my suggestion of Joel Spolin. Best of luck to you and hopefully it will not be too long before you can get a loan. There is also the chance a seller would take back a note until you qualify for a loan at the two year mark. there are not many who do that, but sometimes you can find someone who is retiring who would prefer the income to a lump sum.
We found most people in the mortgage business to be dishonest charlatans. At least Joel Spolin was honest and straightforward.
BTW - Most of the realtors don't want to talk to you unless they can make a quick sell or they are just incompetent.
Sorry, but that's been our experience. - Thanks again for taking time to reply.
You would probably do best with a mortgage banker as opposed to a bank or even a mortgage broker. I would suggest Joel Spolin at Spoloan. He may have an investor willing to do this. The reason I say mortgage banker is that you need someone with their own cash who could then sell in secondary market, or who has access to investors who would do that. You can not get a government backed loan, but since you are going for jumbo it may work.
Joel B. Spolin
SpoLoan Mortgage Banking
635 Cowper Street, Palo Alto, CA 94301
(650) 529 4700 (rolls to my cell when I don't answer)
(650) 618 2004 fax
Keller Williams Realty
You and your wife are just the kind of ready and willing borrowers we appreciate working with! I have worked with Janet Kern at Borel Bank in San Mateo and Dennis Greene with Princeton Capital in Burlingame for many years as they are both exceptionally experienced and really know how to help buyers/borroweres think long term investment and strategy way beyond the loan process. Janet and Dennis would be a great place for you to start. They will be very honest and forth coming as to what your real options are for this exciting venture.
I hope this opens some doors for you; and please Mr. K if I can be of further assistance in this process for you and your wife it would be my pleasure. I am a proud native of the SF Peninsula and appreciate thoughtful and deserving people.
Have a super day....Cheers Denice Nagel
I hate to disagree with you but my Buyer's aren't having a problem getting loans, sometimes you just have to be a little creative. I also use B of A, Mortgage Brokers and Mortgage Bankers. If you have a problem Mr. K please give me a call but I would try Holly first. She is in Burlingame and I'm in San Mateo.
Always the Best,
You very best resource of a Redwood City real estate professional. These pro's know where to refer you to not only get the best rate, but where you are less likely to be ambushed and have the potential for a problem free closing. These agents understand jumbo and portfolio lending.
If this is not your preference, you may wish to contact a lender who has a record of investing in the community via home mortgages and small business loans. Simply enter the city name where you are buying or the zip code and contact an "A' or "B" graded lender.
Go to: http://www.BankingGrades.com
Stay away from the lobby of the big box lenders and those who would refer them.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Chat real estate on: http://www.RealEstateMadeEZ.us
I assume you have been calling around to banks and mortgage brokers and you are seeing this does not exist.
There are lenders that may do this, but they are really high in rates.
The other idea you might want to explore is getting a co-signer (that you can have come off later).
This is 2012 and the lenders are very conservative.