Financing in 85255>Question Details

Dan, Home Buyer in Scottsdale, AZ

What jumbo loans are available today? What % down is needed. I am getting conflicting stories. Some brokers are tell us 20%, others 30%.

Asked by Dan, Scottsdale, AZ Wed Jun 9, 2010

We are looking to purchase in N. Scottsdale a home from 1.6 MM to 2.3 MM.

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Dan,... i know that there are many lenders who will assist you,....i am interested as well,...what i think will prove to be helpful to you is; my in house lenders ability to go to 90% on a jumbo...i am willing to discuss your loan, employment, and income and talior a loan that gets you that house!
0 votes Thank Flag Link Mon Oct 4, 2010
Dan~
Not sure of your situation but do check with your current bank as well. Depending on your balance with them their rates can be the best for a jumbo. Northern Trust Bank was 20% down for a past client of mine which was available based on their relationship/assets. Guidelines with brokers making it difficult sometimes...don't hesitate to contact a bank direct.
I am happy to help with any needs.
Laura Myers
Keller Williams Arizona Realty
0 votes Thank Flag Link Sat Sep 25, 2010
Hi Dan,

Have you completed your purchase or are you still looking? Please call me at 602 326-5360 to discuss your current financing options. Some clients have been able to use their securities as collateral and get a loan through their wealth management account. It is a strategy that was very common during the stock market boom years and is becoming popular again as lenders have increased their criteria on credit and down payments.

Their are lenders we can use that offer loans up to 2MM with 20% down.

Brion Crum
Pinnacle Wealth, llc
brioncrum@msn.com
602 326-5360
0 votes Thank Flag Link Sat Sep 25, 2010
Hello Dan,

There are loans availiable for as little as 5% down. Of course everthing is contingent on your income , assets, cerdit score and sometimes your profession. I certainly would be glad to put you in touch with a number of lending institutions.

John C. Thorsen, ABR,SFR
REALTOR®, Executive Sales Associate
Previews Property & Relocation Specialist
International President's Elite, eAgent
Coldwell Banker Residential Brokerage
Scottsdale Executive Office Park
7975 N. Hayden Rd., C100
Scottsdale, AZ 85258
480-296-3030 Direct
0 votes Thank Flag Link Thu Sep 23, 2010
I contacted my Mortgage Consultant, Chhin Chhay, at OnQFinancial. He indicated that jumbo loans of $800,000 and above are for 75% of the loan to value. You can contact him at 480-250-6204 if you need more information.

David Koon
Arizona Best Real Estate
480-246-4014 cell
480-948-4711 office
0 votes Thank Flag Link Thu Jun 10, 2010
Dan,

We can offer jumbos up to $2MM with 20% down but it will depend on your credit scores and income and documentation to be able to qualify. You can call me for a pre-approval or go to my website at http://www.truemortgageloans.com and apply at your convenience.

Brion Crum
True Mortgage Loans
602 326-5360
brioncrum@msn.com
0 votes Thank Flag Link Thu Jun 10, 2010
Hi Dan,

In addition to what others have said, the down payment required will also depend on the loan amount.

For example:
I have a lender offering a maximum loan amount of 1.5MM at 80% but if you bump the loan amount up to 2MM you'll need 25% down.
0 votes Thank Flag Link Thu Jun 10, 2010
Hello Dan,

Juan from Paradise Valley hit the nail on the head. It will all depend on your credit FICO scores and also your reserves and income.
To save you a lot of frustration - find a Mortgage Broker who can shop the best deal out here right now at the best terms.
If you contact me - I would be more that willing to refer you to one of my preferred lenders or Mortgage Brokers who will answer any questions and give you ideas of what is possible in this market today

At your Service

Cecil Duarte- President and Designated Broker
Serving Valleywide Realty LLC
Web Reference: http://www.cecilduarte.com
0 votes Thank Flag Link Thu Jun 10, 2010
Hi Dan

Much depends on your credit score, work history, and reserves you have. The jumbo market changes daily so it would be best to shop around but anything can change from the day you speak to the lender to the day you find the right home and submit the executed contract. At your price range you are looking closer at 30% down not the 20%. There are some lenders who might do 20% but read into them and try to avoid creative financing. Also during the transaction be prepared for a ride because this lending industry is tough and even tougher on high end transactions. Good luck with your search this is the best time to upgrade or buy your next luxury home there are some incredible deals out there and at your price range you will find a beautiful home. Feel free to call or email me if you are looking for a realtor to help you find your next luxury home.


Juan Pesqueira
Selling a Lifestyle!
480-458-8007
Prudential American Associates
http://www.HOMESSCOTTSDALEFOR.com
0 votes Thank Flag Link Wed Jun 9, 2010
I have seen lenders at 20% down for super jumbo. I can suggest a local mortgage company that has handled my luxury home buyers and refinancers. Please contact me and I will be happy to recommend one.
0 votes Thank Flag Link Wed Jun 9, 2010
Most are 30% down or more but you can find some lenders who will take 20% down on transactions under a million if you look hard enough.
0 votes Thank Flag Link Wed Jun 9, 2010
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