With NO Mortgage Insurance, and NO Equity Sharing program, and with a minimum 740 credit score we can do the following;
Purchase 2 million
Down payment 300k (of which 100K needs to be your own funds the other 200K can be gifted)
1st loan 1.5 million (can be a 30 year fixed program or 5,7, or 10 year ARM program)
2nd loan 200K (Home Equity Loan)
Post Closing Reserve requirement = 6 month worth of housing expenses
we can use us 70% of the account/face value, for STOCKS, BONDS AND MUTUAL FUNDS accounts and 60% of Retirement accounts
CURRENT PURCHASE SPECIAL;
NO LENDING FEES
Reduction of .250 in rate
Feel free to call or email for more details.
Senior Loan Consultant
By Referral Only
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
NMLS 304353 - BRE 01380701
We can finance this scenario, but the structure will vary a bit. You'd need to do this:
$1,500,000 First mortgage (75% LTV)
$250,000 Equity share second "mortgage" (12.5%)
$250,000 Down payment (12.5%)
The equity share second has no payments or qualifying criteria and works a bit differenty than a traditional second mortgage, so get in touch if you'd like more detail. The property must also meet certain requirements. But this alternative may be a great option for getting to that price point with less than 20% down and we're one of the few lenders to offer it.
give us call or go to msjmortgage.com run a complete scenario we might be able to help. keep in January 1 2014 many of program will be discontinued.
Mortgage Loan Manager
85% CLTV would be the maximum. I've only seen 90% CLTV on combined liens not greater than $750,000.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
That is going to be tough.
As long as 5%, for the down payment, are your own "funds", you could use a "gift" from a relative for the difference with letter from relative-donor stating: no repayment expected, and â€“ Trail of gift funds from the donor (bank statements)
That is a tough loan to find. There are some 1st lenders who will allow it but finding the 2nd lender is the rub. Above 1.5M, the best deals in the market at 80/5/15, with at 15% down payment and a combined 85% LTV from the same investor.
Give me a call and we can review your options.
Mario Pinedo, CCIM
BRE Broker 01118365