Home Buying in Los Angeles>Question Details

GBnew, Home Buyer in Los Angeles, CA

Are there any brokers or lenders with 80-10-10 programs (up to 2M home value) in the Los Angeles area?

Asked by GBnew, Los Angeles, CA Mon Nov 4, 2013

We're looking for pre-approval to buy a primary residence up to $2,000,000 and would like to put down only 10 percent (to preserve cash for renovating). FICOs 780 . Are these loans currently available in the LA area?

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Answers

14
Yes, I have a mortgage broker who does jumbo loans with lower scores than you have with just 10% down. Email me or visit our site if you would like me to refer you to a broker or two that can this done.
1 vote Thank Flag Link Tue Nov 12, 2013
GBnew

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
accounts.

CURRENT PURCHASE SPECIAL;
NO LENDING FEES
Reduction of .250 in rate

Feel free to call or email for more details.

Thierry

Thierry Abel
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
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Thu Feb 13, 2014
Yes, that is possible! If you would like more information on this and how this can be done, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Thu Feb 13, 2014
We finance all types of loan programs at a simplified interest rate of 4%. Please contact us today for your requested loan amount.

Email #: brooks.fncss@live.com
Tel #: (724) 318-5092

{Only serious inquiries}
0 votes Thank Flag Link Tue Nov 12, 2013
GBnew,

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.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Thu Nov 7, 2013
Hi GMnew

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.

Omar Khamisa
Mortgage Loan Manager
Omar@MSJMortgage.com
NMLS#: 369325
Cell: 510-648-5535
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Thu Nov 7, 2013
Hi GBnew,

85% CLTV would be the maximum. I've only seen 90% CLTV on combined liens not greater than $750,000.

Best regards,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
elva@ewormley.com
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
0 votes Thank Flag Link Mon Nov 4, 2013
Try Compass Bank...just had a buyer get 2nd mortgage money at 1.6m +
0 votes Thank Flag Link Mon Nov 4, 2013
Yes there are...there are different circumstances, pls call me Peter Reyes at Keller Williams 323: 356-2879 My in-house lender just went to an appointment but when we talk I will put you in contact with her. I am anxious to talk. Best, Peter
0 votes Thank Flag Link Mon Nov 4, 2013
This is an awesome question!
0 votes Thank Flag Link Mon Nov 4, 2013
We could do 85% for combined loan amount of 1.7 million (you will be right at the limit)

First of 75% and 2nd of 10% for a combined 85%

Fee free to email me for more details.
0 votes Thank Flag Link Mon Nov 4, 2013
GBnew,

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 – Trail of gift funds from the donor (bank statements)

Cheers,
0 votes Thank Flag Link Mon Nov 4, 2013
The highest I have seen is up to 1.2 million and that is with only 85% LTV. Your best bet is to just do a jumbo with 75% LTV and have to pay the closing costs. Unless your agent or the buyer is coming up with some of them. Maybe even a 5/1 ARM to keep the interest rate sub 4%. Let me know if you have any more questions.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Mon Nov 4, 2013
GB,

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
Mortgage Banker
CS Financial
http://www.HomeLoans.LA
http://www.HouseLoansLosAngeles.com
http://www.CondoLoansLosAngeles.com
http://www.Facebook.com/HomeLoans.LA
BRE Broker 01118365
NMLS 1029116
Office 424-249-7434
Cell 415-269-6249
mpinedo@csfinancial.com
Twitter @mariopinedo
Web Reference: http://www.HomeLoans.LA
0 votes Thank Flag Link Mon Nov 4, 2013
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
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