Home Buying in 94566>Question Details

algorita44, Home Buyer in Pleasanton, CA

How can I qualify to buy a $950K home on a $330K income but w/ only 3% downpayment? 720 credit, not much debt, short sale on former home 1.5 yrs ago.

Asked by algorita44, Pleasanton, CA Sun Aug 11, 2013

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If I were you I would talk to a very good lender. Some of them offer programs after only 2 years. Depends on what the details are with your short sale. There is light at the end of the tunnel. However you do need in this current market more than 3% down payment. There is a lot of competition out there with buyers and most have at least 20% down.
0 votes Thank Flag Link Sun Aug 11, 2013
Must wait 2 years on short sale and requires 20% down payment.
1 vote Thank Flag Link Mon Aug 12, 2013
Honestly, I think the better question might have been what home price can we afford given our current invome, assets, debt to income, ratio etc. You cam only know what you can afford price wise when you start with our current financial situation.

Good luck.
1 vote Thank Flag Link Sun Aug 11, 2013
If you are a Veteran with VA eligibility I can do the loan in 6 months.
0 votes Thank Flag Link Tue Nov 25, 2014
I would contact a few lenders and explore what your options are. I think it will be tough because you are in the jumbo guidelines. But still check!
0 votes Thank Flag Link Fri Nov 14, 2014
What did you end up doing?
0 votes Thank Flag Link Thu Nov 13, 2014
You cannot put 3% down on a $950k home. You may be able to put 10% on a portfolio loan, but would have to look at guidelines regarding waiting period after short sale.
0 votes Thank Flag Link Wed Sep 10, 2014
This would be a Jumbo loan since it is over 417,000 or 625,500 in some counties. I dont know of any investors that would go less than 10% down on Jumbo loans. VA if you are a veteran can go 0% down up to 1,000,000.
0 votes Thank Flag Link Wed Sep 10, 2014
There are many different programs available to buyers. I would talk to a loan officer and have them evaluate your file and give you financing options.
0 votes Thank Flag Link Thu Jul 17, 2014
BTW **UPDATE***
After August 16th, 2014 (less than 30 days from now) ALL short sale and foreclosure parties MUST wait FOUR years before they can finance a new home.
0 votes Thank Flag Link Wed Jul 16, 2014
He probably already solved his issue as this question was asked almost a year ago.
0 votes Thank Flag Link Thu Jul 10, 2014
Good Afternoon,
If I were you I would contact Don McGlinchy in Pleasanton. He is one of the best lenders I have ever worked with. Direct number is, 925-640-8660 or visit http://consultwithdon.com/

You should be able to qualify for another FHA loan after 3 years from close of escrow on your short sale. It ALSO may be possible to be under contract a month or two earlier than your seasoning date with the condition that escrow closes on your new home at time of seasoning. Talk with Don he is a master at solving problems when it comes to loan qualifying!!
0 votes Thank Flag Link Thu Jul 10, 2014
20% down would be my assumption + 6 more months.
0 votes Thank Flag Link Wed Sep 18, 2013
The 2 years and 20% down requirement that is being quoted to you is a CONFORMING guideline. You need a Jumbo loan and there are no such guidelines on when one can repurchase. By definition Jumbo loans are non-conforming so there is no guideline anywhere since they are portfolio products. Anyone can make their own guidelines so to say one needs X, Y or Z is inaccurate and speculative.

I agree that it's highly unlikely anyone would lend on that loan amount with 3% down, however, I've seen physician/professional loans with crazier terms. If you have a relationship with a back where you have considerable assets, that should be your first call. If you can come up with 10% down you may have better results depending on the reason(s) for the short sale.
0 votes Thank Flag Link Thu Sep 5, 2013
950k home ............

330k income.........

short sale few year ago......

3% down ......

want to short sale again if no home values go south?
0 votes Thank Flag Link Wed Sep 4, 2013
Hi Algorita44

if you dont have any lates on your mortgage while you were in short sale then there is no waiting period but min 15 % down required. other condition may apply please contact me

Omar Khamisa
Mortgage Loan Manager

quality-expertise-service-Mortgage lending solutions

Omar@MSJMortgage.com
NMLS#: 369325
Office: 925-365-MSJM
Cell: 510-648-5535
Fax: 510-751-4823
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Sat Aug 31, 2013
Hi, Algorita44,

With a Short Sale you can repurchase after 2 years if you have 20% down; or, 2 years with 10% down if there was Extenuating Circumstances (divorce, medical, job loss, death of a wage earner, etc.)


"I wish I could shake off this instant gratification crave for a house of my own. It will indeed be a long lesson in waiting (for all the right reasons)."

In actuality, it's not too early to speak with a Mortgage Broker/Banker and get your plan together because you want the option to act quickly six months from now as the economy is improving, and conversely, interest rates will rise as this occurs.

-Steve
0 votes Thank Flag Link Mon Aug 12, 2013
I can certainly help you out. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Sun Aug 11, 2013
Thank you, all, for your responses. It looks like I will ride out the 3-4 years after the short sale and in the meantime should have my 20% downpayment saved by 2015. Currently renting a beautiful house but I wish I could shake off this instant gratification crave for a house of my own. It will indeed be a long lesson in waiting (for all the right reasons).
0 votes Thank Flag Link Sun Aug 11, 2013
I' sorry, you can't. You have to put at least 20% down to buy the house for $980.00. There is a term "the lending risk management", based on the equity in the property. It applies to your case.
0 votes Thank Flag Link Sun Aug 11, 2013
Oh Man..............if this is the real deal I wish you were looking in San Diego.
0 votes Thank Flag Link Sun Aug 11, 2013
Hi Algorita44,

I would suggest speaking with a loan officer regarding what programs/loans you may qualify for.

Since your short sale was not too long ago, you may have to wait a little longer before purchasing a home. Most lenders now require 4 years. Keep in mind every lender is different and has different requirements and guidelines, so there is still a chance you may be able to qualify for a loan.

I highly recommend my colleague Russell Barto with Landmark Mortgage Group. Cell# (510)304-8834 Office# (925)583-2500.

He is a mortgage advisor and has been in the business for over 20 years. He has helped my clients in the past who had a similar situation as yours and was able to help them.

Good luck. :)
0 votes Thank Flag Link Sun Aug 11, 2013
Since many of us here are REALTORS and not lenders I would like to refer you to one of the BEST lenders in the business Mari Mahoney 925-200-6590 or mmahoney@rpm-mtg.com
Her cell is usually the best. From what I jnow after selling real estate for 29 years is you exceed the maximum loan limits for a government insured loan however there may be a hybrid or specialized loan program available to you. My question is do you have an established banking relationship with a bank like First Republic, perhaps Union Bank or if you have a brokersge account with Dean Whitter they perhaps could hive you such a loan as long as they can securitize your assets in their brokerage. GIVE MARI a Call and let me know if she was able to help you find a loan
0 votes Thank Flag Link Sun Aug 11, 2013
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