Home Buying in San Jose>Question Details

mikemeier99, Home Buyer in Nashville, TN

I want to purchase a home in San Mateo. Purchase price of $1.1 million. What is the minimum down payment I could put down/ratios?

Asked by mikemeier99, Nashville, TN Wed Apr 24, 2013

I would like to keep my two properties where I live now so I have ratio questions. My company pays expenses.

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Answers

8
Mike Meier 99:

Generally speaking a $1.1 Million home purchase will require 40% down. That said, most depends on your credit, whether you will cross collateralize with any other property, and whether the loan is fully amortizing, fixed or variable interest rate. I suggest further advice be given upon completion of a loan application. Until a loan application is complete, discussion is quite theoretical. You can fill out an application at https://2117285562.secure-loancenter.com/WebApp/FullAppLogin.aspx. Then John Hanson, branch manager, at High Tech Lending Community West Mortgage will follow up with you.

High Tech Lending is a correspondent bank which writes loans directly as an extension of several of the large banks such as Chase, Wells Fargo, GMAC, Stearns, and American Funding Resources. So one application gives you access to all the programs in each of these banks. Thus, you can get the best program being offered without paying a broker.

If you would prefer doing an application over the phone, you can call me at 408-639-0211, and I shall complete it with you and submit it to High Tech Lending, where I am a loan officer.

Mitchell Pearce
408-639-0211
mitchell@handonsrealtor.com
2 votes Thank Flag Link Thu Apr 25, 2013
There really isn't enough information for anyone to give you a honest answer. Much depends on your debt to income, along with credit and use of the property.

To give you another direct lender resource you can contact Dave Setti at Turnkey Mortgage
408-377-8876
http://www.davidsetti.com

All the best to you.
Web Reference: http://www.TerriVellios.com
1 vote Thank Flag Link Thu Apr 25, 2013
Hi Mike........,

Pls let me have more details, to guide you in the right direction.

Thanks
Jacob
NMLS 327086
0 votes Thank Flag Link Sat Apr 27, 2013
I can do 15% down on that.
It will be a first and second loan combo.

The qualification for the second does require lower ratios.

Drop me an email for the details.
0 votes Thank Flag Link Thu Apr 25, 2013
We can do the loan with %30 downpayment, 700 minimum fico score, %45 max DTI. Rate will be about %4 for 30 years fix.

You can Call me at my cell 408-821-0420.

Direct Lender
NMLS# 264726
DRE #01768924
CDPE
0 votes Thank Flag Link Thu Apr 25, 2013
Option 1 - 10 % Down Payment. we will finance the first to 80% and will allow for you to get an outside second from a private institution or from an individual (seller carry back, etc)

Option 2 - 15 % Down Payment. We will finance the 1st and 2nd to 85%.

You need a minimum credit score of 700

These 2 options have NO MORTGAGE INSURANCE.

Call me for more details
0 votes Thank Flag Link Thu Apr 25, 2013
I know some will probably tell you that 10% is available, but if you find that, it will be at a premium rate. If you truly have ratio problems you should consider 20% down for the best financing and a 45% or under debt ratio. You can also look at a 7/1 ARM to meet ratios.

Feel free to contact me for assistance, I live in the Bay Area.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Apr 24, 2013
Thank you for your question:

I recommend that you contact Doug Jones, the owner of Mortgage Magic. Doug has been a lender for over 40 years and is an excellent source for your question.

The contact number for Doug Jones is: (408)209-6773

The web site for Doug Jones Mortgage Magic is: http://www.mortgagemagic.com

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
0 votes Thank Flag Link Wed Apr 24, 2013
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