Home Buying in Arizona>Question Details

Jfaber77, Home Buyer in Mesa, AZ

I would like to buy a home for 3,000,000.

Asked by Jfaber77, Mesa, AZ Wed Aug 8, 2012

I would like to buy a home for 3,000,000. We make around 150000 per month between our two businesses. Is it possible to get a 90% loan? I do not want to tie up very much capital. We also had to short sale a property 3 years ago so I am not sure our credit is perfect. Is this possible?

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Do you need an urgent loan? if yes email us now at this particular email: cooperativeinvestment0001@hotmail.com
0 votes Thank Flag Link Wed Dec 11, 2013
Just how urgent can it be when you are answering a request from over 4 months ago?!? Please do not bother everyone with out-dated answers to old questions. Thanks.
Flag Wed Dec 11, 2013
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0 votes Thank Flag Link Thu Nov 29, 2012
Hello,
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0 votes Thank Flag Link Sun Nov 4, 2012
Hello Jfaber77:

As with most lending situations, your first step should be to find a lender you trust and with whom you are comfortable, then discuss your entire financial situation with that person.

Being a numbers guy, I took the opportunity to look at eight jumbo lenders with which we deal, to see what they offered. 7 or the 8 only went to $2,000,000. Of those, the highest Loan-to-Value (LTV) offered was 80% (offered by 2 of the 7), with a minimum credit score of 720.

The one lender which offered a $3,000,000 loan (applicable to your $2.7MM request) only went to 65% LTV.

I do have a lender which specializes in Jumbo loans and they will go to 90%, but only get there by requiring you to pledge assets. These assets can be left where they are, while being used as security for your loan. They are quite progressive in how they underwrite, so this may be your best bet for a 90% loan.

Then, we turn to your short sale. This is a MAJOR derogatory item to most lenders, for obvious reasons. It may not be a deal killer at 3 years, but it will definitely be a factor in whether you get approved or not. Lenders are not inclined to lend to people whom have already shown they may walk out on the home, so you will need to provide a great reason for having done so. And, the list of "acceptable" reasons is VERY short.

Then, you and your lender will need to address a myriad of other factors: Reserves--does not sound like a problem, but some lenders require 12 months payments; Debt-to-Income ratio (DTI)--again, does not seem to be a problem, as the payment on your loan would only be about 10% of your income, but business people seem to have a major tendency to overstate their income vs. what an underwriter will determine to be income (borrowers like to state the highest possible, gross income amounts, while underwriters will reduce it by business expenses, look at the lowest amounts if declining income, etc.).

As always, the real answer is not going to come from this forum. Find a very experienced loan officer (DO NOT go with lowest rate, or accept your fate if you do) and work with that person to accomplish your goal.

For recommendations, go to LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter

Bill Parker, CPA*
NMLS #223607
Bill.Parker@LegacyG.com
0 votes Thank Flag Link Thu Aug 9, 2012
Please contact me to discuss various financing options - there may be seller financing options. It's not exactly a Seller's market in the $2.5 mil+ market.
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Thu Aug 9, 2012
You are looking for a super jumbo mortgage, 10% down is unreasonable. The circumstances around the short sale will determine if you qualify for a super jumbo mortgage. If your score is less then 780 don't bother looking.
0 votes Thank Flag Link Thu Aug 9, 2012
Hi Jfaber77,

Like the other answers from the previous agents, you would definitely need to speak to a lender, they can give you all the pertinent information you will need to make the best decision for you financially. If you would like some recommendations for lenders, I would be happy to give you some. I work with very reputable lenders that have all sorts of options.

Please contact me if you would like to discuss things.

Thanks,
Linda Matejko
Az Elite Properties
Linda.Matejko@gmail.com
480-202-2649
0 votes Thank Flag Link Wed Aug 8, 2012
As with any home purchase you'll need to discuss the math with your lender. Your debt to income ration will need to be within the lender guidelines. 10% down for conventional financing is not unreasonable so you should be ok. Good luck!
0 votes Thank Flag Link Wed Aug 8, 2012
Please contact me lender, Ron Sublett. His number is (602) 228-4911 or (480) 305-8730. Just tell him that I referred you to him and he will help you to determine if this is possible. He is a great guy and a great lender.
0 votes Thank Flag Link Wed Aug 8, 2012
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