Tri-Emerald Financial Group, A direct lender
A few things here:
*If this property will be classified as a rental/investment, I'm fairly certain you will have some challenges putting down only 20% on a loan amount of this size. While jumbo financing has come back in a big way, it has done so less aggressively for rental properties. 25% to 30% down payment is more consistent with what we can offer on jumbo investment financing.
*As Claudia states below, rental history or property management experience is less vital on most programs than disposition of primary home and total debt service ratio. Your loan professional should be able to explain this for your scenario.
*Your builder may require you to get a pre-approval through them, and since you're gathering information anyway, this may be helpful.
If you have questions or if you think we can be of service, don't hesitate to get in touch.
We look at the amount of equity in your departing residence. If there is 30% or greater, we will credit you 75% of the rent stated on the lease you will need to provide prior to closing.
If you have less than 30% equity, we will debt service you for the full payment. In either case, an active appraisal will need to be provided.
For you rental, we will look at the lease and the previous year's tax returns for the rental income. Two years is not necessary,
I would be happy to help. Drop me an email: firstname.lastname@example.org
J.R. Thrasher http://www.SanDiegoRealEstateVeterans.com
Lauren Abrams | Mortgage Specialist
Individual NMLS #244104 Corporate NMLS #1820
2000 Crow Canyon Place, Suite 100
San Ramon, CA 94583
When you are ready to look for a home, Call, Text or email me!