There is no way you will find 95% financing on a jumbo condo. Sorry, but that's just not going to happen. Unless you can find a really aggressive portfolio product, you are going to have to get to $625,500 on a first and then maybe you can get a second of $94,500 to 80% LTV but you would still need $180,000 of your own funds.... more
How about considering the lender you are currently with? They can usually waive fees and expedite the process and offer you a low rate because they want to keep your business.
CA DRE 01775528... more
If the business you just brought will be your primary source of income, and you have more than 25% interest in it, Fannie Mae/Conventional guidelines stipulate that you need a minimum of 2 years income history to qualify. Furthermore, if your DTI is 48-49%, coupled with a new business that's yet to establish its income performance, few to no lenders will be willing to do the loan, whether its Conventional or FHA. Again, the primairy issues is your income history.... more
The easiest way would be for you to qualify for a cash out refinance to pay off the other beneficiaries and then put the house back in the trust (most likely now modified)
Any furher help on the loan let me know.... more
Good idea, though your current rate is pretty good already and with what you owe the payment difference might not be very much. Just make sure to take into consideration the total cost and as another alternative maybe a 10 yr. loan instead.
Any questions let me know and good luck to you.... more
Are you an agent about to take their license or are you working on a degree? If you are looking at getting your license let me know via email as I have some other suggestions for you. Usually, financing is confidential. If you are researching the property from an appraisal perspective you might be able to call the selling agent and let them know you are doing research and they might let you know if their were any financing concessions. The sales price might have included other concessions such as credits for repairs. Don't hesitate to call the selling or listing agent and let them know you are doing appraisal research as most agents are cooperative with giving you concession data for comps.
Eco Broker and Realtor
Keller Williams Wilshire
The Reavis Group
I recommend checking out Craig's List and www.rentslicer.com for such opportunities.
Good Luck to you,
Lou and Alex
LA Real Estate Group