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Financing in Scottsdale : Real Estate Advice

  • All650
  • Local Info35
  • Home Buying203
  • Home Selling24
  • Market Conditions31

Activity 44
Mon Jun 12, 2017
Mark Howe answered:
Hi Sullylynn,

Bank of America has a great Doctor Loan program, where we allow 5% down for loan amounts up to $1 million. The only requirement is that you be an MD or Dentist and have a good credit score.

Any clients looking for further information on our Doctor Loan program, please feel free to contact me directly. My email address is

Our Doctor Loan Program has numerous advantages:

-5% down on mortgages up to $1 million
-10% down on mortgages up to $1.5 million
-Start your new job up to 60 days after closing (for salaried applicants)
-Student loans in deferral don't count against your qualification
-Interest rates that are extremely competitive

Mark Howe
Senior Loan Officer
Bank of America
NMLS # 870634
Phone: 360-643-1471
... more
0 votes 14 answers Share Flag
Sun Jan 22, 2017
Stephen answered:
I am a retired builder, master plumber, HVAC contractor, ele contractor and asbestos abatement contractor.
I was at one time the youngest builder in the entire state of Texas.

What no one ever tells you is that the cost of building a home is far less than what you are told.

I began building homes in the 70's with my actual cost being @ $20 per square foot for a 2000 square foot home. Mine sold for @ $67k to $75k at that time and I sold cheap because I was new.

After several years into it I was building homes still at the the same general cost but selling them for @ $90 to $110K.

When today's builders tell you what it costs they add in their weekly/monthly income; overhead, golf, vacations and etc. This is not disputable.

What costs a person $$$$$$$$$$$$$$$$$ on a new home is their idiocy in terms of emotional buying and wanting all those extras when in fact they are not needed.

In 2017 a person could build a 2000 square foot home for @ $90k. Possibly as high as $110K. However this home would be worth between $200k and 225K depending on the market.

Builders, all builders today are cookie cutter builders, they have an entire subdivision to build out and make more money on the lots than they do on the actual sale of the home.
A 10 acre tract of land for $10k per acre costs them $100k to $150k. They will get at least 4 homes per acre and will charge as much as $25 to $75k per lot and will require most of the time that you have them build the home.

So their 10 acre investment of $150k, heck lets say $500k including utilities and roads will bring in @ $1,000,000.00 to $3,000,000.00. They have just made between $500k to 2.5 million dollars just on the land and in Dallas Texas the 2.5 million is closer to the norm than the $500k out in the country would be. In fact in Dallas it could be $5,000,000.00.

I still build from time to time and even today I build (not including land/utilities) for @ $35 per square foot which is really my cost with nothing added in for me.

So if you built a 1500 square foot home it would run me @ $52K to build the actual home plus utility costs that could range from $5000 to $15000.00 (septic required) and your land costs which could be as little as $3000 to $10000 (out in the country) for a grand total of $69k to $80k and have a home worth as much as $150k.

Pretty good investment I do believe.

Don't listen to builders, they are in it for the money only and have no reason to tell you the truth like I have as a retired builder and contractor.

I'm not disrespecting the today 'builder'. I'm just telling you the truth.

The only exception to this is than some builders have money and no building sense, no trade knowledge, no hands on experience so they contract everything out, pay the bill with out thinking and just hope to pass it on to the buyer. Really sad.

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1 vote 17 answers Share Flag
Mon May 30, 2016
jumbosource answered:
Up to 95% LTV - must have a 700 credit score. 1 mil loan limit.
0 votes 27 answers Share Flag
Mon Sep 7, 2015
Christopher Bole answered:

I have 8 years of prior mortgage lending experience and can give you a 2nd opinion, to see if it is worth talking to another lender. My preferred lender is a miracle worker and usually can come up with solutions that fit the lending guidelines that other loan officers miss.

I assume you went in on the new build unrepresented by an agent. This can make it difficult to figure out what to do on your own. Even if I cannot represent you, I would be happy to give you an opinion and point you in the right direction.

If you want to have a quick chat to get another point of view, please contact me via my Trulia profile.

Best regards,

Chris Bole
The Bole Group - RE/MAX Preferred Choice
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0 votes 2 answers Share Flag
Sun Feb 22, 2015
rimigoon42 answered:
Hell-o out there. I am searching for a solution to our financial needs. My wife and I are near the bottom, and I just cant let that be. My wife is disabled as am I, we are also raising 2 grandchildren. I have about 42.5 acres east of Snowflake, AZ. It is about 6000 ft. elevation. I am trying to get a loan on this. So we can get a decent start again. ... more
0 votes 4 answers Share Flag
Wed Oct 15, 2014
Jennie Miller, Pllc answered:
Tue Oct 14, 2014
Michael Fabbro answered:
Hi Ben,

I work with many Canadians and foreigners. Let me know if I can help, I have a few lenders I can refer you to as well.

Michael Fabbro
480-252-5536 ... more
0 votes 3 answers Share Flag
Fri May 9, 2014
John Moran answered:
Hopefully this issue has been cleared by now, but if not, the letter from Sallie Mae will (should) trump the amounts shown on the credit report. This is a standard underwriting practice.

I hope that helps feel free to reach out with other questions.
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0 votes 1 answer Share Flag
Mon May 5, 2014
Lisa Markham answered:
Hi Rroversport,

I also thank you for your service! You are a HERO in my eyes. I agree with the gentlemen that responded to your question. It matters as your DTI can be effected by the higher payment amount and you could be down graded to a manual underwrite. However, that being said, there are ways that an underwriter and / or processor may be able to justify their approval with the increased amount of student loan payments; especially if the payments are deferred for a year or more.

I truly believe, even if you didn't have this added "situation", you will not rest easy until the documents have recorded and the keys are in your hand.

I hope I have not made matters worse but if you have any other questions, comments or concerns, please feel free to reach out to me and vent.


Lisa Markham
Envoy Mortgage, Ltd.
NMLS# 947738 / AZ# 0921717
(O) 520.612.0480
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0 votes 3 answers Share Flag
Sat May 3, 2014
Camille Swanson answered:
I do know of a lender who is willing to look at lending on land. They do a lot of "portfolio loans", or loans that do not conform to Fannie Mae/Freddie Mac borrowing guidelines on the secondary market. What this means is they service the loan themselves and will look at the borrower and their assets/financial situation on a case by case basis before making a decision on whether to lend or not.

Smaller, local banks will tend to be more willing to take on these kinds of loans than the larger conglomerates who tend to do more "standardized" lending. I can pretty much assure you the best rates they have to offer will be tied to you opening an account with them, since all banks are looking to regain customers that were lost during the economic downturn. That's pretty much standard these days. Good luck and please let me know if I can point you toward any lenders I know that fit this bill.

Camille Swanson
Realty Executives- Paradise Valley
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0 votes 1 answer Share Flag
Thu May 1, 2014
Greg Kertman answered:

I'm a local mortgage lender and do have some Jumbo investors that finance leasehold property. In fact, we just did one in Briarwood recently.

Greg Kertman
602-882-1129 ... more
0 votes 2 answers Share Flag
Wed Apr 30, 2014
Camille Swanson answered:
You might try a smaller mortgage bank that will do a portfolio loan. Bankers Trust is IA based and has offices locally. I recently had a meeting with on of their loan officers there & I recall him telling me that they could do them. Call me at 602-810-1750 and I can forward you his details. ... more
0 votes 1 answer Share Flag
Tue Feb 25, 2014
Peter Lambert-Preferred Lender answered:
have you looked into an escrow hold-back? This is dependent upon what you're looking to renovate. Exterior paint, pool, flooring, etc? As long as it is not a functionality issue or safety issue that has to be repaired before closing.
If you're looking for a 203k renovation type loan, the only jumbo options are typically private financing. It is not a loan that investors can sell on the secondary market, thus becomes a private portfolio piece.
There are few niche lenders that will do it, but it usually requires 700+ FICO, 80% LTV, 6 months reserve PITI, and max loan amount is usually capped at $1.5 mil. Call me if you have further questions.
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0 votes 5 answers Share Flag
Sun Jan 5, 2014
Scott Biller answered:
You probably could qualify for 250 or a drop more or a loan
Scott Biller
If you call me I can probably save you most of your closing costs.
0 votes 11 answers Share Flag
Tue Nov 26, 2013
Craig Bosse answered:
Hello Dan,

We have two programs for Self-Employed borrowers. The most popular is the 12 month bank statement program.

Our 12 month bank statement program uses cash flow for the income calculation instead of tax returns. This means you can write off as much as you like, and still get a loan. (provided you have the cash flow)

We have loan amounts up to $4 million and it requires a 30% down-payment.

Let me know if you would like more info. You can contact me on my website below -
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0 votes 8 answers Share Flag
Tue Nov 26, 2013
Craig Bosse answered:
We have portfolio loans up to $4 Million. We may be able to finance them.

The rates would be better than what they are asking for here.

Let me know if they are still looking. You can contact me at my website below - ... more
0 votes 4 answers Share Flag
Tue Nov 26, 2013
Craig Bosse answered:
Yes! It is possible.

You can do either of those options. We have a "2nd Chance" loan available in AZ that allows you to buy again one day after Short-Sale or Foreclosure. The requirements are a 660 Mid FICO (you are close and we could work on it) and 20% down-payment.

We can do whats called "Delayed Financing" if you want to buy the property with all cash and take out a loan later. It must be done within 6 months of the purchase.

Let me know if you want more info. You can contact me at my website below.
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0 votes 16 answers Share Flag
Mon Nov 11, 2013
Robert Kelley answered:
You won't find a better lender than the Tiffany Taradash team with CNN Mortgage. Always available day or night, and works with private investors as well as major banks so they can do loans most lenders can't. She has closed loans for me in as little as 4 days after they fell out with other lenders. ... more
0 votes 9 answers Share Flag
Tue Jul 2, 2013
Korene L. Clopine-Seaman answered:
With the cash reserves, from an investors point of view, pony up the down payment, get a decent loan and do the current market program. Call me for great assistance.
0 votes 14 answers Share Flag
Mon May 6, 2013
Vivien L Biggs PLC answered:
Brent Payne
Steeple Rock Funding, LLC
670 E. Encinas Ave.
Gilbert, AZ 85234
Direct: (480) 633-6800

Brad Williamson-480-553-0090
Can secure normal & hard money loans, fast, low rates
He is great to work with.
... more
0 votes 5 answers Share Flag
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