I keep hearing of different lender options; have you heard of any that you would like to share?

Asked by Blanca Dover, Camarillo, CA Fri May 3, 2013

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Tue May 7, 2013
Thanks for asking Blanca,

We can do stated income loans to 3.5 Million, this is for high net worth borrowers.
We can also do Alt Doc 12 months bank statements to 3.5 million. (70 % LTV max.)

The loans are adjustable with an initial fixed period of 3-7 years where the par rates are 3%-3.625%
(3.09 - 3.73 APR) Then 2.5 % over the 1 year treasury average after that.

They are the only game in town for many high end borrowers.


It can allow people to get cash out of their homes

It can help sellers sell their homes faster and for more money as they will have more borrowers

and it allows people who have been shut out of the market back in.
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Blanca Dover, Agent, Camarillo, CA
Mon May 6, 2013
Cath is there an income limit on your jumbo loan?
0 votes
Flag Mon May 6, 2013
Ruth and Per…, Agent, Los Gatos, CA
Sat May 4, 2013
Hi Blanca

Go with a FHA loan.

If you qualify you can also do a VA loan or a USDA loan.

Good luck.
0 votes
Mark Thorngr…, Agent, Camarillo, CA
Sat May 4, 2013
Thanks for your great question Blanca!

I don't pretend to be an expert on loans as from my experience they change constantly. Perhaps a better question to consider is how many lenders have you interviewed? Here is what I tell all my buyer clients when they ask about loans:

Buying a house with a loan is actually two purchases. You are purchasing a loan and you are purchasing a home. I suggest you shop your loan with several lenders and let them know they are competing for your business. That will often have the effect of lowering the cost of the fees and charges that accompany your loan.

Always ask if for a "good faith estimate" or what is more commonly called a worksheet. The industry has had a difficult time standardizing these forms, but they have made some progress. A worksheet shows the lender's best estimate of the cost of your home loan. Be sure to ask them how many months of taxes these estimates include and whether they are including an impound or not.

A lender may have deep pockets and be able to finance your loan in-house, or they may be dealing directly with investors. This is important to know as some home sellers prefer to entertain offers from specific lenders. They cannot require this but in today's competitive home buying market, they can favor an offer from someone using a lender they are confident can close a sale.

Here at Movewest Realty, we provide our clients (and new agents) with a wide choice of lenders and work hard to hook you up with trusted professionals who can do a good job for you and find the loan that best fits your needs.

To summarize, find a small group of experienced, capable lenders and interview them. Compare their products not only for cost, but for how the loans "fit you" and your home buying needs. Once you have found someone you trust and who has the best loan, get pre-qualified for an amount you can be confident is available to you for your home purchase.

When you are pre-qualified and happy with your loan, then find an agent you trust, who is experienced and has a clear vision of your needs and the services they can provide you to meet your needs. Just as before, make a list of questions and interview several agents. Not every shoe fits every foot and homes are not cheap, so take your time and do a good job. Then trust your agent to provide you the expertise you will need to compete in todays market.

Then go find your dream home!

Hope this helps Blanca

Good luck!
Mark Thorngren

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I know Rob Martel. Thanks for the input!
Flag Mon May 6, 2013
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Sat May 4, 2013
How much time do you have Blanca?

I have true $0 Down Program in Camarillo, CA down to 640 credit score, or how about up to a 5% Grant (does not need to be paid back) for FHA, VA, USDA or FNMA or FHMLC to cover either down or closing costs, I can go NINA or SISA at 70% LTV and even covers Foreign National at 60% LTV. I got a VA Program that allows a seller to pay up to 6% closing costs AND 4% concessions which I call "Payoff Debt for a Vet" which can pay off Judgments, Collections, an Auto, etc through escrow.

We have a government insured loan program that will allows a purchase only 1 year after a short sale even with late mortgage payments showing on the buyer's credit. Or try doing loans on non-warrantable condo or condos with pending litigation. Did I mention we can still do Manufactured Homes? With this many options, this should open up a lot of potential buyers for you and other Realtors. You just need to find an experienced LO with a track record to closing smooth transactions.

Best of Luck!
Web Reference:  http://www.AFN-Loans.com
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cath.okoroh, , Hillside, IL
Fri May 3, 2013
How about jumbo loans with 10% down and No MI.
How about 95% LTV loan, where 5% can be gift funds.
FNMA limited Reviews allowed on Condos
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