We are looking for a jumbo loan (1 mill) in California with 10-15% down. Are there any second loans available?

Asked by Gm, 90803 Thu Aug 26, 2010

We have 775-790 FICO and earn more than enough to meet ratio for a home in the early millions (with secure jobs in education) but our current equity is closer to 150,000. Do not have big savings as our salaries have increased a good deal in the last 2 years. Were looking for loans in June but told that no one was funding with less than 20% down over 729,000. Any ideas of when that might loosen? Thanks!

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4
KIKI JACKSON, Agent, Atlanta, GA
Wed Jan 7, 2015
I have some great lender information for you contact me.

Kiki Jackson
Keller Williams Realty Peachtree Rd.
404-386-0232
0 votes
Gina Dickers…, Agent, Beverly Hills, CA
Wed Feb 13, 2013
I believe Wells Fargo is can do Jumbos with less than 20% down now. My lender has a program.

His contaqct info is below.

Rob Luna
rob.luna@wellsfargo.com
310-744-5585
0 votes
Gm, Both Buyer And Seller, 90803
Tue Aug 31, 2010
Thank you! We will keep an eye out. :-)
0 votes
, ,
Thu Aug 26, 2010
Its very difficult to attain second loans right now due to the tight credit market. Most lenders will only go up to 80% CLTV (combined loan to value) with two loans. Unless the first loan for example goes up to 70% loan to value then as long as the second loan is for 10% then its possible. After the housing market stabilizes we will see the jumbo market improve.
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