There are currently many different options that are available for your client in regards to mortgage financing. Whether the correct choice be a Fixed rate or an adjustable rate. We offer many options in regards to down payment flexibility, debt to income caps, and guidelines.
In this situation we would love the opportunity to speak with you or your client in regards to seeing what is able to be done.
Feel free to contact me at 847-775-2181 at any point seven days a week or you can email me at firstname.lastname@example.org
Diamond Residential Mortgage Corporation
There are some great options for your client - and perhaps the right lender can help make this work.
The restriction could be based off of several factors including the debt ratios or the down payment -
I would be happy to take a look if your client is open to speaking. We can offer Jumbo programs for 30 yr, 15 yr, as well as 7,5 , and 3 year arms with 20% down
Senior VP of Mortgage Lending
773 290 0455
I just ran into a similar situation but different. The sellers are in estate and the condo my buyer was willing to purchase the condo to live in and close in 30 days was very overpriced in comparison to other condos in the building that had been up to date. Bottom line we did our research of the entire building and my clients offer price was in line especially with the amount of work that was needed to bring it up to median price level everything else was selling for.
Sellers have emotional attachments that we must respect. But sometimes they will pass on a deal that is can close quickly and be done to end of having the property sit on the market for a long period of time. You never know in a few weeks the seller may have a change of heart.
If you need to additional mortgage help contact my favorite lender Mary Kay Laurent with Guaranteed Rate at 773-516-6859. She may have a creative idea for you. Your credit and income seem perfect.
Best of luck
Who says they can't afford more? It will really come down to what mortgage options you have. You are looking at a Jumbo loan in either case. If you are limited to $1,100k based on down payment, could your lender or the seller set up a second mortgage for the difference?
If you are limited due to debt ratio, can you pay off some other debts to free up room or select an ARM or other mortgage product that would allow you the flexibility you need?
If you need more down, could you borrow against a retirement account?
Just to be clear, I'm not recommending any of these options, I don't know enough about you, the home, the values etc to recommend. These are suggestions to explore with your lender and or Realtor.