Prospective Purchase Price: 1,000,000.
First Lien: High Balance Conforming at max of 546,250.
Rate would be in the mid 3% range, with no points.
You put 10% down (100K)
The difference between the 900K and the 546,250 is 353,750.
There is a lender that will do a second mortgage up to 350K AND up to 90% LTV with no more than 1MM in TOTAL LOANS. So, that gets you where you need to be...
The fact that you have the large second will increase the monthly cost, BUT, the fact that you are going conventional as opposed to Jumbo will lower your cost as well...
Again, sorry for the multiple posts, but that is probably how I would look at structuring it if I am unable to find you a lender willing to do the 80/10/10...
WJ Bradley Mortgage, LLC
It may not be exactly what you had in mind, but we offer a single-loan, 90% LTV solution. Max loan amount would be $875K. Yes, there would be PMI, but depending on your other options it may be worth consideration.
Let me know if I can assist further.
We can do that same first at 80% with a 5% second all in house (this means that you will have to bring in 15% instead of 10%)
Feel free to call me if you have furher questions (We lend all over Californi)
Good question! I asked it of one of my loan brokers a few months back for one of my clients that needed/wanted this program to get into their new home. We did it. Their first was a jumbo loan, but not as large as yours depending how much you are putting down.
I would be glad to get you in touch with my broker. Feel free to contact me.
Theresa Organ, Realtor
CA DRE# 01506680
Coldwell Banker Residential Brokerage
One of my affiliates has a creative way to finance with 10%, I would love to talk and get to know what you are looking to do in order to better assist you,
Hector R. Gastelum
Republican Candidate for California State Senate District 40
& Realty Executives Dillon
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91915
I also think that I have a source for that kind of second.
The down side is that you would have a heavy weighted second, so your overall payment might increase slightly, but that might be your only option if income is good, but assets are an issue...
Again, drop me an email and I can get you the full scope of your options, and some contacts... Even if I can't personally take care of you, if there is ANYTHING out there, I am good at finding options...
I can get some info for you if you'd like and send it your way when I get into the office Monday.
My email is firstname.lastname@example.org if you would like to shoot me an email and I can respond with some options...
There aren't as many loan options as there used to be...but there are indeed some 10% down options. I can refer you to several reputable lenders in the area. If you would like assistance with your real estate, please give me a call.