What type of down payment is required for a million plus property in the St. Charles area?

Asked by Home Buyer, Illinois Fri Aug 8, 2008

We have excellent credit, no debt and high income but not a full 20% down. We would like to work with a credible lender. Is that possible in today's conservative lending market?

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Greg Zaccagni, , Illinois
Fri Aug 8, 2008
Brandon: Thanks for the endorsement!
As challenging as things are now, I recently had a deal in Florida for a jumbo @ $1.2m where the lenders required 25%. Everything was good till they suddenly classified Broward County as "severely declining" and the max CLTV went up to 40%! Can you imagine? The only hope was to borrow on other assets and refinance to pay back with a later refinace, as there are programs offering higher CLTV caps for refinance than purchase. Here is what one key lender is offering today in IL for Full Doc Jumbo 1st mortgages. These are for caps for combined Loan To Values (CLTV's).
80% < $1m w/680 min FICO
75% < $1.5m w/680 "
70% < $2m w/680 "

Here is an article about reducing rates on Jumbo loans.
Web Reference:  http://www.GregZaccagni.com
2 votes
Brandon Schu…, Agent, Western Springs, IL
Fri Aug 8, 2008
You have plenty of options, even at a million. You're outside of the FHA limts, so you're limited to conventional loan programs. You can also get creative with the home owner to see what type of a loan they have. Otherwise I know there's a loan officer who comes on Trulia by the name of Greg Zaccagni and he's good. Hopefully he'll come on to answer your question.
2 votes
Bob Brandt, Agent, Schaumburg, IL
Wed Aug 13, 2008
Do not forget about seller financing. They may be able and happy to hold all or part of the mortage.
Web Reference:  http://www.realtybob.com
1 vote
Gino Metallo, Agent, Elgin, IL
Fri Aug 8, 2008
One loan officer says you can put down 15% but you would not be able to finance more than 900,000. Which means a purchase price of around $1.1 or so. My other contacts say you must have 20% down, or no more than a $800,000.
So if we don't have 20% down, it's not a deal killer. We will negotiate the house down to the level that you can afford. E-mail me at gmetallo@comcast.net with any questions. Take Care.
1 vote
., , 60506
Fri Aug 8, 2008
As Realtors I will not try to tell you what a buyer will need to finance this home. No matter the price of the home, all buyers need to get pre-approved for a home loan. Find a loan office that knows your area and is current with all aspects of the mortgage market. Please feel free to contact us if you need the name of an experenced loan officer.
Web Reference:  http://www.ez247tour.com
0 votes
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