Home Buying in 85254>Question Details

Daniel Leis, Home Buyer in Scottsdale, AZ

Where can I find a jumbo on a $900k property with very little down?

Asked by Daniel Leis, Scottsdale, AZ Mon Mar 2, 2009

Comps are $1MM . Is a better option to do a 1st and then a 2nd mortgage?

Help the community by answering this question:


Daniel, I talked to my mortgage broker (20 years experience doing these type of loans) and here is his answer:

I have a lender that will go 80%ltv up to $1.5 million loan amounts. These loans are 3, 5 and 7 year arm products. Very good rates on their loans.

If you are interested in his contact information call me at 623-337-8965 Ext.1 and I will give it to you.

Thank you
Web Reference: http://www.TheKeysTeam.com
0 votes Thank Flag Link Mon Mar 2, 2009
Hi Dan -
While I'd love to tell you otherwise, as you've seen so far there are not really any "low" down payment options available in your price range. You will be hard pressed to find anything at 80% LTV, you'll more likely end up at 70 - 75% LTV. Doing a 1st and 2nd mortgage might be helpful, but the rates you'll end up with will not be attractive. There are very, very good rates for these loans, but you'll just have to put more money down these days. I would be happy to discuss your situation in more detail and get you the best options available that are out there. Going to a retail bank will probably not be your best bet as they will have limited options and can't combine loans from different lenders if they need to. Wells Fargo will only go to 70% and I don't think B of A will do any better. Give me a call to discuss your situation further.

Brian Cardenas
President, Antigua Capital Funding
Phone: (480) 515-1491x1
Email: brianc@antiguacapital.com
0 votes Thank Flag Link Mon Mar 2, 2009

I have some great mortgage reps I could send you too!

That is a tough one in this market however I can send you to a great lender.

Feel free to contact me directly!

Lucinda Tkach
Windermere Central LLC
0 votes Thank Flag Link Mon Mar 2, 2009
I have forwarded your question to my lender as well. Website is Antigua Capital Funding look for Brian or Dina to get you the answer you are seeking. They dig deep into all possibilities.
0 votes Thank Flag Link Mon Mar 2, 2009
Welcome to the real estate and mortgage world of the late 00's in an area that is labeled a declining market!

80% would be the absolute best and not at the greatest rates, but there are other ways around directly financing this property with just one mortgage.

Your situation might be perfect for alternative financing. The only way I can tell is if you give me a call at 877-282-5789.

Fred Glick
Web Reference: http://fredglick.com
0 votes Thank Flag Link Mon Mar 2, 2009
If this property is in Arizona, then you are going to be hard-pressed finding anything in the jumbo category with less than 20% down. Other states may not require as much but because Arizona is such a declining market right now, lenders are not allowing for such high LTV loans there.

The highest I can find is 75% but you may find a higher lTV or a combo loan if you go to a retail bank, like Wells Fargo or B of A.

Luke Allison
Flagstar Bank

Apply Online: flagstarloans.com/lallison
0 votes Thank Flag Link Mon Mar 2, 2009
Daniel, I have an email into my preferred mortgage broker. I should have an answer for you very soon.
Web Reference: http://www.TheKeysTeam.com
0 votes Thank Flag Link Mon Mar 2, 2009
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