How do you finance a vacant lot?

Posted on April 01

Question: I own a home, and would like to buy a vacant lot to build on in the future. I am unsure what the finance options would be for this.

We offer lot loans – 75% LTV under $300k loan; 70% 301k to 399k, and 65% up to 500k. The loans are 3/1 year ARMs with rates in the mid 4′s (credit, income & LTV affect the rate).

Please let me know if you have any other questions about the program.

Are there any programs for investors that are upside down on their mortgages?

Posted on April 11

Question: Property is valued now at $40,000 & my loan is $140,000. I paid $186,000. Property is rented, but, does not pay full mortgage payment. If I short sale, I am told that, my other rental properties could have liens placed on them. Any options out there??

Unfortunately that property doesn’t seems like it was a very good purchase. If your current lender can’t/won’t make any adjustments, it looks like you’ll need to take a long term approach to this property. It’s important to note that, your current lender didn’t sign-on as a partner in your real estate business – all they did was agree to loan you the money you requested – just because the property value got killed, it’s not fair to expect they should participate in the loss.

Does any mortgage company offer jumbo loans?

Posted on April 24

Question: I am looking for a mortgage for around $650-800K. I do not have enough money for a 20% down payment, but, I can put down around 5-7% in cash and I have a good income/ income potential.

I have some options that might be able to get close enough to your goal to make it work. Please give me a call our email if you’d like to talk. We go to 90% LTV to a 650k loan.

I have a jumbo mortgage. Can I refinance it into two conforming mortgages?

Posted on May 03

Question: I have a jumbo mortgage. Can I refinance it into two conforming mortgages?

It is fairly common for people to take a conforming 1st and a HELOC 2nd, but, since the HELOC can adjust on a monthly basis, that option is quite risky giving the consensus that rates will be increasing.

We offer 30yr fixed Fixed rate Jumbos to 80% LTV to $1,000,000 loan; rates today are 5.125% with 3/4 point discount and about $1,060 of other closing costs (presuming 720+ mid score).

10-15% down Jumbo portfolio loans in California?

Posted on May 08

Question: I am looking for a Jumbo loan on a purchase price of 1.1 million in California. 10-15% down, with 2-3 months reserves. Is anyone aware of banks that carry portfolio loans of this type?

Alternatively, is anyone doing attorney/professional jumbo loans with low down payments?

Our guidelines allow 80% LTV to a $1,000,000 loan. With superb credit and assets, it’s possible we would consider a 80% 1st, and a 5% HELOC to get your to 85% CLTV. Please contact me if you’d like additional information.

I currently have a 30yr fixed home loan for 5.25%. When does it make sense to refinance?

Posted on July 03

Question: I currently have a 30yr fixed home loan for 5.25%. When does it make sense to refinance?

If your refinance cost is $2,500, then, you can get 4.50% and you would save $3,500 for the 1st year on a $400,000 loan, but, only $450 on a $60,000 loan.

If you calculate the interest savings, then, compare that to how long you’ll be in the home; you’ll have an accurate answer.

Is anyone offering 10% down on jumbo loan???

Posted on September 20

Question: I am looking to purchase a house at $575-$600k with 10% down. I have excellent credit and money in the bank for 20% down but, don’t want to put that much into the house when there is already equity built in. Any advice, suggestions?

US Bank lends to 90% LTV for a loan amount up to $650,000.