SC, I only originate CA loans.
You have different options for VA.
I do offer out of state consulting for $500 flat fee for a loan over $500K
Specific for VA, based on 01/23/09 rates:
One Loan:
720+ credit score. 30 YR fixed. SFR.
70% 6.60%
75% 6.65%
80% 6.70%
85% 6.90%
90% 7.05%
Max loan amount $900K to 80%
Max loan amount $800K above 80%
NO mortgage insurance above 80%
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With a credit score of 700+ A better option for you could be a FNMA JUMBO $625K 30 YR 1st @ 4.875% and a 20 YR 2nd @ 8.65%
which would be a blended rate of 5.69% for $800K total, max 80%…
This could be available with 20% down.
With a $375K 2nd, per your example, the blended rate would be 6.29% ($1M total)
For a cost of 1 point, you could buy the 1st down to 4.50% 30 YR Fixed
Max 1st $ amount depends on county. Arlington area looks OK up to $625K (need to confirm)
Above rates would be my cost if I were able to originate loans in VA. (No lender commission at these rates)
If you couldn’t find better rates, as your consultant, I could try and a find a broker that would offer the above rates for a reasonable fee.
A major change in income could make it difficult to qualify unless you are with same employer or similar line of work.
Terms/limits/guidelines subject to change.
Contact me privately for additional info if you wish. ..HLS
2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.
It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.
It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.
It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.
It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
