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HLS
Participant2nds 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.
ParticipantSC, 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%
***********************************
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
ParticipantSC, 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%
***********************************
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
ParticipantSC, 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%
***********************************
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
ParticipantSC, 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%
***********************************
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
ParticipantSC, 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%
***********************************
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
ParticipantSC,, not a loan that has low rates..Rates can be different depending on the state. There may be a local lender that is comfortable loaning on local property with lower rates.
You want a 5 7 or 10 ARM or 30 YR Fixed ?
What state is it in ?For a 30 YR Fixed in CA
With 25% down, credit score of 720+ my cost of money for a $900K max loan is 6.65% 30 YR fixed.
10 YR ARM 5.625%
or 5.375% for a 7 YR ARM loan max $850KWith only 20% down, credit score above 700, I don’t think that I have a 30 YR fixed. With a loan amount up to $1M, 10 YR ARM is over 9.00%
These are not my specialty that I often quote.
Different states have different rates.
Qualifying is full doc only.
Impound for taxes & insurance may be required.ParticipantSC,, not a loan that has low rates..Rates can be different depending on the state. There may be a local lender that is comfortable loaning on local property with lower rates.
You want a 5 7 or 10 ARM or 30 YR Fixed ?
What state is it in ?For a 30 YR Fixed in CA
With 25% down, credit score of 720+ my cost of money for a $900K max loan is 6.65% 30 YR fixed.
10 YR ARM 5.625%
or 5.375% for a 7 YR ARM loan max $850KWith only 20% down, credit score above 700, I don’t think that I have a 30 YR fixed. With a loan amount up to $1M, 10 YR ARM is over 9.00%
These are not my specialty that I often quote.
Different states have different rates.
Qualifying is full doc only.
Impound for taxes & insurance may be required.ParticipantSC,, not a loan that has low rates..Rates can be different depending on the state. There may be a local lender that is comfortable loaning on local property with lower rates.
You want a 5 7 or 10 ARM or 30 YR Fixed ?
What state is it in ?For a 30 YR Fixed in CA
With 25% down, credit score of 720+ my cost of money for a $900K max loan is 6.65% 30 YR fixed.
10 YR ARM 5.625%
or 5.375% for a 7 YR ARM loan max $850KWith only 20% down, credit score above 700, I don’t think that I have a 30 YR fixed. With a loan amount up to $1M, 10 YR ARM is over 9.00%
These are not my specialty that I often quote.
Different states have different rates.
Qualifying is full doc only.
Impound for taxes & insurance may be required.ParticipantSC,, not a loan that has low rates..Rates can be different depending on the state. There may be a local lender that is comfortable loaning on local property with lower rates.
You want a 5 7 or 10 ARM or 30 YR Fixed ?
What state is it in ?For a 30 YR Fixed in CA
With 25% down, credit score of 720+ my cost of money for a $900K max loan is 6.65% 30 YR fixed.
10 YR ARM 5.625%
or 5.375% for a 7 YR ARM loan max $850KWith only 20% down, credit score above 700, I don’t think that I have a 30 YR fixed. With a loan amount up to $1M, 10 YR ARM is over 9.00%
These are not my specialty that I often quote.
Different states have different rates.
Qualifying is full doc only.
Impound for taxes & insurance may be required.ParticipantSC,, not a loan that has low rates..Rates can be different depending on the state. There may be a local lender that is comfortable loaning on local property with lower rates.
You want a 5 7 or 10 ARM or 30 YR Fixed ?
What state is it in ?For a 30 YR Fixed in CA
With 25% down, credit score of 720+ my cost of money for a $900K max loan is 6.65% 30 YR fixed.
10 YR ARM 5.625%
or 5.375% for a 7 YR ARM loan max $850KWith only 20% down, credit score above 700, I don’t think that I have a 30 YR fixed. With a loan amount up to $1M, 10 YR ARM is over 9.00%
These are not my specialty that I often quote.
Different states have different rates.
Qualifying is full doc only.
Impound for taxes & insurance may be required.ParticipantI grew up in So Cal.. I remember when Irvine was orange groves, when Temecula was Rancho California in the 1960’s with very few houses, before Magic Mountain was in Valencia, etc.
The area exploded in the 70’s-80’s because housing was AFFORDABLE.
It made sense to buy and real estate wasn’t looked at as a road to riches, buying overpriced McMansions with ARM’s and other toxic loans created by Wall Street that were going to explode.You actually had to qualify for a loan, which you could get with as little as 5% dow, and prove your income.
This isn’t a “downturn”, it’s a return to sanity.
The denial about what happened and thinking that you need/have a “chance” to buy a house is laughable.
The REAL crisis was the market bubble that the govt allowed to inflate.
The collapse of housing prices isn’t a crisis.Foreclosures are not the problem, they are the solution.
The stock market is in the same boat. Believing that it’s a safe place for retirement may be foolish.
Until several generations accept/understand what was allowed to occur and that housing and the stock market are ponzi schemes, the charade will go on; artificially manipulating the market is the problem, not the solution.
Never buy a house EXPECTING it to go up. Appreciation should be a bonus….HLS
ParticipantI grew up in So Cal.. I remember when Irvine was orange groves, when Temecula was Rancho California in the 1960’s with very few houses, before Magic Mountain was in Valencia, etc.
The area exploded in the 70’s-80’s because housing was AFFORDABLE.
It made sense to buy and real estate wasn’t looked at as a road to riches, buying overpriced McMansions with ARM’s and other toxic loans created by Wall Street that were going to explode.You actually had to qualify for a loan, which you could get with as little as 5% dow, and prove your income.
This isn’t a “downturn”, it’s a return to sanity.
The denial about what happened and thinking that you need/have a “chance” to buy a house is laughable.
The REAL crisis was the market bubble that the govt allowed to inflate.
The collapse of housing prices isn’t a crisis.Foreclosures are not the problem, they are the solution.
The stock market is in the same boat. Believing that it’s a safe place for retirement may be foolish.
Until several generations accept/understand what was allowed to occur and that housing and the stock market are ponzi schemes, the charade will go on; artificially manipulating the market is the problem, not the solution.
Never buy a house EXPECTING it to go up. Appreciation should be a bonus….HLS
ParticipantI grew up in So Cal.. I remember when Irvine was orange groves, when Temecula was Rancho California in the 1960’s with very few houses, before Magic Mountain was in Valencia, etc.
The area exploded in the 70’s-80’s because housing was AFFORDABLE.
It made sense to buy and real estate wasn’t looked at as a road to riches, buying overpriced McMansions with ARM’s and other toxic loans created by Wall Street that were going to explode.You actually had to qualify for a loan, which you could get with as little as 5% dow, and prove your income.
This isn’t a “downturn”, it’s a return to sanity.
The denial about what happened and thinking that you need/have a “chance” to buy a house is laughable.
The REAL crisis was the market bubble that the govt allowed to inflate.
The collapse of housing prices isn’t a crisis.Foreclosures are not the problem, they are the solution.
The stock market is in the same boat. Believing that it’s a safe place for retirement may be foolish.
Until several generations accept/understand what was allowed to occur and that housing and the stock market are ponzi schemes, the charade will go on; artificially manipulating the market is the problem, not the solution.
Never buy a house EXPECTING it to go up. Appreciation should be a bonus….HLS
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