Mortgage or Hard Money Loan

I am interested in a Home Loan, but I need 100% financing.

I can fax over the Approval Letter from Countrywide and a letter from my Accountant if needed in the future.

Here is what I am looking to do with my loan.

Item: Single Family Home (Owner Occupied)
Loan Amount: $1,795,000
documentation: Stated Income.
Type: Any - (Interst Only. Option ARM, 3/5, 3/10, 3o year fixed, 30 year adjustable, etc)
Prepayment Penality: None (I will re-finance the loan within 1 year)
Points: No Points
Additionally: I do not want to have to show cash reserves or any major assets.

My credit score is between 735, 740, 745 with the 3 credit reporting agencies.
I only have 2 car payments (2000 Dodge Viper, and 2002 Lexus LS430)
I have no other debt, no credit card debt, no late payments, etc. Good clean credit history.

I have been approved with Countrywide for 1,795,000 with an 80/20 loan. (This quote is 3 months old)
Interest rate 6.5% ($1,000,000)
Interest Rate 11% ($795,000)
Points: 1.625 (upto 1,695,000) and 2 points (upto 1,795,000)
However, they want to see $125,000 cash in reserves.

If you can do better I would gladly do business with you.

I am willing to speak with with the underwriter. Or if you need me to plead my case with the underwriter. He will need to do a “exception form”.

We have not decided on a property, but homes in the Moorpark, California Community run from $1,600,000 to $2,000,000. There are several homes for sale in the area. We are trying to get the best deal on a new home, by shopping the different sellers.

Before I make an offer, I want to ensure I am preapproved for a mortage.

Usman “UZY” Malik

I forgot to add the following:

I want to have a conventional mortgage, but one loan agent recommend I look at hard money loans.

Another agent said “no need for hard money, you just need a different lender or loan program”.

So just asking for advice.

Hello Usman,

Countrywide is a big lender but not the best for investment properties or jumbo loans. There are several products available to you that your broker probably has not suggested.

I can comment on the rates as you didn’t mention what terms they were base off of. However, the points seem very high.

My advice would be to have a 2nd opinion from another mortgage professional.

Thanks Everyone. This web site is great.
I have received calls from about 5 lenders who can say they can try to work something out with me, and i am calling all of them.

Thanks again.