Need help with new home loan of $1,725,000 ... HELP!!!

Financing, Hard Money Lenders, Private Money
1

I am interested in a Home Loan, and having difficulty getting a 100% rock solid guarantee from any broker or lender.
(I have tried everywhere so far)

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

Item: Single Family Home (Owner Occupied)

Loan Amount: $1,725,000

Amount Financed: 100% financing

Documentation: Stated Income and stated asset

Type of loan: 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 (willing to pay 1 point but lender must allow it to be rolled into the mortage)

Additionally:
I do not want to have to show large cash reserves.
The seller maybe paying my closing costs upto $10,000.

Background:
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.

If you can get me a loan, 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. You will need to do a “exception form”.

We have not decided on a property, but we are in southern California Community. The homes in the community run from

$1,600,000 to $2,600,000. 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.

I need loan confirmation within the coming week as we are ready to make an offer on a property.

Thanks,
UZY

2

Do you have a mortgage history somewhere on the credit report even if it is only investment property? If not, do you have a rental history for 24 months paid by check? Are you stated self employed or stated w2? Either way, what do you do for a living and do you have 2 yrs employment history?

3

Post your request on this site. It is mainly for people looking for owner-occupied mortgages.

http://www.brokeruniverse.com/grapevine/

4

Not really. That site is really only brokers and lenders for the most part. I don’t really see a lot of every day homebuyers on that site JAG.

5

I agree with Shaun, broker’s universe is about 80% new brokers trying to figure out the business. Very seldom is there someone on that forum that will answers that the other professionals here don’t have. Your more likely to get led on a wild chase there if anything.

Uzy, you said that you tried every where so far. Are you sure? Maybe you forgot about some of us other brokers who could help you out.

Have you spoken to Lending Ham on this board? Although he likes to try running my name through the mud here, I’ll stive give him a spot as he specializes in jumbo loans.

6

ViperMann:

I have that loan scenario and am pricing it as I type…I will leave a posting sometime tonight about the pricing and programs available and if everything looks good to you, we will proceed forward.

7

I just spoke with the bank and we can probably get the two exceptions done that we need for the loan…it would be an 80/20 loan to make it 100% financing…you are looking at about 8.25 on the first and and 13.5 on the second…I know the rates seem high but its a very high loan amount for the bank and also the fact that you are going stated income/ stated assets…let me know if this works for you.

8

I’ve already discussed this with Uzy.

thanks for the plug Ben Stiller.

9

I’d be very suprised to see if you can put this through a normal bank. They must want to keep it for their own portfolio if they do take it. Loan size seems to be the problem and reserves of course.

10

You can get the loan on stated income stated assets, but have to have 3 mos reserves in liquid assets (not IRA or a retirement account).

11

I still do not have a loan … Any loan brokers want to give it a try… any other options anyone can recommend???

12

I have a few private investors looking into your deal. I doubt you get this loan done conventionally without knowing someone important or having your reserves. Get that deal finished and put some reserves in the bank for 2 months. I also was told 3 months PITI was the least you would need as long as the seller is paying all the closing costs and that was by exception. The problem is the loan amount is too high and you have no reserves. This is a high risk loan. I will keep you posted.