With all the wreckage littering the marketplace that used be called Alt-A and Jumbo lending, it's worth taking a moment to think about how a large deal can still be structured. Here's one possibility for 90% financing:
Purchase Price: $1,000,000
Conforming First: $417,000 at a rate in the mid 6's. Interest only.
Huge Second (working from Wells HE Rate Sheet); $483,000 at 8.375%
Assumes strong assets and excellent credit. FULL DOC.
Blended rate is roughly 7 5/8. Interest Only on the second would cost another quarter to rate, but would lower the payment significantly...
Now, if the borrower is REALLY strong on assets and credit, then you MAY well be able to get a Min Doc type finding from the Automated Underwriting System for the Conforming first, which has the effect of getting a Stated Verified loan without paying a hit for it. Then you could take the hit on the second and go stated verified.
The alternatives from a handful of lender who still CLAIM to be able to do one loan jumbo and super jumbo is a rate in the 8's or 9's.
Not all that pretty, but, face it. It's a different world, and we still gotta help people buy the house they want.
I'd love to hear from other Never-Say-Die ers out there in ActiveRain Land about how YOU are structuring deals that used to be easy...
Best Regards,
The STILL HERE Loan Officer!
Go ahead. Click it... 
;)
;)
To be honest Tom I don't see many Jumbo deals out here in Eugene Oregon so I haven't really ran into that problem. I'm about to roll a construction loan into permanent financing and it is a $500k loan but when all said and done the LTV will only be around 70% so I think I'll still get some fairly decent pricing.
That is an interesting way to structure the deal though. Funny to think you would be having a 2nd mortgage bigger than your first and it actually MAKES SENSE.
Hey Tom, I have a quick question. how do you go about getting that neato little signature that you have?