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2 New Mortgage programs using assets for qualifying and pledging for downpayment ~ now that is a title with some teeth on it, and needs some seriuos noodle power to figure out.
As most of you are aware I am a very progressive mortgage originator and am constantly posed challenges to help out clients purchase homes that do not fit with the the extreme vanilla lending rules we find ourselves faced with as a country today.
So here is what we have come up with:
Program One: Pledged Assets
This is perfect for the client with assets that are tied up, subject to large withdrawal penalties or that have just been hammered in the market and to liquidate for down payment would be way to costly.
SO HOW DOES IT WORK MARK?
Take a million dollar purchase - you need 30% down i.e a 70% ltv - well we will lend to 90% on this program i.e you come in with 100k for the down and we have you pledge 200k of your assets when the mortgage funds simple!
This is for Jumbo loans only i.e loan amounts above $417,000 and available on ARM's fixed for as long as 10 years if so desired.
Programs Two: Assets for income
This is perfect for the client whose income is low but assets base is high, who aren't taking a mandatory distribution, and wish to use their assets to qualify for a mortgage.
SO HOW DOES IT WORK MARK?
You need a 720 FICO, be getting a loan from $417,000 up to 3 million, and wanting to buy a single family primary or second residence in Arizona.
We use the potential return or distribution potential as income for qualifying as if the client was taking the draw each and evey month.
A client wanting to use this type of financing need put down 30% to a million 35% DOWN TO 2 MILLION, AND 40% DOWN FOR UP TO A 3 MILLION DOLLAR LOAN AMOUNT
Loan products available are a 5/1, 7/1 and 10/1 ARMs only.
So basically if you want to pledge assets for the down, or have the down but not the income and are wanting to buy a home that needs Jumbo financing - these are the 2 best products available today for getting an Arizona Mortgage.
For more specific case by case examples and how this would work for your particular client or your own situation don't hesitate to call my office at 602-361-0707
As always thanks for reading my blog: 2 New Jumbo Mortgage programs using assets for qualifying and pledging for downpayment
This Active Rain post is byMark Taylor, to get your free mortgage approval please call 602-361-0707. Please click on the links below to view my AWESOME websites!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.