By far, one of the most confounding experiences when one goes to obtain a mortgage is the sourcing of "large deposits" on a bank statement. This is our industry's gift that keeps giving. However, there are some ways to avoid inadvertently stepping into trouble and like with most things in life, an ounce of prevention is worth a pound of cure.
What Is a Large Deposit? Most of the time a mortgage lender will define a large deposit as a non-payroll deposit that exceeds 50% of your gross monthly income. So, let's say … (6 comments)
You might have been lured into reading this blog post under the false assumption that I'd be discussing the controversial subject of financing cannabis-related businesses and property. Well, you can let that notion go up in smoke. Instead, we're going to talk about the ways you can get a great jumbo mortgage in California if your debt-to-income ratio (also known as "DTI") is higher than Jeff Spicoli at 4:20pm. OK, dude, not really, but we are going to address the ways you can get a decent home loan with a very competitive rate … (1 comments)
First and foremost, let me declare emphatically that I would pass any drug test at any time. You show up at Casa Spinosa at 4am in the morning, drag me out into your unmarked van, make me tinkle in a cup and take a lock of my graying hair, and you're still not going to find a trace of anything illegal. Nothing. Nada. But I don't know why I have to defend myself when that's not even close to what this post is about...
No, instead, I want to tell you about our 10% down … (3 comments)
Not all mortgage scenarios in California --- and especially in the high-cost areas we often see in the San Francisco Bay Area, Silicon Valley and in the greater Los Angeles environs --- fit squarely in "the box." "The Box" is the narrow definition of what it takes to qualify these days, and for a jumbo mortgage that falls outside of the parameters of a conforming or "government," loan, such as FHA or VA. When you find yourself outside and looking in, sometimes the best solution is a "niche" mortgage program.
Now if visions of subprime loans and sky-high rates … (1 comments)
Stated income. No other phrase in the realm of home lending evokes as many good and bad memories, does it? For some --- mostly loan originators who wore an ethical stripe of a different color --- the days of the liar loans are fondly remembered as "the boom years." So too by their customers, suspecting or otherwise. Though in that case the "boom" signaled the implosion of their financial houses, often along with the four walls they inhabited.
But we're not going down that memory lane again today and we're definitely not talking about some no doc … (20 comments)
Qualifying for a Mortgage? Don't Step in a Large Deposit Mess
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