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09-01-2015, 02:04 PM #1
- Join Date
- Aug 2015
- Posts
- 67
Jumbo Loan Request
Hi Everyone,
Have a look at this scenario and let me know if you are interested in this client.
Client looking for a Jumbo Home Loan for Owner Occupied. Home appraised at $4M 8/3/2006 and was recently for sale at $4.4M.
Client looking for $2.25M loan interest only five years – LTV 56%. Monthly pay $6,250 - Interest, taxes ($14,000 annually), insurance ($9600 annually).
This is currently buy-down - existing mortgages are:
1) Chase bought the former WAMU mortgage $2.2M out of the FDIC for 50 cents on the dollar and carries it on their balance sheet for $1,073,274 - we are told they would take a payoff off their balance sheet.
2) Second mortgage money used for a subdivision investment that went south - balance $994,025 - will take buy down of $700,000.
3) Third mortgage - same subdivision investment balance $222,616 will take a buy down of $200,000
4) Cash out, $130,000, pays off two student loans - law school - borrower will have no other debt.
Client credit score is 650, Annual income fixed $135,000, Social Security Income $30,000. Annual Income from brokerage business varies about $20,000.
Can someone do this deal?Doran M. Summers
Small Business Loans & Commercial Loans
3960 Howard Hughes Parkway Suite #500
Las Vegas, NV 89169
Doran@DoranSummers.com
Www.DoranSummersFunding.com
217.799.0156
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09-15-2015, 10:15 PM #2
- Join Date
- Jun 2014
- Location
- Houston Tx
- Posts
- 97
This would be pretty simple if we could work with the current owner. I have money for sale for this as well. Does the borrower have a down payment? PM me so we can work something out
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