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?