best jumbo mortgage rate in California?

Deal Score0

900,000 loan

needing a wholesale lender for a property in Los Angeles, California.

Im working for a broker, and i’m stuck, just hoping someone here would know some magical lender that would do this. thanks!
Dear JB,

i guess someone’s angry haha but i’m just trying to help an old lady out of a bad situation she’s in because of someone who didn’t inform her of the program she was getting herself into… thats all… im not asking for your opinion, thats why i said “magic” so calm down…

i guess you should’ve asked more questions before being judgemental…
according to JB, i should let this lady who’s been at her home for 15 years foreclose…

anyone else agree?
thanks Jennifer, her comps were comming up at 1m, we tried a loan mod but her lender wouldn’t budge since she has some equity, they’d rather she sell, i just don’t want her to leave that house shes been in for so long… i know its an unfortunate situation… anyway im just laughing at JB i mean im home at 11PM trying to figure out this lady’s situation and he still has the nerve to call me greedy but naieve people will do that stuff hehe…

off topic:
with regards to the law school, ive decided on continuing with SDSU because my new job can now accomodate my schedule, and hopefully try to get into a public school, if i can score high enough on the LSAT, thank you for your recommedations! 🙂

11 Comments
  1. Reply
    Barry
    January 24, 2011 at 5:08 am

    What credit score? What Loan to Value ? What sort of income and/or asset Documentation can you provide? Is it a purchase or re-finance ? Are you looking to get a fixed rate or an adjustable? Owner occupied or second home? Any derogatory credit situations? How long on the job? What type of profession ( income wise ) .Please re-post or you are welcome to e-mail the complete scenario.

  2. Reply
    Carolinahomerates.com
    January 24, 2011 at 6:02 am

    barry is correct…too little info to tell what kind of rate you can get…the other thing is that those offers by the other 2 posters are lies. Conforming rates are around 6.25%…and there’s no way you will get that for a jumbo

  3. Reply
    too l
    January 24, 2011 at 6:11 am

    Purchase or refinance most lender will not lend up to 100% LTV on Jumbo money. For the best rate you may want a 1st and 2nd, the mortgage insurance would be high. One loan without MI the rate would also be high.

  4. Reply
    binzy86
    January 24, 2011 at 6:57 am

    Don’t let all these people try to sell you. Go to bankrate.com and click on “compare rates” to see for yourself.

  5. Reply
    Patrick G
    January 24, 2011 at 7:24 am

    2% would be the best rate in California. It takes a 890 fico and $ 64,000,000 in the bank. I just got one of these and I love it.

  6. Reply
    JB
    January 24, 2011 at 7:39 am

    With a 669? What are you smoking?

    Seriously, anyone who knows anything has heard all about BofA and CMC…..and that much of the stroy is yet to be told… And your out there trying to get a jumbo for a schlep with a 669…..un-effin-believable!

    It was greedy people like you that got us in this mess.

  7. Reply
    americanfreeman
    January 24, 2011 at 7:43 am

    no way …

    credit poor

    85% LTV will not fly anymore

    for that loan most will want 20% down and 750 credit

    at 669 you can guarantee late and missed payments by end of year one.

  8. Reply
    Jennifer S
    January 24, 2011 at 8:02 am

    Yes, I think you are gonna need 20% down + you should check on the appraisal…they might not lend as much as you need against the house. CA real estate is really suffering. So, if she needs $ 980K to pay off her current mortgage but the house is currently worth only $ 700K then the lender will only lend 80%*700K.

    It’s a horrible situation. Sorry, so many people are in this situation in CA.

    Can I suggest she call and work with her current lender? I know a lady here (in Southern Ca) that was able to get her ARM turned into a 30 year fixed at…6.25% by working with her lender and telling them she wasn’t going to be able to make the payments.

    That’s the only thing she can do, really if she wants to keep the home.

    Good luck, great of you to try and help her.

    p.s. I just read your Resolved Question about USD Law. I completed their paralegal certificate program last year. I would highly recommend that before you commit to law school. Both UOP and USD Law are very expensive…not a great financial choice in today’s economy. I would suggest applying to a less expensive 4 year school (like a Cal State school) Not the best education but it will get the job done on a budget and it’s much more respected than UOP and National.

    Around here, employers don’t give a lot of value to UOP and National. That’s coming from more than one guidance counselor. Why pay a ton of $ if nobody respects the degree?

    Also, you should consider going thru the paralegal program at USD first. That way you can work at a law firm and gain experience if you decide to go to law school. The credits don’t count toward your law degree but the experience is invaluable if you want to make it your career.

    p.s. don’t give a thought to J.B.- take a look at the kind of questions he’s been asking. What a lowlife!

  9. Reply
    Big daddy
    January 24, 2011 at 8:40 am

    I hate to say it but I think your stuck. it’s not the ltv or fico that’s hurting you, it’s the loan amount, the highest fha will go there is 714k or something like that. Do you have fha access out there? Talk to some of your ae’s if you havn’t already, but this is a tough one, sorry I couldnt help more

  10. Reply
    hajira a
    January 24, 2011 at 9:31 am
  11. Reply
    thechase23
    January 24, 2011 at 10:14 am

    New Program here in Sacramento, we do loans 85%LTV and our lenders are the best.

    It is possible if you know what you are doing. Email me.

    thechase23@yahoo.com

    Leave a reply

    Register New Account
    Reset Password