who does 100% Financing to 1.5 million?

Deal Score0

im a mortgage broker looking to find a home for this loan but Im having no luck since they don’t want to put any money down….anyone know what lender does this king of super jumbo loan? they have plenty of assets…good fico (780) going stated….

I recently found out about the Super Conforming Loans the good ole government made available to home buyers. I’m buying a home and taking out a loan that falls into this new loan program.

Does anyone know how to go about finding this type of loan? The brokers I’m dealing with all claim that my loan falls into the “Jumbo” category…but the fha.gov website clearly states that my loan amount is within the new super conforming rate.

Here are some links for additional information:

https://entp.hud.gov/idapp/html/hicostlook.cfm

http://www.freddiemac.com/singlefamily/mortgages/super_conforming.html

9 Comments
  1. Reply
    no one
    February 4, 2011 at 6:18 pm

    Time to start pulling in partners.

  2. Reply
    baltimman
    February 4, 2011 at 6:39 pm

    Why not get a second loan, or an 80/20?

  3. Reply
    MrKnowItAll
    February 4, 2011 at 7:01 pm

    Almost no lender will give 100% financing for anything anymore – they want 20% down – especially for large deals like this. You need to find a private investor that wants to do private lending. If what you say is true, and they definitely have those kinds of assets and that credit score, then give Donald Trump a call – he will deal with you directly if he can make money off it too.

  4. Reply
    annathespian
    February 4, 2011 at 7:43 pm

    My husband and I are in Title and I asked him (he’s got more experience)- he says he’s never seen a 100% over 500k and that every lender he’s worked with would require at least some $ down on a 30year fixed for that amt (even with the great fico and income/assets)… 10-20k is fairly normal he said (considering that individuals with that kind of income/wealth could probably save 10-20k fairly easily). Have you checked with your underwriter to see what their general rules are regarding this? If you have an in-house title co then you might want to bring one of them on board to see what they’ve seen come across the table… Good luck to you!

  5. Reply
    Ken 22
    February 4, 2011 at 8:07 pm

    E-mail me at Ken.lifemortgage@gmail.com I work with jumbo loans alot, especially in california I have a couple of private money lenders that will do it with o.k rates

  6. Reply
    firstlibertymortgagecompany
    February 4, 2011 at 8:36 pm

    My name is Christopher Walker and if you contact me at 18882949990 I can shop it around, I have a few that might go to 100 % LTV. I know I have 1 that will do it definately. Im a broker myself in PA.

  7. Reply
    frankie b
    February 4, 2011 at 9:11 pm

    If they have plenty of assets why do they need 100% financing? I would say most lenders will require 20% down on this high of a loan, especially because its stated. Have them free up some cash and make a down payment.

  8. Reply
    internetmortgagepro
    February 4, 2011 at 10:03 pm

    not for sure, may want to give a try to Fremont, or WAMU

    but to be real honest, Stated 100%, let alone jumbo loan, doubt it’s gonna happen, to many layers of risk there.

    and if they have the income, what’s the trouble with doing a down payment (something fishy if you ask me, and that’s how an underwriter will look at it).

  9. Reply
    Noneya
    February 4, 2011 at 10:39 pm

    While FHA may insure loans up to $ 629,000.00 it is still up to the lenders to lend their money on these loans so they decide what the risk is and decide what rates to charge. The highest standard loan for FHA is around 362K anything over that for a lender is considered conforming jumbo and will have a higher interest rate than say a loan of 250K. Let me know if you have more questions.

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