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Company Loan Type APR Est. Pmt.

JUMBO MORTGAGE - NINA

Posted on: 30th Sep, 2007 06:42 pm
Does anyone know where I can get a jumbo loan with no income/ no asset . Home price is 890k, we can put 20% down. Just don't want to show everything. Credit score is around 665
With 20% down it is possible. Depends on your credit score and history. Is that your mid score and did a lender give it to you?

Also depends on what you do and how long you have done it.

Where is the 20% coming from?
Posted on: 30th Sep, 2007 06:55 pm
20% from my bank account. I have been in the same line of work for 7 years. I am the President & CEO. That is the mid score and a lender gave it to me. The high score is around 696, lowe score around 650.
Posted on: 30th Sep, 2007 07:22 pm
Is it going to be your primary residence?

Could you do stated income and verified assets?

It is possible, but any lender that would consider it, will want to see the whole scenario first. You will probably need SIVA in order to make it work. Expect to be required to pay for 2 appraisals.

I am not sure if I can just start dropping names here. Lets wait and see if a moderator chimes in and tells me what is allowed.

Also are you a broker or a home buyer? I really only know the names for wholesale lenders and they don't deal direct you need a broker.
Posted on: 30th Sep, 2007 07:58 pm
Yes, primary home. I can do stated with verified assets. I am the homebuyer. New home being built. Should be done late November. I already have down over 10% to the builder.
Posted on: 30th Sep, 2007 08:05 pm
What state are you in? What area?
Posted on: 30th Sep, 2007 08:18 pm
Eastern PA.
Posted on: 30th Sep, 2007 08:19 pm
Could you clarify something?

Is the loan going to be for $890,000 or is that the home price?

If it is the price and you are putting 20% down it won't be considered jumbo with all lenders. But be prepared to pay a high rate. From some quick checking it will range from 8-12% depending on all the facts.
Posted on: 30th Sep, 2007 08:37 pm
the home price is 890k. total down is 180k, leaving a mortgage of 710k.
i thought anything over 417k is a jumbo.
is it possible to do a second mortgage combined with the 20 percent down.
Posted on: 30th Sep, 2007 08:40 pm
Technically yes but not all lenders use the same numbers. 417k is the max limit for fannie mae and freddie mac sellable loans.

The terms used and the underwriting guidelines are up to individual investors. Although a lot of loans go to fannie and freddie not all of them do. And even with the latest in the news there is still a subprime and ALT-A market were lenders are a lot more creative with their programs.
Posted on: 30th Sep, 2007 09:11 pm
OK, you sound very knowledgable..............HELP!
I have no clue about these boards. Is it permissible to ask for your contact info. Assuming you can help me and are in that line of work.
Posted on: 30th Sep, 2007 09:20 pm
Joe Joe,

While your credit scores are good. I am wondering if maybe you couldn't imrpove them a little. There are a lot of little factors that will go towards improving your scores. IE credit card balances......You have a little time and it wouldn't take that long to bring your scores up a bit to give you even more options at better rates.......the target score is a 680 or higher. A good broker who understands how FICO scores work should be able to help you improve your scores a bit prior to close. It is possible to do your loan with the current scores however you would a lot more options with a 680 or higher score.

You may feel free to contact any mortgage professional on this board however the pro's who post here are not allowed to contact you first.
Posted on: 01st Oct, 2007 05:16 am
If you want to contact someone send them a private message in your scenario the biggest thing that is going to come into play is whether your score/credit history is good enough to go stated income/stated asset (might have to show assets. The 10% you gave to builder is it currently in an escrow account or will it come in form of gift of equity? As far is rate is concerned you are likely looking at 7 to low 8% depending on what you can prove and what you can/willing to show.
Posted on: 01st Oct, 2007 06:03 am
I have got your answer from the forum owner.

You can sign up to this site and either send me a private message or go to This link and they will forward your information to me. We just want to be fair to this site and follow all the rules.
Posted on: 01st Oct, 2007 09:31 am
As a side note.......Once you have completed your application.....you will get a GFE good faith Estimate.....bring that here and post the info and you will be able to get some feed back on the rate and terms being offered.
Posted on: 01st Oct, 2007 09:37 am
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