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Is it possible to put 10% down on a million dollar loan?

Want to buy a home in Southern California with a credit score of 762, full-time employment, AND my own S-corp. I was wondering if lenders look at adjusted gross to determine the amount of loan? In 2015 our gross (W-2) was 372k and our k1 was 150k. The adjusted gross is 224k. by jared_thicke788 from Seal Beach, California. Oct 18th 2016 Reply


Yes. I have a 90% ltv loan up to $3,000,000.Contact me at John.clhp@gmail.com (562)477-0929

Oct 18th 2016
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Hans Bruhner (Hans Bruhner)
#100 ranked lender in California - 101 contributions

Yes I can do that and we have 1 loan but we also have a 1st and 2nd combo that typically works better. I am in California as well and can be reached at (415) 843-0142 x 1 Your question about income simply can't be answered without seeing the tax returns. We get to add back some items to income that are just paper losses and so we don't look at gross income and we also don't look just at net. hans@hansblog.com

Oct 19th 2016
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

I can do your loan asa business credit, and if it a new construction, I have 95 to 100% construction loans up to $25 million linda lindaonthego@outlook.com

Oct 20th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Looks like you have a 2 part question.. 1) can you do a 10% down on a Jumbo.. the answer is,,, Yes.. there are 10% down loan products for CA jumbo.. the 2nd question is how is qualifying income determined.. This question cannot be answered based on the limited info you provided.. we would need to analyze your complete loan scenario, as well as all your current debt to determine if you can qualify for the payment associated with a $1M home.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 20th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

10% down on a million dollar loan? Yes, no, and maybe. (sorry). Anytime you get over the conforming loan limit for your area, there is no longer any 'standard' loan like Fannie Mae or Freddie Mac. While mostly similar, the rules really vary by lender. Most lenders will require 20% down for that sized loan. If you look around enough, you'll find some who will let you do just 10%, but now you move into a higher risk category, and the rate will generally jump significantly, or you'll need to add expensive mortgage insurance. Also when you get that high, excellent credit is mandatory. Self employed people? My advice about qualifying income is to not bother trying to figure it out on your own, but to rather just complete a full application and give your loan officer your tax returns to calculate for you. It isn't as easy as just looking at adjusted gross or your K1 in most cases. For jumbo loans, and self employed loans in MN, WI, and SD, visit me at www.JoeMetzler.com.

Oct 21st 2016
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Bill Cook (loanpro)
#636 ranked lender in California - 43 contributions

Yes, we have loan programs for 10% down up to $2.5 million.we have 5% down up to $1.5 millionIn most cases, a 1st and 2nd mortgage combo would be the best solution to keep the monthly payment low versus one single loan.(714) 475-3567 William Cook NMLS 1048392 loanshoppers.net

Jan 10th 2017
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