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Want to get into a $2.1 M home. Is this possible?

Our current home is valued at $900K, We owe $660K, so there is 230K here. We also have about $200K sitting in savings account. That makes a down of $430K. Can we mortgage the rest of 1.7M ? Assuming that we have the joint income to support it? 2 questions: Is this down possible? DO we have to sell existing house before we buy the new? What would the payment be on 1.7M ? by Manny.Bazargan124 from Villa Park, California. Nov 12th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,266 contributions

There's just not enough info to answer your question specifically, so in general, Most lender who do jumbo loans will want to see at least 20% down, unless you have VA eligibility benefits available to you..(VA allows for lower cash down) Also, lenders will require cash reserves when doing a jumbo loan.. most will like to see 6 - 12 months payment reserves.. so if the new housing payment is $10,000 per month, then you would need $60,000 to $120,000 additional cash in the bank after your down payment. As far as what the payment would be?? it all depends on what interest rate you would qualify for, the property taxes, the insurance, HOA, etc.. all of this info is required to quote you a rate.. if your serious about this, then you should contact a local mortgage broker and let him look at your complete scenario.. this way, there's no guessing games.. .. 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. 480-287-5714 WilliamAcres.com

Nov 12th 2013
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 152 contributions

call me. 4357648709lets talk specifics so we both know we are on the same page

Dec 21st 2014
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Mike Diaz (sincityloandr)
#60 ranked lender in Nevada - 41 contributions

With our portfolio loan program- Jumbo Alternative we could do this loan. We are a direct lender and the only company to secureitize since the 2008 crash. here is a link to our site showing it. We can go up to 90% ltv up to 2.5 million https://www.caliberhomeloans.com/loans-programs/caliber-portfolio-lending-program/jumbo-alternativemichael.diaz@caliberhomeloans.com

Nov 11th 2016
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Ken Gunn (Ken Gunn)
#98 ranked lender in California - 19 contributions

Manny- Yes the guidelines allow for up to $2 million with just 20% down. You would have to have to close on your current home before we can close on this purchase. Please feel free to call my office regarding rates and terms. Ken Gunn- Local Huntington Beach, CA lender 714-374-3799.

Nov 12th 2013
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Thank you both. But Ken if I have to sell the home before closing on the new one, where are we going to live in between? How do people address this issue? Do most get a hotel room or extended stay?

Nov 12th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,266 contributions

Most folks in this situation would try to do simultaneous closings. You list your property for sale, and once your under contract you go and find the home you want and put in your offer subject to your existing home selling.. .. 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. 480-287-5714 WilliamAcres.com

Nov 12th 2013
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Ken Gunn (Ken Gunn)
#98 ranked lender in California - 19 contributions

Manny- Most people will try to enter into escrow with an agreement that they have to sell their current home. In today's market it is tough to put together a $2.1 million sale without the move up buyers. It really all depends on the seller and how they will see your offer. if you do the offer without the contingency you will have to sell you home and close at the same time. Ken Gunn ken@gcnhomeloans.com 714-374-3799.

Nov 12th 2013
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Thanks, just out of curosity, if we were to close today, what would be the monthly payment on the new loan of $1.7M. You can assume excellent credit and say 6 months reserves.

Nov 12th 2013
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Larry Gray (lgray_312_247)
#577 ranked lender in California - 1,127 contributions

Preferrably you buy the house you want contingent on the sale of your existing home as part of the necessary $$. However, some borrowers dosell their home first and if you feel you need a longer to get into a homeyou could request to rent back the house for a couple of more months fromthe buyers. Otherwise, in a tough buyer's market you may need to get a temporary rental place. It sounds you have a place in mind and that shouldmake it much easier for you to decide how much time you need!

Nov 12th 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

If you are not able to close simultaneously, plan to store your furniture, and live in rental housing.

Nov 12th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

Thank you Manny, send me an email so we can discuss all your options in purchasing this home. I have many options to help iron this out for you. Contact me @ Chris.caporiccio@wellsfargo.com. We offer several specialized JUMBO programs to make this a reality..I look forward to hearing from you Manny,Best

Nov 12th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

Enter your answer here

Nov 12th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

Hello Manny, I can offer several specialed JUMBO mortgage options to help you with this transaction. Send me an email @ chris.caporiccio@wellsfargo.com to discuss your options.I look forward to hearing from you MannyBest

Nov 12th 2013
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Blake Kleckner (BlakeK)
#370 ranked lender in California - 253 contributions

Yes. Assuming you can sell your home for at least $900K and you owe $660K, you have $240K equity in it. However, unless you sell it on your own, there will be realtor fess to pay, which could be in the $36K to $54K range. Let's say they will total $45K. That will leave you with $195K + your $200K savings = $395K, which, if it is all used for the down payment on the $2.1M home, results in a first mortgage of $1,705,000, and a loan-to-value ratio (LTV) of 81%. No lenders will do this loan. Most require a 75% or less LTV. Fortunately, we have a few that will allow up to 80%. Assuming you can make a down payment of at least $420K, the loan amount would be $1,680,000. It is conceivable to get a loan with an interest rate in the 3s to the mid 4s depending upon the loan program. For sake of example, at 4% for a 30-year amortized, $1,680,000 loan the monthly payment would be $8,121. With one of our lenders, though, this could be reduced substantially. Property taxes could be about $26,250 annually, however, there may be a way to reduce this significantly. Will you be able to take occupancy of the new home whenever your existing one is sold? If so, it may be possible for the transactions to be done simultaneously so you can move from one home to the other with no housing interruption. The payment on the new home is dependent upon many factors, the most important of which are the loan program you choose, your new home's LTV, your FICO score, your debt-to-income ratio, and your cash reserves. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss this situation with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Nov 12th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

jumbo

Nov 12th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

Hello Manny, I have several specialized JUMBO products we can offer you. Contact me by email so we can discuss your options and move you into your new home without issue.Here is my email, chris.caporiccio@wellsfargo.comI look forward to hearing from youBest

Nov 12th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

Hello Manny, I believe that I have several specialized Jumbo mortgage options to help you secure financing for this home. Please contact me by email Manny at chris.caporiccio@wellsfargo.com so we can review the exact option that makes the most sense for your new homeI look forward to hearing from youBest,Chris Caporiccio

Nov 12th 2013
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Ken Gunn (Ken Gunn)
#98 ranked lender in California - 19 contributions

Manny- If you have an Arm figure a payment between $7300 to $7600. If you want fixed figure above $9000. Ken@gcnhomeloans.com

Nov 13th 2013
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Thank you all for taking the time and answering my questions with such detail. I will talk it over with my wife. We have not actually found THE house yet, but we have seen a few in that range but only on the internet. We will be viewing those houses in person and keep looking. We are thinking that we should hold off on a purchase unless we absolutely LOVE the house until spring of next year when more properties and inventory enter the market. Thanks again for all your help and advice.

Nov 13th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#16 ranked lender in New Hampshire - 31 contributions

Thank you Manny, Hopefully you and your wife fidn the house of your dreams and you consider using Wells Fargo and myself as your lending institution. I am not a Broker or Corrospondent lender, Wells Fargo is a direct lender and the number one sevicing company in the Nation.Best of luckI hope we chat soon, Manny.Chris Caporiccio -- Chris.caporiccio@wellsfargo.com

Nov 13th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Best Jumbo rates. Direct Lender. 20 years of experience in the industry. Highest level customer service. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Dec 10th 2013
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,255 contributions

i have a great loan office in California for you... tons of experience email me at lwintersteen@mprousa.com

Dec 27th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Hi Manny,Are you still looking into this? If so, drop me an email at rhanson@gladewaternational.com My jumbo rates are very good right now.... Regards, Rob Hanson

Jan 2nd 2014
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