Posts Tagged 'Bank of America'

Mumbo Jumbo Money Game! Where is the money?

I am trying to buy a home for 1.2 million. I have great credit and I make awesome money. I can put 20% down and I will need a loan for 960K. Can anyone out there help me?

Buyers in the mumbo jumbo arena are finding it very difficult to get financing. There are a few lenders out there that are willing to give out the money but there are a ton of strings attached. The losses that the investors have taken over the last few years has everyone gun shy. An investor does not want to tie up a million dollars in an economy where job loss, dividend cuts, and bonuses are being stripped.

Check this out directly from one of our sources today regarding what they will do for the Jumbo Market:

Max LTV is now 70% for Purchase or Cash Out.

Minimum score is now 680 to 700 depending on loan amount.

Reserves required are now from 6-12 months depending on DTI. Max DTI is 45%.

This is only for loans to 1 million. Imagine those that are trying to buy over this. Inman News posted a great article on how Bank of America is trying to buy the jumbo market. Check out the article: http://www.inman.com/news/2009/03/20/bofa-out-make-jumbo-loans  

There criteria is no different than the rest but they do not have to have Fannie Mae or Freddie Mac buy their loans. They have the ability to keep the loan in their portfolio and service the debt. The ability to service the debt as well as keep it in the portfolio gives Bank of America the option to pick and choose who they do business with and whether or not they feel comfortable with the risk.

Another Great article tackling this issue is from the Washington Post check it out:  http://www.washingtonpost.com/wp-dyn/content/article/2009/03/20/AR2009032001447.html

One may ask why are you showing information that limits your ability to do Jumbo loans? The reason is simple I specialize in Purchase money for buyers in the market to purchase a home. As you will start to see as soon as I launch Cahomestrategies.com in the middle of April, I am all about educating my buyers. To be a great educator you have to have a limited number of subjects that you know well. I know Government Purchase money and I know conventional purchase money up to the Revised temporary loan limits. I do not know Jumbo but I can point you in the right direction. The goal is to make sure that you get the highest level of service and that you end up with the right mortgage. 

Your mortgage success is my commitment!

As Always thank you for reading, 

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