Here is a list of open houses in Burlingame Ca for the weekend of September 12th and 13th 2009.
As a loan officer in California I specialize in the jumbo loan market. I have been encouraged recently by the re-appearance of some lenders (Suntrust, Citimortgage) into the jumbo loan space. Despite the increased competition, it is still very difficult to obtain a jumbo loan because of the strict underwriting guidelines.
I have done a survey of my jumbo loan sources with the purpose of finding some minimum standards required in each area of underwriting. Here is what I have found:
Stated income is virtually non-existent. However, I have one jumbo loan lender that will do stated income for large loan amounts. I wrote this blog post about the program.
The maximum loan-to-value percentage is 80%. In my area the maximum agency loan for a single family residential is $729,750. If you need to borrow more than this amount, you are limited to 80% of the property value.
The maximum combined loan-to-value percentage for a jumbo loan is also 80%. By combined loan-to-value percentage I mean the total amount of a first mortgage and second mortgage added together in comparison to the property value.
The minimum credit score allowed is 650. The score used to qualify is the middle score. If there are two or more borrowers, the lender will use the lowest middle score. The guidelines regarding credit score for a jumbo loan used to allow the lender to use the middle score of the primary wage earner.
The maximum debt-to-income ratio for a jumbo loan is 50%. This maximum is exclusive to one lender. Most require a debt-to-income ratio of 45% or less. Several are at 40%. Most of the lenders tell us there are no exceptions to these guidelines.
All loan programs with an interest-only payment option are qualified at the principal and interest payment. This requirement has presented some interesting problems for borrowers who are attempting to refinance their jumbo loan. I have presented quotes to clients in which their payment would go down significantly. However, because the lender requires the principal and interest payment to be used to qualify, they cannot, because the debt-to-income ratio has become too high with a principal and interest payment.
The maximum loan amount is $5,000,000. This maximum for a jumbo loan is not too limiting because there are very few borrowers who would like to borrow more than this amount, even in California. However, most of my lending sources have a maximum loan amount between $1,500,000 and $2,000,000.
The minimum amount of cash reserves is 6 months of PITI. PITI stands for principal, interest, taxes, and insurance. We do have one jumbo loan lending source that does not ask for verification of reserves, however, this is definitely the exception, not the rule.
Most jumbo loan lenders have a maximum amount of cash a borrower can take out - $350,000. However, there are a few lenders that allow more, but they generally are not as competitive with their rates.
A jumbo loan for a second home has a maximum loan-to-value percentage of 75%. Be prepared to prove that it truly is a second home with your tax returns. If income is declared for your second home, it is very difficult to get your loan approved as a second home.
The maximum LTV for an investment property is 65%. Very few lenders have a jumbo loan product for this category.
AS you can see from this survey of my sources, the credit guidelines for a jumbo loan are tight. There may be other lending sources that I am not aware of that have guidelines that are "easier" than what I have posted here. If you know of easier guidelines, feel free to comment.
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Burlingame AYSO has its opening weekend this Saturday and Sunday, September 12th and 13th. Festivities start off with the annual parade at Burlingame High School. If you haven't been to the parade, you are in for a treat!
Burlingame AYSO brings in local dignitaries, such as the mayor, council members, and local religious leaders to kick off the parade with speeches. The Burlingame High School cheerleaders are present to cheer on the young soccer players. There's a lot of action happening on and around the football field. However, the real action is behind the football field, where our young athletes line up for the parade!
Kids chasing their buddies, dogs chasing kids, and coffee drinking parents trying to keep 6 year olds lined up in a straight line while they wait there turn to enter the stadium are just some of the sights you will see on the softball field. I consider the Burlingame AYSO soccer parade a right of passage into Burlingameparenthood!
Once you and your kids enter the stadium, you will see a flood of players and banners marching around the field. Burlingame AYSO has given the kids the chance to choose their team name. Blue Hobos, Fashion Police, Swimming Salmons, and Pink Booomerangs are the names of some of the teams my kids have played on.
Once the parade is over, if you want to smile and chuckle, stick around and watch the 6 year olds and under play on the softball field. Burlingame AYSO has a league for kids of all ages!
Fields all over the town are used by Burlingame AYSO. If memory serves me correctly, the 8 year olds and under play at Washington Park. BIS Osberg field, Franklin Field, Cuernavaca Park, Bayside Park, and Jim Murray field (named after the former AYSO President) are also used.
The Burlingame AYSO opening weekend usually consists of a game on Saturday and a game on Sunday. Make sure you bring your lawn chairs and sunscreen - it's supposed to be pretty hot!
One of the staples of the Burlingame AYSO soccer season is every parent's favorite, the snack schedule. The kids love to have oranges and water at halftime, and a drink and snack after the game. Don't forget to mark your snack day on your calendar. God help you if you forget, with 12 sad faces looking right at you!
As the season winds down, the competition ends with the Burlingame Cup. I have seen some of the most exciting soccer games in Burlingame AYSO during the Cup playoffs.
If a Cup game ends tied, overtime is played. If no one scores during the overtime, players are taken off of each side. I have seen some playoff games end up in two on two! Imagine running all the way up and down the field after four overtimes! Burlingame AYSO really makes it exciting with this format to determine a winner!
Burlingame AYSO does a great job teaching the kids about teamwork, competition, and athleticism. Most of all, it's just a lot of fun! See you on the field.
Do you have transactions in California that make sense but are tough to place through institutional lenders, and deserve better than most hard money terms? Montecito Financial is a lender that you may want to consider contacting.
In addition to my business as a mortgage broker, I am representing this product on a wholesale basis through mortgage brokers who are licensed in California.
Here are some of the features of the product we are offering:
Stated Income Jumbo Loans
August 28, 2009 - Stated income jumbo loans have become available in California.
They are available for primary residences, vacation homes, rental property, and commercial property. This program is available on a wholesale basis through mortgage brokers, and I can also help homeowners and home buyers personally also.
In this post I will let you know about the features of this program for stated income jumbo loans.
This program for stated income jumbo loans is available for properties in California. The property should be within twenty miles of the California coast, however there can be exceptions.
If you are borrowing or have clients that need stated income jumbo loans with high loan amounts, that is OK. Eight digit loan amounts are accepted.
Stated income jumbo loans have traditionally required high credit scores. This program has a sliding scale for rates, with credit scores lower than 580 possible if the file has strong compensating factors.
This program for stated income jumbo loans accepts high loan-to-value (LTV) percentages. For example, on loan amounts up to $4 million, it allows a LTV of 75%.
Institutional lenders usually restrict the dollar amount of cash-out. This program allows unlimited amounts of cash out for stated income jumbo loans. This is a huge niche in the mortgage marketplace.
There are several different amortization options available. The borrower could amortize the payments over 15, 20, or 30 years. An interest-only option is available also.
Stated income jumbo loans that are funded by this program also have a term option. The term option ranges from one to five years.
There is a one year pre-payment penalty. However, the pre-payment penalty can be bought out with an addition to the fee. On the other hand, the rate for these stated income jumbo loans can be reduced by accepting a longer pre-payment penalty than one year.
Although I have described this as a program for stated income jumbo loans, full documentation loans are available. The rate can be reduced for full documentation, as well as for loan-to-value percentages less than 45%.
If you are expecting to get an A paper rate for your loan file, it ain’t gonna happen. I would describe the terms as between A paper and hard money. However, this program can really help people who can’t qualify for A paper, or who have specific needs that institutional lenders can’t fulfill.
The next step is to contact me . Again, I can help both homeowners and mortgage brokers with this program for stated income jumbo loans.
(650) 222-0386 Phone
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I am a mortgage broker who has been originating since 1985. I specialize in jumbo mortgage loans, commercial, and construction loans in California. Cash out and stated income loans are available.
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