High LTV jumbo mortgages for primary residence in MD?

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High LTV jumbo mortgages for primary residence in MD?

Stephen Chittenden
Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
Slightly off topic, but I know there are a lot here who might have useful knowledge. Anyone have experience with high LTV loans for personal primary residences in the 800k range? I'm looking for someone who lends in MD.
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  • Shaun Weekes
    Loan Officer / Processor / Life & Health Agent · Rancho Cucamonga, CA · Member since 2014 · 1k+ posts · 757 votes
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    Good Evening,

    What is the value of your property.

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  • Stephen Chittenden
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    Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
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    About $800k. 

    Originally posted by @Shaun Weekes:

    Good Evening,

    What is the value of your property.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
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    what LTV are you looking for? Purchase, refi, cash out refi?

    [email protected]301-893-4635Podcast Guest on Show #192
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  • Stephen Chittenden
    OP
    Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
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    Originally posted by @Russell Brazil:

    what LTV are you looking for? Purchase, refi, cash out refi?

     Purchase. Our issue is coming up with a down payment plus closing costs.  The home is listed for right at $800k.  I'm trying to see what the options are that would allow us to come to closing with as little cash as possible.

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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
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    Im pretty sure both the local lenders I work with are going to tell you you need 25% down.

    [email protected]301-893-4635Podcast Guest on Show #192
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  • Stephen Chittenden
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    Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
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    Originally posted by @Russell Brazil:

    Im pretty sure both the local lenders I work with are going to tell you you need 25% down.

    Thanks, anyway. I have a credit union that will do 95% LTV with no PMI, so that may be our best bet. It's the enormous closing costs that are the real killer.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
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    Originally posted by @Stephen Chittenden:
    Originally posted by @Russell Brazil:

    Im pretty sure both the local lenders I work with are going to tell you you need 25% down.

    Thanks, anyway. I have a credit union that will do 95% LTV with no PMI, so that may be our best bet. It's the enormous closing costs that are the real killer.

     That is an insanely good deal.  I would jump all over that. What credit union is it?

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group546 Reviews
    WebsiteView Page
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  • Stephen Chittenden
    OP
    Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
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    Originally posted by @Russell Brazil:
    Originally posted by @Stephen Chittenden:
    Originally posted by @Russell Brazil:

    Im pretty sure both the local lenders I work with are going to tell you you need 25% down.

    Thanks, anyway. I have a credit union that will do 95% LTV with no PMI, so that may be our best bet. It's the enormous closing costs that are the real killer.

     That is an insanely good deal.  I would jump all over that. What credit union is it?

    NASA FCU. They offer 100% financing to $650k and 95% to $850k for primary residence purchases. Max LTVs are 5 percentage points lower for refinances. No PMI required in either case.

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  • Zack KarpPro Member
    Lender · Schaumburg, IL · Member since 2015 · 833 posts · 774 votes
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    @Stephen Chittenden

    That's a really great product.  I don't think you will find anything better out there for 800K purchase with less out of pocket.  I have lenders that can do 5% down up to 650K loan amount, but NASA is the only place I know of that goes above 650K with 5% down.

    How is the rate?  I would imagine with no MI, they are a little higher.  Maybe some points as well?

    847-387-5513
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  • Stephen Chittenden
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    Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
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    Originally posted by @Zack Karp:

    @Stephen Chittenden

    That's a really great product.  I don't think you will find anything better out there for 800K purchase with less out of pocket.  I have lenders that can do 5% down up to 650K loan amount, but NASA is the only place I know of that goes above 650K with 5% down.

    How is the rate?  I would imagine with no MI, they are a little higher.  Maybe some points as well?

     The rate they offered was 5% with -.25 points (so a credit against closing). Maybe a little high, but it seemed pretty good. 

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  • Zack KarpPro Member
    Lender · Schaumburg, IL · Member since 2015 · 833 posts · 774 votes
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    @Stephen Chittenden

    Ahhh...that's the catch. Higher rate for the added risk of the higher LTV and no MI.

    Still a great product if you don't have more than 5% to put down at that price point.

    If you had 10% to put down, I would be in the mid's 3's for the rate with no points.  So it makes sense they would be at 5% with no competition for that product.

    Best of luck!

    847-387-5513
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  • Stephen Chittenden
    OP
    Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
    11y
    Originally posted by @Zack Karp:

    @Stephen Chittenden

    Ahhh...that's the catch. Higher rate for the added risk of the higher LTV and no MI.

    Still a great product if you don't have more than 5% to put down at that price point.

    If you had 10% to put down, I would be in the mid's 3's for the rate with no points.  So it makes sense they would be at 5% with no competition for that product.

    Best of luck!

    I figure there is a somewhat higher rate, although mid-3s is lower than I've seen most advertising with 10% down.

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