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I'm amazed that you are even getting a super jumbo with stated income.
Sounds about right. I know Bank of America and a couple of other lenders have started these super jumbo loans.
It also depends how much down payment you are putting down. My brother is self employed out in LA (makes around 600K per year) and got a super jumbo loan quote for a 2 million home (800K down payment) for around 5.25% 7/1 ARM.
I think you need to put down about 40% or else your rates will be a point higher like around 6.25-6.5%.
Here's an article link I read at the Washington Post a couple of weeks ago (you may need to have a free sign on name)
Um...I still dont know if this is a decent rate, or if I can get better. IM horrified that I now have to pay a significant higher interest rate for those that werent responsible, or smart enough to read the fine print on their mortgage and those are the ones that get the low interest rates and bailouts???Doesnt make any sense to be punished for being responsible.
Um...I still dont know if this is a decent rate, or if I can get better. IM horrified that I now have to pay a significant higher interest rate for those that werent responsible, or smart enough to read the fine print on their mortgage and those are the ones that get the low interest rates and bailouts???Doesnt make any sense to be punished for being responsible.
Hmm then why not go stated? You can get 1.5 mil at 5.75% no points.
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Quote:
Originally Posted by Daddys///M3
I'm amazed that you are even getting a super jumbo with stated income.
What I meant by this was that in my opinion the rate is very good considering super jumbos with no income verification are all but non-existant (with exceptions obviously). This is probably not the type of loan program that you will be able to shop around with too many lenders, although I would look into BofA as aneftp mentioned.
You could also look into private banking as an alternative. I'm pretty sure that many of the big banks as well as smaller local banks have private banking divisions for their very high net worth clientele. To hold on to these high net worth client's deposits they will offer things like portfolio loans that noone else has access to.
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