VA Loans for Jumbo buyers?

Happy Hump Day –

Did you know that VA will allow the Veteran Buyer to pay for termite work required to obtain a clear termite report?  It’s true! The purchase contract must clearly state what work will be paid for by the Veteran/Buyer and at what cost.

As long as the details are clearly spelled out on the purchase contract, the amounts are listed on the HUD and the borrower has sufficient acceptable assets to do so, the Vet can pay for termite work. Keep in mind the Veteran Buyer can never be charged for the Termite/Pest inspection fee.

Don’t overlook the benefit of this great loan product.

•Zero down payment up to $500k purchase price in Monterey County
•No Mortgage Insurance
•$700k purchase price with approximately 7.5% down payment…. only $50k down
•Today’s (4/23/14) interests rates for these loans are:
            -Under $417k loan amount = “aprox.” 4.125% with no points (with about $1K credit back to the VET)
            -Up to $650k loan amount = “aprox.” 4.25% with no points (with over $1k credit back to the VET)

With Jumbo loans in Monterey County being anything over $484k, these VA loans can be a fantastic alternative to a jumbo loans for a VET.  Attached above is a user friendly buyer flyer.

Call or email if you have any questions or would like to know more about a VA loan.

 

VA Loans

Jumbo Buyer Loan Product / Asset Depletion Loan

“Every Loan is like a Snowflake”

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This is one of my favorite sayings at Blue Adobe Mortgage. You know that the people that live on the Central Coast are as unique as their homes. Unique situations call for flexible solutions.

 

Let our “Asset Depletion” loan help your high net-worth buyers

Example of Asset Depletion

-$2.5M in the bank
-$500k being used as reserves
-Remaining $2M being used as income via asset depletion (separation of money from actual accounts NOT required).
-Asset Depletion Calculation: $2,000,000 / 120 months = $16,666 monthly income.
-Depleting term of assets 10 years (although an Underwriter reserves the right to increase the term of depletion if necessary to offset other risk factors).
-Assets used for Income can NOT also be used for reserve requirements LTV will be limited to 75%.
-No other product exceptions will be considered when using asset depletion for income.

I am happy to discuss the program with any of your buyers who may fit this profile.  Have a great weekend!

Earning your business one buyer at a time……

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