DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
Issue link: https://www.southbaydiggs.com/i/1242189
Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Some jumbo products may not be available to first time home buyers. Some restrictions may apply. Based on the purchase/refinance of a primary residence. Credit and collateral subject to approval. Loan to value, debt to income and cash-out restrictions may apply. Programs, rates, terms and conditions subject to change without notice. Please remember that we don't have all your information, so this does not constitute a commitment to lend. Therefore, the rate and payment results may not reflect your actual situation. To get more accurate and personalized results, please call (800) 357-4077 to talk to one of our mortgage bankers. Watermark Home Loans 100 Spectrum Center Dr Ste 150, Irvine, CA 92618-4964 DRE License Number 01523306 NMLS ID: 1838 Regan Hagestad: NMLS 57351 Matthew Disalvo NMLS 1416809 RECENT LOAN SUCCESS STORY CHALLENGE: One of our Realtor Partners was working with a client who just moved to the South Bay from Texas but wasn't sure if they could be approved to purchase a new home in California. The client is a Veteran and they had already used their VA entitlement to purchase their old home in Texas which they are now renting out. They were looking to purchase around $1,500,000 and they only had about 5% to 10% for the down payment and on a Jumbo loan they were concerned that it wouldn't be enough. They had very strong income and great credit but their challenge was going to be the down payment and the home that they still owned in Texas. SOLUTION: After reviewing their entire situation we found out that the property in Texas only had a mortgage for about $160,000 and it was worth over $500,000. We worked up a few different scenarios and we were able to come up with a structure where they could refi- nance their home in Texas as an investment property and only increase the payment by $50. This allowed their VA entitlement to be fully restored since they no longer had an outstanding VA loan. We were then able to use their VA entitlement to help them qualify for a new home purchase using a VA loan with 5% down and save over $500 per month compared to the other low down payment Jumbo mortgage options. The end result is they were able to save $450 per month in total mortgage debt and they were able to purchase their new home in the South Bay with only 5% down. By having creative solutions and fully understanding our clients entire picture we are able to create posi- tive solutions where other lenders run into roadblocks. 310.607.0131