Private Mortgage Banking - Beverly Hills
Find out about home financing up to $6 million and higher with Private Mortgage Banking. Private Mortgage Banking can provide financing and lending for the most challenging scenarios and specializes in financing for the self-employed borrower. Down payment requirements increase with purchase price, but can be as low as 20% down, up to $3 million.
10% Down Financing
For many first or second time homebuyers who now have the income to support a substantial monthly payment, but lack the savings to provide the 20% down payment required of Jumbo mortgages, there are 10% down programs to accommodate these scenarios. Bear in mind, these programs often come at a slightly higher interest rate and stricter guidelines on Debt to Income ratio’s and the use of gift funds. However, this is a still a very viable option for many borrowers.
Cash offer/Cash Purchase
In today’s competitive home buying market, we see many cash offers being made. Through Private Mortgage Banking you can take advantage of a Cash Recoup Loans that allow you to purchase a home in cash, then obtain a mortgage within 90 days of the purchase. This allows you to leverage the benefits of making a cash offer as well as getting all the tax benefits of a mortgage by obtaining financing. This is not a refinance and is held to the same rates and guidelines as an initial purchase with financing. However, this product is only available for non-conforming loan amounts above $417,000.
For home buyers looking to purchase a fixer-upper, look into a mortgage with built-in renovation financing. There are also construction loans that can be obtained for ground up construction of a primary or secondary home.
Foreign National Financing
Foreign National Financing for a primary or secondary/vacation home can be obtained for permanent and non-permanent-resident alien borrowers. Typically, a 40% down payment is required and one of the following visa’s; B-1/B-2/H-2a/H-2b/H-3/I/J-1/J-2/P-1/P-2/R-1.
Contact me at (310) 717-1321 or JamieTian@RodeoRE.com for any questions regarding your next home purchase, or contact Derek Vail for any financing questions!
NMLSR ID 1233953
Private Mortgage Banking
Builder Division- Beverly Hills