I need to refinance my ARM and find banks are unwilling to go beyond 45% debt/income. I am at 50% and i need a million dollar mortgage. Credit Scores of 740+. Any pionters to banks that might consider me would be greatly appreciated.
gan1812, it sounds like you have misdiagnosed your needs. What it sounds like is you need to sell a property that you can't afford. If you really have $250k equity in it, it should be fairly easy for you to price it to sell quickly and still have plenty of cash on hand to have good options for where you'll live.
lampy2k4 said: I thought ARMs are actually resetting at low rates nowadays..Absolutely. That makes OP's situation even more problematic, because debt service is only going to go up.
tester99
Member
posted: Nov. 20, 2009 @ 9:09p
Strategic Default.
tolamapS
Senior Member - 2K
posted: Nov. 20, 2009 @ 9:18p
walk ... away ...
note to the poster above: it would not be "strategic" if OP was truthful. 80% CLTV means he has 20% equity. so it will cost him 20% of 1.25 mill. but it's hard to say whether it is a sunk cost or actual cost.
sethdallob
Senior Member - 1K
posted: Nov. 22, 2009 @ 10:16a
Posts like this prove that the housing market isn't anywhere close to a bottom.
thok
Tired Member
posted: Nov. 22, 2009 @ 11:43a
gan1812 said: Is there a 1 mil Jumbo Mortage at 80% CLTV and 50% debt/income?
Did you try Bank of Mom-and-Dad (or Bank of parents-in-law if that is applicable). Not that I would advice them to loan you under these circumstances but they may be willing.
tolamapS
Senior Member - 2K
posted: Nov. 22, 2009 @ 10:40p
BTW, why is everyone redding the poor OP?
Just because he is delusional and made poor decisions in the past does not mean that his question is not valid.
Crazytree
Senior Member - 8K
posted: Nov. 22, 2009 @ 11:37p
is this 50% with or without interest, taxes and insurance?
gan1812
New Member
posted: Nov. 23, 2009 @ 3:27p
Well if ING direct does have such terms i will check them out. This is my primary home and in the last two years my home has not dropped in value. It is in Cupertino with the best schools in the whole of CA and homes are still selling quite well. An entry level home still sells for upwards of a million. So i am well positioned as far as home values are concerned. 50% debt to income is with all interest and taxes including all the rental properties i own, on income upwards of 300k/yr
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