Alfredo Ramirez, a fantastic lender and one of dsoldit.com's recommended professionals has outlined some excellent "guidelines"....not to be mistaken with specific rules.... for qualifying for loans up to $1MM as of September 2008. Loans change constantly, and guidelines are currently changing approximately every month. For specifics in your situation, call Alfredo directly at (650) 722-1094.
Up to $417,000 Loan
Full Documentation and some stated loans available
Debt to income ratios of over 50%
Down payments of 5% for conventional loans and 3% for FHA loans
Reserves of 2 months PITI (Principle, Interest, Taxes & Insurance)
620 minimum FICO
Loan amount from $417,001 to $729,750
Full Documentation
Debt to income maxed out at 45%
Minimum down payment of 10% (will need mortgage insurance)
Reserves of 2 months PITI (Principle, Interest, Taxes & Insurance)
660 minimum FICO
Loan amount from $729,751 to $1,000,000
Full Documentation
Debt to income maxed out at 45%
20% down payment required (No FHA available)
Reserve requirement of 3-12 months PITI (Principle, Interest, Taxes & Insurance)
680 minimum FICO
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