The Recent Closed Deals-St ated Income JUMBO

Mr. John A. Borrower needs to finance 90% of his $385,000 purchase price. He is self employed, and as a result, has insufficient documented income to qualify for financing conventionally. The 90% loan amount equals $346,500, which places Mr. Borrower in the harder to qualify "Jumbo" loan matrix. Furthermore, Mr. Borrower's credit score is lower than traditional guidelines permit. In summary, here are the challenges: High "Loan to Value," "Jumbo" loan size, insufficient documented income, and low credit score. The solution: As Mortgage Brokers specializing in hard to place deals, we are able to structure a program to fit Mr. Borrower's very specific needs. Mr. Borrower expresses an interest in selling his home within three years and making a substantial profit, as he purchases in a rapidly appreciating neighborhood. We then suggest that Mr. Borrower accept a three year adjustable rate mortgage (said mortgage has a fixed rate for three years, then becomes subject to change) to offset the lender rate "hits" that are common with higher risk loans. The result: Mr. Borrower is able to purchase his home with 90% financing at a very competitive rate.