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Just Approved in SF Gate for John Holmgren!

August 16th, 2015

Just Approved: Buyers succeed in high-priced market with lower down payment jumbo mortgage

Holmgren’s clients tried buying a home for several years but kept losing out to higher bidders and all-cash buyers. While their original plan had been to put 20 percent down, the down payment funds they had available were no longer enough to put that percentage down because of the escalating prices of the homes they wanted.

While financing options with less than 20 percent down have been available for jumbo loan amounts (over $625,500), the terms were often not advantageous and/or sellers were reluctant to accept offers in which the buyer was proposing a lower down payment because of property appraisal concerns, among others.

To mitigate these issues, Holmgren arranged a full underwriting approval prior to offer with one of his lending sources that allows buyers to put down 15 percent on loan amounts over $625,500. Moreover, this source waived mortgage insurance premiums, an important consideration for high value property buyers because of non-deductibility of mortgage premiums for buyers at that income level.

The buyer’s agent, Tracy Butler with Highland Partners in Piedmont, was successful in getting their offer accepted on an Oakland home. Their offer price, along with the fact that their financing was already approved, were major factors in their having the winning bid. Their escrow closed in 27 days.

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2019 Holmgren & Associates is a division of Finance of America Mortgage LLC |Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org)| 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5698 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act
Questions, comments, concerns? Send to customerrelations@financeofamerica.com 

This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states.  Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.  Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.  A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.  Questions, comments, concerns? Send to customerrelations@financeofamerica.com