As for the mortgage world, this week I wanted to highlight a few cool products that are available for current or future clients. I’ll hit it on three different levels – Jumbo, rural and restoration. First Jumbo – Sierra has many different products, but keep in mind: 90% LTV up to 850,000; 80% LTV up to 1.5 million; 70% LTV up to 2 million. As for rural products: USDA – 100% LTV, some closing cost can be wrapped into the loan – lower income, lower assets.
As for restoration: the FNMA Homestyle Renovation, is a good and in many ways better product than the 203k product. It allows for a loan up to 60% of the future value of the property based off of remodels that will be done. Borrower needs to supply contractor invoices to a third party vendor during the process, to confirm work is being done. Call me with questions about any of these products and many others that we can do.