[aultraman]

I have a new purchase customer with the following information:

1. Combined income $225k
2. FICO 740+
3. 1.1 to 1.25 M purchase price.
4. Down with $125k own money and $125k 5-year interest free grant from Genetech, making the total down = $250k.
5. % of down payment is about 23% to 20%.
6. Loan amount is $850k to $1M.
7. Looking for 3/1 or 5/1 ARM.
8. Purchase location is Mills Valley, and is a single family house.

This should be very doable. But I need to ask you about the Genetech $125k 5-year interest free grant. I need to pre-qual this borrower.