super jumbo needed

[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.

[Lynn Alexander]

Under the economic stimulus package, the amount eligible for a conventional loan would be increased, raising it from $417,000 to more than $729,000 in some areas.....The question is, how long until that filters down to home buyers and those needing to refinance?

[Troy]

Lynn,

do you do loans?

[logaas]

Please help for this scenario:

SFR, REFI RATE AND TERM,1204usd/MONTH FOR RENT,STATED, FIXED 30 YEARS, LOAN AMOUNT: 137500 USD, RATE : 7.75% ARM, ESTIMATED VALUE : 160,000 USD, ASSET : 95 000 USD
INCOME : 220 000-230000 USD/YEAR FOR HUSBAND AND WIFE
Fico excellent
thnx
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