Remember this Drew?
Quote:
Originally posted by DrewKole
On a 800 jumbo loan, you're gonna be required to put down around $80-160k minimum. Even right now with interest rates being good, you'd be hard pressed to have anyone take the note for less than that.
Remaining would be around $6800/mo in rent.
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Where the hell did you get this number from? Your ass? (and it's not rent sir... )
Quote:
Originally posted by DrewKole
In order for you to get the loan, you're going to need a .3-.50 frontend ratio.
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This is the kind of thing they teach you in your Mortgage By Mail School where you got your degree. This is not real world mortgage.
Quote:
Originally posted by DrewKole
So you'd need to make around $250k+/yr for the past 2 years.
You could go jumbo stated, if you can find the right company to back ya, but you're gonna boost up your interest rate pretty nicely. =)
You could go interest only, but I'm not sure if there are any brokers doing that out of hawaii and it effects the same #'s.
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Pure unsubstantiated nonsense. Didn't have to do any of those things. Sitting happily at 5.25% Drew.
I strongly advise against anyone using Drew as their broker. Drew may have a fancy mail order degree hanging in his kitchen, but it's brutally obvious that he has no real-world experience. I would be scared to death of having Drew touch my loan.