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By Guy in San Luis Obispo, CA on 4/24/2007


As part of my effort to owner-build a dream home in Hawaii, I am also learning to become a loan broker in California and the best resource I have found online is mtgprofessor.com by Jack Guttentag, a professor at the University of Pennsylvania.  If knowledge is power, this site will make you a superman/woman.  The word I am hearing is that it is much harder now to qualify for all loan programs without full documentation of income and FICO scores above 720.  This is of course a by-product of all the sleazy sub-prime loans out there that now affect everyone (lenders are extremely skittish creatures).  Don't ever think that because you have a great credit rating that you are not affected by others who can't qualify for conventional financing (thus creating the demand for hybrid creatures in the sub-prime market).  The entire industry gets tainted.  I'll keep posting as I learn more.  It's a fascinating arena.

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By Bryan in San Jose, CA on 6/11/2007


I just closed a lot loan last month. What I found out is very few lenders are willing to do 90% loans any longer and the broker I used only found 2 banks willing to do 95% (which is what I needed). Despite both my wife and I having FICO scores above 800 we couldn't get a very good deal and it was a take it or leave it situation. We had to provide full income documentation and have 6 months reserves.

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By Adam in Dublin, CA on 6/11/2007


Hey Brian,

You are right on about lenders that will go to 95% LTV.  Usually local lenders are the best resource for high LTV financing. I work for IndyMac Bank and we offer 90% financing for loan amounts up to $400K, which is pretty aggressive... but again, some local lenders offer higher LTV's.

Be careful regarding prepay penalties on these loans, as I have had many customers complain that they weren't aware that this was on the loan until it was too late. But then again you already have a lot loan... and it sounds like you know all the terms!  Good Luck.


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