Loan product for loans over 1 million

4 Replies

Hi BP family,
What is everyone using for primary purchase with 1 million in loan amount?
I was told I can do a Fannie product up to 800 k in loan amount for a primary duplex, and only 675k in loan for a single family. But I am taking on a partner and we need up to 1.5 million in loans for a primary residence purchase. What products are you guys using?

You won't be taking on a partner in a secondary market loan, per se. Family partner you may co-sign, they like H&W married due to interests held in title are co-borrowers. 

If you have a business partner, unrelated, you'll be in a commercial loan.

You can do a piggyback loan, purchase money first and second.

A duplex? Do you have really good comps?

Past secondary, loan "programs" are unique to the lender, no program really as each are determined on an individual basis.

I'd suggest a piggyback loan if it's not commercial. 

Left plenty of room for more comments! :)

Medium logoscopiccroppedblue2Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com

Originally posted by @Nazz Wang :

Hi BP family,
What is everyone using for primary purchase with 1 million in loan amount?
I was told I can do a Fannie product up to 800 k in loan amount for a primary duplex, and only 675k in loan for a single family. But I am taking on a partner and we need up to 1.5 million in loans for a primary residence purchase. What products are you guys using?

 For your area that may be true as high balance for conventional financing can be pretty high:

$625,500 - 1 units

$800,775 - 2 units

$967,950 - 3 units

$1,202,925 - 4 units

The above are the maximum loan limits before becoming a true "jumbo," loan. After these limits it becomes a non conforming loan.

Like Bill mentioned there are ways around a higher loan amount such as obtaining a second HELOC or second fixed loan etc.

1.5 Million for a single family residence will require a jumbo loan usually. I have programs that go up as high as 90% LTV (10% down) with no mortgage insurance for this loan amount/sales price.

Medium new american funding logo  Albert Bui, New American Funding | [email protected] | 949‑514‑5106 | http://albertbui.com | CA Lender # 345453, WA Lender # 345453, TX Lender # 345453, TN Lender # 345453

@Bill Gulley thanks for the information Albert. 10% down no PMI, that sounds tempting. I will PM you.