Financing Your Manhattan Beach Home

Print Friendly, PDF & Email

 

I was quoted in LA Times article on Piggyback Loans.   Some lenders are allowing more flexible down payments, which allowed my buyer to make a purchase at $900,000 in Manhattan Beach.

David Curry Bank of Manhattan Mortgage Lending

David Curry
Bank of Manhattan Mortgage Lending

If this is an option that appeals to you,  here are the details that the article did not cover.  First, the buyers had almost enough for a 20% down payment on the town home that suited them perfectly.  I asked them, as I always do, to have a conversation with a local lender who would acquaint them with their loan choices, and take the important steps to get their loan pre-approved.  I called David Curry, Vice President and Sales Manager for Bank of Manhattan, who immediately suggested a loan program for them that involved a first loan and a second in the form of an equity loan.   The buyers were well qualified with adequate income, a high FICO score and reserves.  But who knew that lenders were again willing to consider borrowers with less than 20% down payment, especially since the buyers wanted the ability to go a $900,000 purchase price?  And the advantage to the buyer was that he not only closed the down payment gap, but he was also able to lock in a high balance conforming loan at a lower rate than a jumbo by limiting his first to approximately $625,000.  David tells me that some borrowers are using the combination of loans for exactly that reason.

As I said in the Times interview, I don’t think we could have found these loan terms a year ago, and it was very helpful in the rising price market that we are experiencing.  I am always looking for tools that will help the buyers I represent.

If you would like to explore this option, you can contact your lender or speak directly to David Curry and Bank of Manhattan.  You can reach him at 310-606-8028 or DCurry@BankofManhattan.com.  He can fill you in on the loan limits and qualifying guidelines.  If you are looking for that special property in Manhattan Beach or surrounds, call me at 310-995-1597.