My name is Steven, and my wife and I were looking to buy a home down here in Orange County, CA soon. I’ve called a few banks and talked over the phone briefly with a lender referred to me by a friend, but I am figuring there has to be a more efficient way to get myself lined up with a lender who can approve me for a loan with my specific requirements. I am wondering if anyone in this community who has had experience with or knows of a lender I could reach out to with the following requirements?
1. 720 median FICO mortgage score. (there may be some options to improve this to the 740+ range, but I’ll create a seperate post for that)
2. Home price of 900k, 5% down, so financing 850k.
3. 6 months of reserves available, possibly 7 to 8 but not more than 12
4. Income should not be an issue, total DTI looks to be around 35-36%
Based on my current research, it looks like my options are to find a primary lender who could do an 85 or 90 LTV (I know of a few who have claimed they can do this without MI), and then source a piggyback second mortgage lender so that I would end up with an 85/10/5 loan or 90/5/5 loan. Any suggestions or advice would be appreciated, thanks!