The lender will view you as a higher risk, and will take measures to minimize their exposure such as requiring more money in the bank at closing. Almost all jumbo loans (above conforming loan limits) have significant cash-reserve requirements.
Im not sure if you fall into this category or not. You didnt say how big your loan will be. A MarketWatch article from earlier this year revealed that most lenders are requiring at least 12 months worth of cash reserves for jumbo loans.
(Definition: Jumbo means that the loan exceeds the conforming limits established by the two GSEs mentioned earlier, Fannie Mae and Freddie Mac. ) My advice is to apply with another lender. You dont have much to lose by doing that.
But before you submit an application, ask them about their cash-reserve requirements. Tell them youve been denied for this reason before, and you dont want to go down that road again.
Jett Jr. in 1972, the Bank of the Bluegrass Trust is an independent and locally owned, full-service bank in Lexington Ky. Services include… 3. Chase Bank. 1785 Alexandria Dr Lexington, KY 40504. From Business: Find out how Chase can help you with checking, savings, mobile banking, and more.
Lets say you needed 750 in cash today. Our team would make sure you had that money in your account immediately after it was processed, usually the same day and sometimes even the same hour.
Once you get your cash loan, you can repay over a flexible 3 to 6 month period. If for example you had borrowed 750 cash, you would pay us back in 10 installments of 120. For the purposes of this example we applied a 380 application fee that would be paid to the agent or broker. Again though, it is ultimately up to the official agent or broker to determine the fees that are applied to each file independent of the interest fees charged by the lender. What Happens if I Default Payment. There are two scenarios where a payment can be considered defaulted.
The first scenario is where your pre-authorized payment bounces.
Whatever your reason, we respect your privacy. Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures. Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender.
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