Combo loan as alternative to jumbo closes in 10 days

Mortgage advisor:

Brenda Wyatt, All California Mortgage.

Property type:

Single-family home in Montclair.

Loan type:

Rate:

Backstory:

Conforming.

Purchase price:

5.25%.

$1.2 million.

First loan amount:

$970,000.

A couple was in contract to buy a home for weeks before another lender finally told them no-go because their income was not high enough to qualify. They were concerned that they were at risk of losing their $30,000 initial deposit and their potential dream home.

The listing agent referred the clients to my team because of our strong market reputation for closing quickly and efficiently. After reviewing the client’s financial profile, we recommended a first and second mortgage combo.

A piggyback loan, also called an 80/10/10 or combination mortgage, involves getting two mortgages simultaneously: One for 80 percent of the home’s purchase price and another for 10 percent, with the remaining 10 percent covered by your funds for a down payment.

This type of loan eliminates the need to pay for private mortgage insurance (PMI) and allows higher debt-to-income ratios than jumbo loans. In addition, this arrangement helps navigate some of the stricter requirements of a jumbo loan.

By separating the transaction into two mortgages, it avoids falling into the “jumbo” category with its stringent guidelines.

We quickly acted, enabling us to go from application to loan documents in just 10 business days. Deposit saved. Deal done.

Sanity preserved. Dream home secured.

$568,000, 6211 Foothill Blvd, Sunday 2-4 Updated turnkey 2bd/1ba home set back from the street on a Huge gated lot. Expansive front and back yards and comes w/ ADU plans stamped and previously approved by the City of Oakland. High quality flooring, tasteful finishes, dual pane windows, fresh paint and more! www.6211Foothill.com Wendy Graves with Winkler Real Estate Group 415-823-2523

$699,000, 2706 68th Ave, Sunday 2-4 Beautifully remodeled 3bd/2ba bungalow w/ over 1,800 sq ft Of amazing living space. Gorgeously updated w/ new kitchen w/ quartz counters & SS appliances, remodeled bathrooms, new flooring, recessed lighting, and fresh paint. Private backyard and detached garage. www.2706-68thAve.com Hanna Park with Winkler Real Estate Group 510-388-3702

$699,000, 7006 Halliday Ave, Sunday 2-4 Beautifully remodeled 4bd/2ba show stopper with a 2 car Garage. This spacious home offers an open concept floor Plan w/ a stunning kitchen, updated bathrooms, new flooring, Fresh paint, fireplace and private yard. Seller financing purchase (call Hanna for details). www.7006Halliday.com Hanna Park with Winkler Real Estate Group 510-388-3702

$1,595,000 5831 Chelton Dr. Sun 2-4:30 3BR/2.5BA located near Joaquin Miller Park, this custom-built

home is a nature lover’s paradise. Spa-like primary suite, spacious living room, open kitchen/dining room, and outdoor patio ideal for entertaining. 3610Butters.com CARRIE MCALISTER#01464959 510-292-7838

$589,000 1524 Mitchell Sun 2-4 2 Bed/1 Bath, 1 car garage, Fruitvale updated California craftsman with a walk score of 93! 1524mitchell.com Katy Anderson & Katie Krembs, Compass 510.692.9085 #01739334

$689,000, 1921 69th Avenue, Open Sat & Sun 1-4 Beautifully updated 3bd/2ba split level home w/ spacious Bonus room and lofty garage. Featuring granite counters, SS appliances, mosaic backsplash, fireplace, recessed Lighting and more. Gorgeous yard w/ newly built patio Overhang and planter beds. www.1921-69thAve.com Jenn Duarte with Winkler Real Estate Group 510-417-9767

$1,489,000 2215 Braemar Rd Sun 2-4:30

$1,049,000 379 50th St. Sat/Sun 2-4 379-50th.com Lovely craftsman with a bright open floorplan. Period details. Designer kitchen with white quartz counters, new cabinetry, ss appliances. 2+BR/1BA. Close to hip shops, restaurants, transport. Walkscore and Bikescore of 91! Anita Becker & Maria Cavallo-Merrion, Compass 510-520-8335 #01316805

$2,700,000 5225 Cochrane Sun 2-4 4++Bd 3 Ba w/bay views. Kitchen w/island opens to fab Fam Rm w/vaulted beamed ceilings. 2nd Fam Rm to yd & pool. Updtd baths. Nancy Noman, Compass, 510-388-1000 #00934464

$1,995,000 175 Alta Sat/Sun 2-4:30

Nestled on a quiet street 3 bd/2 ba rancher convenient to the amenities of dwntwn Lafayette & Orinda! DRE# 01942438

Emily Estrada VillageAssociates.com (925) 708-8116

$2,195,000 1336 San Reliez Ct. Sun 2-4

Rare opportunity on .75 acre lot w/ 5 bd/ 3.5 ba 4098 sqft in heart of Springhill! DRE# 01995244 John Nash VillageAssociates.com (925) 330-9474

$699,000 628 D. Street Sun 1-4

$2,195,000 525 Kite Hill Terrace Sat 1-4/Sun 2-4

Sought after Orindawoods! 4 bd/2.5ba, 2437 sqft home .97 acre. Open floorplan w/ views! DRE# 00903367 Clark Thompson VillageAssociates.com (925) 254-8585

$2,295,000 60 Tarry Lane. Sat/Sun 1-4

Enjoy privacy & spectacular views from this 5bd/4ba beautiful & spacious Sleepy Hollow Mediterranean! DRE# 01969953 Meara Dunsmore VillageAssociates.com (925) 282-0900

$2,695,000 7 Hilldale Court Open Sun 1-4

Gracious 4bd/2.5ba 3602 sq.ft home + huge bonus rm on .96 acre. Level yard, pool, garden. Large farmhouse kitchen! Joan Evans & Angie Evans Traxinger VillageAssociates.com (925) 260-7555

$3,450,000 15 La Cuesta Rd. Sat/Sun 1-4

Fab large-scale living 5bd/4.5ba home perfect for a family w/ fine features of craftsmanship & charm! DRE# 00903367

Clark Thompson VillageAssociates.com (925) 254-8585 6bd/6.5ba Spanish Revival estate w/views of Orinda Country Club golf course & hills. Exceptional location! DRE# 01156966

Ann Sharf VillageAssociates.com (925) 200-0222

$825,000 737 Harvard Dr. Sun 2-4 3/2. 1188 sf .23 flat acre Kurt Piper COMPASS #01130308 925.818.8000

$1,985,000 279 Castle Hill Rd. Open Sun 1-4 Enchanting secluded custom home w/ natural wood finishes built amongst majestic oak trees. 4bd/3.5ba, approx. 3131 sq ft, flexible floor plan w/ multi-general possibilities. Top schools & just 2 miles to downtown Walnut Creek. Better Homes Realty Alamo, Roger Pell BRE #00624077, 925-878-9212

Nestled on the big mesa this well cared for 4 bedroom 3 bath is a perfect coastal retreat. The open floor plan has easy access to a spacious backyard. Enjoy your outdoor surfer’s shower while watching the birds in the garden. The yard is perfect for barbecuing with your friends and family. Nights you can snuggle up in front of the wood burning fireplace and days bask in the sun filled and private garden. The location is ideal as you’re close to the Bolinas beaches and hiking trails.

Sarah Butler 415-868-0717 DRE 01258888

Inviting 2bd/2.5ba end unit, 1674sf, tucked into the trees in peaceful Pacheco Valle. Many kitchen & bathroom upgrades. Living room w/cathedral ceiling, fireplace & sliding glass door to deck. Primary bedroom w/2 upgraded bathrooms + open loft/den/office. 1-car garage. Shared community pool/playground. Close to hiking & biking trails & all commute routes. Check out this video tour. https://vimeo.com/738822371.

Madison Co Realtors Nancie Bottmeyer 415-871-6906

$5,250,000 444 Laurel Ave, Open Sat-Sun 12-4 5 bd / 3.5 ba 3,636 SF Lot size 15,207 SF. Delightfully inspired front-porch classic with brand-new ADU! Carol Mauldin DRE# 01247020. 408-219-1713 carol.mauldin@compass.com 2-4pm! 2 bed /2.5 bath West facing townhome in desirable Sunrise Pointe was beautifully remodeled in 2015 with the highest end custom finishes. The tranquil waterfront location offers views of the water and Mount Tam, and spectacular sunsets. Great central location and easy access to hwy 101, fantastic Mill Valley restaurants and shopping, award-winning schools. 2-car garage Wright in Marin Team DRE 01495932 (415) 601-8191

Amazing Views! Spacious 4bd/3ba home overlooking the hills in the lovely Hiddenbrooke neighborhood. Angie Traxinger VillageAssociates.com (925) 305-8677