Chris Salese

For those of you who still use that traditional hard copy calendar, it probably just felt good to turn the page over from February to March.

If you’re fully electronic, then making that calendar swipe on your device might have been equally gratifying too.

While the rain has been nice, sunny days ahead are more than welcome throughout soggy California.

Either way, March is here. College basketball madness is upon us. St. Patrick’s Day celebrations are nearing as well.

That said, here are a few lending tips to enjoy in between your festivities.

Should you need to add a family member to your loan application to help with your qualifications, you can do it.

In fact, you can also use a family member’s assets toward your loan qualification and with some loan programs, you might not even need to use any of your own funds toward the transaction.

If you want to purchase an investment property and maximize cash flow from it, you can do it.

One way would be to opt for an interest-only payment from your lender. Another way could be to put down only 20 percent toward the purchase price.

Depending on which way you go, you should check with your tax professional to see which is more beneficial to you.

If you have strong income, but not a lot of assets for a down payment, you probably wouldn’t qualify for any assistance programs because of the higher income you earn.

However, there’s plenty of jumbo loan products out there that’ll accommodate as little as a 10 percent down-payment toward the purchase price and perhaps with all the right factors, you can stretch that purchase price to as high as almost $2 million with as minimal as 10 percent down.

This will certainly open up opportunities for luxury buyers and sellers alike.

Let’s say you’re looking to take a lot of cash out of your home. You can definitely do it.

As long as the equity is there to do such and it’s supported by an acceptable property appraisal by your lender, then there’s no maximum amount of cash back to you at closing.

Conversely, if you’re thinking about making that huge multi-million-dollar dream home purchase at about $15 million, there are a few super-jumbo lending sources that will gladly accommodate that with as little as 35 percent down.

Of course, the main condition is that I would need to be invited to your house-warming party.

What if you’re retired, with fixed income from various investment accounts, yet it’s not enough to qualify for the size of the home loan that you need?

Fortunately, assuming you have a large amount of funds in your investment accounts, you can leverage those funds through many lender’s asset utilization programs on top of all of your other income sources in order to qualify for that loan.

In the end, don’t be shy about asking your lender to investigate different options for you.

Chris Salese can be reached at or (707) 363-4439. He is a licensed California mortgage banker (NMLS 254469 /1850 CA BRE 01377933/01215943) and equal housing lender.