Posted by Dimpil on October 11, 2003 at 04:25:07:
You need a broker to work with Bank of Arizon. If you find a good broker in IL, they maybe able to co-broker the deal with a local AZ broker (or just find a AZ broker) and they can deal with BofAz as the programs I’ve dealt with them on is on the wholesale side. I have no idea if they retail.
You see there are various lenders across the country that wholesale their money via brokers only. So do some major banks like Bank of America, Wells Fargo, Washington Mutual, Citibank, Chase. At the bank it’s retail through a broker it’s wholesale. And in most cases you get a better rate wholesale.
Okay, You can get a 95% investor loan via a conforming leander also without issue since your scores are so good. I personally would try and do it as a second home since you are buying in another state like that. Better rate and terms for you.
What I’m suggesting is this. Find a good broker, build banking relationships. A good broker will not only help you structure your deals but help you with finding the right program for your deals and educate you along the way. Banking relationships are vital because they have the money.
With the new system of everything being score driven you still have to meet the bank guidelines but once you have your foot in the door and the banker gets to know you and you preform, his/her lending is relationship based.