Jumbo Mortgage with Low Down Payment
Below you will find four different options for 10% -15% down Jumbo Loan Programs.
Option # 1
Purchase - 10% Down Payment - up to $750,000 Loan Amount
Refinance to 90% LTV - up to $750,000 Loan Amount
One Loan - NO PMI
In today's mortgage market, this is a very unique product. The qualifications are stringent, but this is a great product for the A+ borrower who is looking for a low down payment option on a Jumbo Loan. (This is a "conventional" loan and NOT an FHA/VA program, but we do offer that too)
The guidelines below were updated on 12/18/2012. Please call me with any questions, but this is available for purchase with 10% down payment and refinance with a 10% equity position. This is a one loan product with NO PMI ( private mortgage insurance), as this product uses lender paid MI, making it a very attractive option for the Jumbo borrower wanting to preserve cash.
Minimum FICO: 740
90% Loan to Value: $750,000 maximum loan amount
85% Loan to Value: $850,000 Maximum loan amount
* Available in all 50 States (except Miami - Dade and Broward counties Florida).
* Owner Occupied Only
* No subordinate financing allowed
* No first time home buyers (must have owned SFR in previous 3 years)
* Only 1 unit, detached SFR allowed (no attached homes or condos)
* Max debt to income ratio of 41%
* Taxes and Insurance must be impounded
* Only available in 30 Year Fixed Rate
* On refinance, no cash out allowed.
* Construction to Perm available
Historical rates on this program have been very good. Please call or email me for rate inquiries or questions @ (951) 775-5646 or email@example.com.
Option # 2
Jumbo Loan - 15% Down Payment with 1st and 2nd loan Combo
Purchase or Refinance
Maximum Combined Loan amount = $667,000
* Available in all 50 States
* 720 Minimum FICO score
* Owner Occupied Home Only
* Maximum Debt to Income ratio of 45%
* Both 1st and 2nd Loans available with 30 Year fixed terms
* 85% Maximum combined loan to value
* Available for Purchase or Refinance
* Lowest blended rate options
Option # 3
Jumbo Loan - 10% down with 1st and second combo
Purchase or Refinance
$750,000 Maximum Loan amount
* New States added! Now available in 35 states. (see state list below)
* Minimum FICO 700
* Max Debt Ratio 45%
* No Foreclosure or BK last 10 Years
* 2nd Lien is only available in Home Equity Credit Line
* Great Low rates on 1st and 2nd
* Owner Occupied Homes Only
* Currently our most popular product to $750,000 loan amount. Maximum payment savings.
Only available in Arizona, Arkansas, California, Colorado, Connecticut, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Vermont , Virginia, Washington, Wisconsin and Wyoming.
Option # 4
Jumbo VA Loan
Purchase or Refinance
Up to 90% Loan to Value
Available even when VA loan limit is $417,000!
If you are a Veteran you can utilize this to refinance out of a current high balance loan or to purchase a new home with a small down payment. Same fantastic low VA rates and no mortgage insurance. I am saving veterans a lot of money with this Jumbo VA loan option. Available in all 50 states.
Jumbo 20% Down Payment up to $2,000,000
For larger loan amounts, we do have 20% down payment options. This program is more lenient than our 10% and 15% down option and will allow for loan amounts up to $2,000,000 for both purchase and refinance transactions on owner occupied homes. Here are the parameters for our 20% down program.
720+ FICO score to $2,000,000 with 80% LTV for Purchase and Rate and Term Refinance
700 - 720 FICO to $1,000,000 with 80% LTV for Purchase and Rate and Term Refinance
1-2 Units to $2,000,000
3-4 Units to $1,500,000
* First time home buyer OK
* No Condo's, but Multi Family units and PUD OK
* Primary Residence Only
* Cash Out Refinance OK to $1,500,000 with 720+ Score
* Up to 45% Debt Ratio Allowed
* Maximum of 4 finance properties allowed
We are a FDIC chartered National Mortgage Banker offering great financing options for the Jumbo Borrower. Please call with any general questions or submit the form below. For all specific rate and program inquires please provide the state, zip code and county along with price for your home. I look forward to answering your Jumbo Loan questions.