Following 2014 through 2017’s situation of increasing home prices across major cities on the west coast and across the nation coupled with the lower rate of defaulting borrowers, jumbo lenders have created more loan programs that allow less than 20-percent down payment.
For people who are seeking a higher-end home, but were discouraged due to down payment requirements, there is an opportunity to get into your dream home now.
1. With a down payment of 10%, you can finance up to $679,650 without PMI, using the conventional jumbo loan limit in Los Angeles, Orange County, or the bay area counties of San Francisco, Santa Clara, Alameda, Marin, Napa, and Contra Costa. In San Diego county it is $649,750.
2. For traditional jumbo loans, we offer 90% financing up to $1.1 million on primary homes for borrowers with a 700 middle credit score.
3. For luxury homes, if you have a 15% down payment you can finance 85% up to $2 million without PMI on primary residences. This option is available on an ARM and a 30 year fixed. Credit scores required for this program are 760 along with substantial liquid reserves.
4. On a recent transaction, a borrower put down just 10% and financed an L.A. area home of $2.5 Million with no monthly PMI. This option is available on a ARM or a 30-year fixed rate term. This loan option requires some creativity and conditions for qualified buyers, ask us details about how to qualify.
5. For borrowers who report low income on their tax returns, we have loans without tax returns at 15% down (or 15% equity on refinances)
For more information about low down payment lending in California, Colorado, Florida and Texas, call (949) 966-0248 or email us.