Borrowers may be able to qualify for a 5% Down Payment for a $1,580,000 Purchase Price
Thank you for your inquiry into our Jumbo loan options with low down payment requirements. There are several loan products available that most banks and loan officers do not offer. Our team can help you with that in the following states: California, Colorado, Florida, and Texas.
We are a mortgage lender and broker with an experienced staff of underwriters, processors and able to fund your loan through our numerous wholesale lending partners. Always check with us first as program terms are subject to change.
Overview of Jumbo Loan with 5 Percent Down
A few important notes about the 95 LTV Jumbo loan:
This 95-percent loan has NO mortgage insurance. There is "no PMI".
95% financing is restricted to applicants who are able to fully document their income with tax returns, employment, liquid assets, etc.
To be eligible for 95% financing, borrowers need to have a credit score of 720 or above. UPDATE: We have one program that allows a 700 middle score.
Eligible properties include either a single family home, townhome or condo as a primary residence.
Vacation or second home require down payments of 10% or more as well as investment properties.
Liquid reserves needed after down payment and closing costs ranges from 6-24 months based on the loan amount and credit score. Our various programs have different criteria. Accounts may be in checking, savings, money market, CDs, brokerage, and retirement accounts such as an IRA. Keep in mind that 401K, State employee retirement plans may not allow withdrawal which could make them ineligible for use as reserves.
Jumbo mortgage interest rates will vary according to the borrower's credit score. Periodically, some lenders will offer a discount rate for credit scores above 740 or 760. This can then be applied to discount the rate or closing costs for the borrower.
Additionally, at certain times, there are specials for choosing a fixed-rate over an adjustable-rate mortgage and vice-versa.
Loan amounts higher than $1,500,000 are offered for borrowers who can get approved for 90% LTV financing to $2,500,000 with 740 or higher credit score. Please call us if you need a loan more than $4 million.
Our NMLS California jumbo home loan agents are experts in 95% jumbo loans throughout the U.S including high cost areas of California: Los Angeles, San Diego, San Jose, Costa Mesa, Granite Bay, Long Beach, Oakland, Pasadena, Huntington Beach, Irvine, Ventura, Santa Barbara. Apply Today.