Jumbo 10 Percent Down Program

In high-cost areas like San Francisco, Los, Angeles, Seattle, New York, South Florida, and Boston, many homebuyers who qualify prefer not to put 20-percent down. In addition, existing homeowners who purchased a few years ago have realized increases in equity and may want to cash-out some of the gains. In San Francisco, the median home price has surpassed one-million dollars so being savvy when it comes to your financing options have never been so important.

A couple of solutions for homeowners and buyers alike is a 10-percent down mortgage or 90% LTV financing. Two attractive options exist for borrowers. The first is an 80/10/10 loan where a buyer needs to come in with a 10-percent down payment on a purchase transaction up to $1M.

Here's an example of a 90 LTV Jumbo Loan:

Purchase Price: $1,000,000 (UPDATED: June 2018: now 90% to $2.5 Million)
Loan amount:   $900,000   - Just one loan with NO Mortgage Insurance
Down payment: $100,000 -   from borrower
End Result: 90% LTV financing
What's Needed?: 9 months liquid reserves and a 680+ middle credit score
This could really be a good option. Consider financing your home with these jumbo loans in California or other states.

The second method is also 90% financing but is structured as follows:
Purchase Price: $1,000,000
Loan amount:   $800,000   - 80% 1st loan on a 30-year fixed rate -
Second loan:     $100,000 -   - 10% 2nd loan either fixed rate or line of credit
Down payment: $100,000 -   from borrower
End Result: 90% CLTV financing

This may be a better option if you have a credit score over 730 and 9-12 months of reserves. You get a jumbo first mortgage and a piggyback 2nd loan.

Disclosure: Rates and APR will vary based on borrower's credit score, payment history, and loan type(refinance or purchase).

We also offer Jumbo VA loans in high cost counties that usually come out to be less than 10-percent down when dealing with properties one-million dollars and below.

Keeping more assets available has advantages

  • The first if you have an investment portfolio, it can remain untouched and keep earning dividends/returns or gaining in value.

  • You may actually qualify for another real estate property that is available

  • By financing more of the purchase, your itemization of mortgage interest tax write-off should go up.

There are more purchase loan programs over $1.5M that only require 15% down from the borrower's own funds in order to avoid the requirement of paying mortgage insurance.

Low down payment highlights:

10% down 90% financing up to $2.5 million with “full documentation” - job, income, and assets.
now offered in: ALL STATES