For those purchasing homes in more expensive housing markets in Florida, California, Arizona, Colorado, Massachusetts, New York, etc., the options for 10% down payments are particularly appealing. It is no secret that over the past two years, home prices have skyrocketed in the majority of markets. As a result, larger loan amounts and purchasing power are required.
Before making an application, let’s go over everything home buyers will need to know. Remember to call us at the above number or simply fill out the Quick Contact form if you require assistance. We are available seven days a week.
90% Loan to Value:
95% Loan To Value:
Higher loan caps are available for applicants who put down 15% or 20%. Additionally, in some cases, these buyers can finance smaller loan amounts (650K–$1,000,000) with credit scores as low as 660.
This information also applies to homeowner refinance. Please refer to the Jumbo Refinance page if you’re a homeowner looking to refinance your current loan to lower the interest rate, term, etc. Please be aware that programs for jumbo cash-out refinancing are also available, but only up to 90% loan to value
Loan Qualifying Restrictions: 5%, 10%, 15% and 20% Down Programs
Jumbo Refinance Options:
Regular rate reduction and cash-out refinance programs are also widely available. With a 740 credit score, qualified borrowers can borrow up to $2 million at 90% cash-out or $3 million at 80% loan-to-value. A cash-out refinance to help finance other products or investments may be a good idea right now given the low interest rate environment and rising home equity.
If you have any questions, call us at the above number seven days a week.
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Questions? Please submit the Quick Contact Form on this page to connect with a specialist 7 days a week.
Can you put 10% down on a jumbo loan?
Generally speaking, you can anticipate to put down at least 10% on your jumbo loan. Some lenders might demand a minimum 25% or even 30% down payment. While 20% down is a good benchmark, it’s always best to discuss all of your options with your lender.
Can I get 10% down loan?
But if you are unable to make a 20% down payment, do not lose heart; you can still obtain a conventional mortgage with just 10% down. Private mortgage insurance (PMI), which is required if you put down less than 20% of the purchase price, is optional once your loan-to-value ratio reaches 78%.
Can you put down 5% on a jumbo loan?
Does a Jumbo Loan still require a 20% down payment? No longer. As little as 5% down is required to qualify for a jumbo loan. Of course, there are limitations such as credit, income, and loan amount caps, but there are options available, and the rates are extremely competitive.
Are there mortgages with 10% down?
FHA loans need a 10% down payment if your credit score is between 500 and 579. As low as 10% down payment mortgages. Jumbo loans are mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency.