Jumbo Loan Down Payment
Let’s start this off properly and let you know that we can do a Jumbo Loan Down Payment of 10% with NO PMI. We know that’s probably what you’re looking for so we wanted to get that awesome information to you immediately. A Jumbo loan is any mortgage over the conforming loan limit of $510,400. Most people have heard that Jumbo Loans are extremely hard to get. However, that couldn’t be further from the truth.
In fact we have a Jumbo product up to $765,000 with 10% Down. This offers the homebuyer a regular conforming loan pricing and underwriting standards. Most Jumbo Loan Down Payment requirements are 20% down. Some will allow you to put as little down as 15%, but the PMI is pretty high. We allow you to get by with 10% down and No PMI up to 765K.
Jumbo Loan Down Payment Underwriting Terms
Underwriting can be a bit overwhelming when you’re dealing with a normal Jumbo Loan. You may have to get 2 appraisals, they may ask you to turn over complete tax returns. You may have to have a certain amount of money in the bank or reserves that are higher than the standard conforming guidelines. Basically they lender can ask you for anything they would like because a Jumbo Loan isn’t a Freddie Mac or Fannie Mae Product. There really is no set standards because the lender will typically service the loan.
Fortunately, our High Balance Everywhere product has your standard Fannie Mae and Freddie Mac guidelines. They are pretty simple. It allows you to get a Jumbo Loan Down Payment of 10% down with no PMI without having to give us your firstborn child. As long as you qualify for the program your home loan will be extremely simple.
Jumbo Loans Down Payment Closing Speed
Since we’ll be underwriting your loan according to Fannie Mae guidelines, well be able to close your loan much faster. Most Jumbo Loans take much longer to get processed, but our program allows you to get in, get out, and get on with your life. We don’t want you to stress over your loan closing on time. We want you to be picking out your furniture for your new home. “JUST DON’T BUY IT BEFORE YOU CLOSE PLEASE!”
If you’re interested in qualifying for a Jumbo Loan with 10% Down, Take our qualifying quiz below and someone will follow up with you immediately.