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Are there any Jumbo loans available in the Chicago market for 10-15% down?

We have excellent credit and just do not want to put all our money out.
  • January 16 2011 - Lake View
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Answers (12)

This part of the market has opened up a bit so 1 loan jumbo to 90% is common or you can look at a conforming 1st to $417,000 and a 2nd to 90%.

Tom
  • March 18 2011
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I am located in Chicago, and we offer both split loan ($417,000 conforming 1st and a 2nd loan for the balance) and 1 loan jumbo portfolio options up to 90% loan to value. There are loan limits and property type adjustments that may require additional down payment.  
  • January 24 2011
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Similar to what Frank said is available with us except the 75 year arm (I think he meant 7 year).  Consider an 80/10 depending on how big. 

You may also check with the company you have a large amount in investments/assets.  Many of these companies will have a loan program available for their best clients. 
  • January 24 2011
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Yes!  Superb credit is necessary and cash flow to support a debt ratio of around 40% 
  • January 20 2011
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YES! Especially if you can prove income and have a good FICO score.  Call me if you need the name of a good mortgage broker.
  • January 19 2011
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Kenneth I only originate loans in California. I didn't realize conforming jumbo was a non-entity in Illinois. That's too bad for folks that have loan amounts in that bracket.

Happy funding, Rudi

 
  • January 18 2011
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There are lenders that will do these loans. You just won't see it from the big players.  You need a "portfolio lender" that has their own programs.

There is no "conforming jumbo" in IL. Just conforming up to $417,000 for a SFR, and Jumbo for everything over.

Please contact me with any more questions!

  • January 18 2011
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For owner Occupied SINGLE FAMILY 10% down you can get the following loans amount based on credit Scores
.
720 plus 10% or 15% down max loan 800K Condo/Tonwhome 550k
700 plus 10% or 15% down max loan 675K Condo/Townhome 500K
680 plus 10% or 15% down max loan 500k

This is one loan with NO PMI, 5 yr arm , 75 yr arm, 10 yr arm and 30 yr fixed rates available.  This is a portfolio loan product. Full Income verification only. 
  • January 16 2011
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Depends on what you mean by jumbo. Conforming jumbo loan amounts to $729,750 will go to 90% LTV. Loan amounts over that to $2M will require 20% down. To $3M 25% down. Over $3M 35% down.

Happy funding, Rudi
  • January 16 2011
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It is difficult to find that type of loan these days, but my web site has some lender references. Others to try are PNC, TCF, Marguette, Perl Mort. Forget the big banks. Look for the smaller ones.
  • January 16 2011
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Yes, depending on loan amount. What is the purchase price? 
  • January 16 2011
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Profile picture for Matt Laricy
I had a client who had this same problem recently. I called a ton of different lenders. The result; 20% down was the minimum.
  • January 16 2011
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