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Don't have 20% downpayment and looking at a house that qualifies as a jumbo loan, any options?

  • January 22 2014 - Minneapolis
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Answers (9)

Yes you actually have a few options. And of those options the best interest rates and payments are offered though the 80/10/10 program. This program allows a buyer to take out a 80% 1st mortgage, a 10% 2nd mortgage while placing just 10% down. This loan can be structured in a variety of ways just as long as 10% down payment is met. There is also a LMPI (lender paid mortgage insurance) option that will allow you to have just one loan instead of two. Both of these option will allow you to avoid mortgage insurance. Please contact me if you have any further questions or wish to see if you can qualify. Best of luck!
  • May 04 2014
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Josh,

I'm not sure Zillow allows us to post contact information.  I would read through their Good Neighbor Policy and be careful. 

Glad you have the program, too and to see that our jumbo market is coming back with more creative options for our clients!
  • January 22 2014
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Call me [GOOD NEIGHBOR POLICY VIOLATION. SPAM/CONTACT INFORMATION REMOVED BY ZILLOW MODERATOR, SEE OUR  POLICY FOR GUIDELINES]. I can do Jumbo's for less than 20%.
  • January 22 2014
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Yes, there are several options.  Your professional Realtor should know of several lenders that can help you.  Call / email if you would like more information.  Good luck with the house!
  • January 22 2014
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We can do a 90% jumbo loan with no pmi.  Or, as other's have mentioned, we could also look at a 1st/2nd 80/10/10 option for you.  Click on my name to go to my profile if you would like a quote. I now live in TN but am from MN and still lend there. Can provide you many references. I've been doing mortgage for 18 years. Good luck!
  • January 22 2014
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As Dave points out, there are a few different options; one is with a single with just 15% down and no mortgage insurance and another with an 80% 1st and 10% 2nd requiring only 10% down. 

For purchases over $1,000,000, a 1st and 2nd combo is available with just 15% down. 
  • January 22 2014
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Profile picture for daveskow
Should be plenty of loan programs that allow less than 20% down

As you are in MINN -  check with  US BANK as I believe their HQ is there and they have soem good  high loan to value  jumbo options that  have no mortgage insurance

you also might look into the combination loan strategy - make the 1st mortgage  80% of the price ( assuming its  conforming  size ) and then use a smaller variable rate home equity line of  credit  ( heloc ) for the  remainder that is needed
  • January 22 2014
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I have jumbo loan options with just 15% down and 10% down.  I'd be happy to discuss with you your options as well if you'd like to compare. 
  • January 22 2014
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There are lenders that offer jumbo loan products that can be done with a 10% down payment. With the right credit, income, employment, debt, etc, this can be done for you. It requires more details from your situation so the best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 22 2014
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