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Profile picture for sidghoshira

I am new to California ( in LA area ) and looking for a low downpayment jumbo loan option

I am looking to buy a home in the woodland hills/encio/sherman oaks area between 800-950K. Looking for jumbo mortgage options with low downpayment.
  • March 10 2014 - Los Angeles
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Answers (9)

Would you be able to place 10% down? If so we actually have several 10% down payment options you could chose from. Of those options the best interest rates and payments are offered though our 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 financing for this option can be structured in a number of different ways all as long as the 10% down has been met. There is also a great 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. And then of course there is the traditional 10% down one loan option with mortgage insurance.I hope this was helpful. Please contact me if you have any further questions or wish to see if you can qualify. I can be reached through my Zillow profile or my website. Best of luck!
  • May 04 2014
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As mentioned, 10% is likely the minimum down possible for Jumbos.
Either an 80/10/10 with piggy back 2nd loan, or 90% with mortgage insurance, or 90% where lender self insures using a higher rate.
You should know your credit score when shopping for a rate.   When you get close to serious shopping, get a real Pre Approval where the lender gets all your income and asset documentation and it is reviewed by an underwriter.

(The bank where I work, does many of the 80/10/10 structures for Jumbo loans.)
  • March 11 2014
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We actually offer an option with as little as 5% down if you are keeping the total amount financed to roughly $825k, assuming you are in a high cost area.  I would be happy to discuss our programs and your qualifications in greater detail, please contact me through my profile above.  Thank you!
  • March 11 2014
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The lowest downpayment for a jumbo loan option that most lenders can do would have a 10% down payment. Anything less than 10% would be very difficult to find for a jumbo loan. If you can do 10% down and have good credit along with strong finances, you should be good. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 11 2014
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You will need 10% down and at least a 700 middle credit score to get the best terms.
  • March 11 2014
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Welcome to California! There are 10% down options for 1 loan or you can look at an 80/10/10 option, which would be 10% down with an 80% first mortgage and a 10% 2nd mortgage. You should contact a Mortgage Professional to get a free analysis to see what will make the most financial sense for your specific situation and to find out exactly what you qualify for so that you can get fully pre-approved and find yourself a beautiful new home! You are welcome to visit my profile and contact me if I can answer any additional questions for you. All the best!
  • March 11 2014
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I can go as high as $1,000,000 combined loan amount up to 90% LTV, so you would only have to put 10% down on a purchase price of $1,100,000.
  • March 10 2014
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We offer programs that will allow you with approximately 90% financing up to $750k (sales price around $833k) or 85% up to your max $950k sales price.
  • March 10 2014
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Profile picture for Brian GFL Capital
what do you consider low?

jumbo loans require a minimum of 15% down
  • March 10 2014
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