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Jumbo Mortgage with 10% Down

I am looking for a jumbo product with 10% down that is not FHA.  My credit score is 740+ and will have 3-6 months of reserves.  Salary will not be an issue.

I live in SoCal and I'm looking in the $850k - $1m range. 

Who can help?
  • May 21 2013 - Los Angeles
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Answers (12)

Profile picture for CA Direct Lending
Way to be on top of things, guys.  This post is almost one year old. 
  • March 11 2014
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Profile picture for Gary DiFilippo

There definitely are products out there that would only require a 10% down payment. I recently closed a purchase for a client who had the same scenario. I am a Sr. Consultant with a National Bank, and would be happy to answer any questions you have about the process. Please feel free to contact me through my profile at anytime.

  • March 11 2014
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Profile picture for Ryan OKane
There are jumbo loan products that can meet your needs.  If your purchase price limit is $1 million or less you have single loan products options as well as combined first and second mortgage solutions. Contact a lender and specify you would like to be pre-approved for these types of products.
Best,
Ryan
  • March 10 2014
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There are a wide range of jumbo products that start at $625,501 and go up to $10MM. The required down payment can vary between those amounts depending on which end of that spectrum you fall and how much house you attempting to purchase. For example, jumbo loans that range from $625,501 on up to $1MM will require a 10% down payment. For loan amounts exceeding $1.1MM and up to $2MM you will need to consider a 15% down payment. And for loans over $2MM you will most likely need to produce a full 20-30% down payment. Be sure to note that these examples are based on final loan amounts and not the actual purchase price. Also note that the examples were of homes in high cost areas. So if you live in a lower cost area those numbers may drop slightly. If you have further questions or would like to review all the different loan options please feel free to contact me through my Zillow profile.
  • March 10 2014
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US Bank does, but only to 650K....
  • May 22 2013
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US Bank does 90% purchase deals
  • May 22 2013
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There are a few possible avenues for you, as indicated below (and a few others).  I'm in the LA area, so you'd like some assistance, then please feel free to drop a line.  I'll need a bit more info from you to better understand your needs.
  • May 22 2013
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I am a real estate agent, I can help you find the property you want, and I know a lender who can get you the loan you want.
Contact me, I can help you.
  • May 22 2013
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Profile picture for CA Direct Lending
Navy Federal Credit Union will do 100% up to $1M.  Residential Pacific Mortgage has a portfolio product that will allow 10% down up to $1.25M, Wells Fargo has 10% down to $850,000 if you're a doctor who has completed residency within the past 36 months.  There aren't a whole lot of choices and the ones you do have aren't the best, either. 
  • May 21 2013
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[self promotion  deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • May 21 2013
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Profile picture for daveskow
check US BANK...check KEY BANK
  • May 21 2013
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Profile picture for Brian GFL Capital
some portfolio lenders will allow for an jumbo 80% first 10% second
  • May 21 2013
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