Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for ranytawfik9

Jumbo loan lenders with low down payment options?

Is it possible to get a jumbo loan with 10% or less down? Purchase price is $800K, Income is $270K, credit score is 785. 
  • March 04 2014 - Folsom
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (14)

Yes it is absolutely possible to obtain a jumbo loan with just 10% down. And with your income and credit you should have no problem qualifying.

Even though most larger banks do not offer these types of programs we actually have several 10% down payment options. And of those options the most common and lowest interest rates are offered though our piggyback program. The piggyback program allows a buyer to take out a 1st mortgage and a 2nd mortgage while placing just 10% down. By structuring the financing this way you will avoid the need for mortgage insurance as well as unreasonably high interest rates.

Hopefully this was helpful and answered your question. Please feel free to contact me anytime if you have any further questions or wish to see if you can qualify. Best of luck!
  • September 01 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Greg, I know that $640,000 is over the high balance limit.  What you are saying about jumbo portfolio lenders is theoretically true.  But as a practical matter,  I do not know of any lender who will make a loan over 80% LTV without mortgage insurance, or pricing it worse on their pricing matrix.  If you know any, please list them here to help the poster. 
My answer is a detailed response given as one real solution to the question.  We actually do finance this type of structure often.
  • March 06 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Roseville Loan Guy
Steve,

80% of $800,000 is $640,000, well above the Conforming High Balance limit in Folsom, CA.

Conforming rules do not necessarily apply in this case. If it is a jumbo/portfolio product there is no rule that says a loan with an LTV of over 80% has to have MI or that there has to be higher rate/points to cover an MI buyout or LPMI.

Lenders can make any guideline they want if it doesn't have to conform to agency guidelines and they are going to portfolio the loan.

In Folsom, CA an 80% first is not going to conform to any agency product. Just because your bank would require an 80/10/10 to avoid MI doesn't mean all are that way.
  • March 06 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

When financing over 80% ltv, your choices are:
1. Mortgage Insurance
2. Loan without Mortgage insurance, covered by higher rate and/or points.
3. Combining a first and second loan.
What I do in your situation is an 80% first loan, and a 10% second loan.
The bank where I work does both loans as Portfolio loans (we originate and keep the loans, not sell them.)

The first loan can be our Jumbo or Jumbo Elite for very low rates.  Choose 30 or 15 year fixed;  3/1, 5/1, 7/1, 10/1 ARM type loans; or Interest only 5/1 or 30 year fixed (interest only for first 10 years.)

Ths Second loan can be an interest-only, variable HELOC or a fixed 15-year loan. 

So, lots of loan choices with low payment options, no required impounds, no prepay penalty. 

We can do a free Pre Approval, with our "Worry Free" ontime closing guaranty.  I would like to help.



  • March 06 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We would be able to offer a 5% down option if you are in a high cost area (Conventional loan limit of $625k), up to a max loan amount of $825k.  I wasn't sure where you were located from your post.  Please contact me through my profile to discuss this and a 10% option.  Thanks.
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It would be difficult to find a jumbo loan with less than 10%. A loan of 10% will likely be the lowest jumbo loan you can find offered by most lenders including myself. If you have at least 10% down along with reserves and cash for closing/fees, then you should be good to go with that credit score and income. Either way, 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 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Roseville Loan Guy
rantyawfik9,

With a purchase price of $800,000 you should have a number of options. We have three ways to get to a 10% down loan for someone with your scenario. It is good to have options so you can choose the one that fits the best short and long term solution for you. 

It is quite common in our area (East Roseville/Granite Bay/Folsom) and we do them all the time.

Please let us know if we can help in any way...

Sincerely,
Greg Cowart

Senior Mortgage Consultant - 18 Years Experience
Roseville, CA

  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It absolutely is, there are one loan options at 90% up to $850K or you can look to do an 80/10/10 if the PMI doesn't make sense. Contact a lender with all available options to get a free comparative analysis so that you can make a very informed decision for your specific financial situation. All the best!
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are Lenders with low down payment options on Jumbo loans.  BBVA Compass has a number of options on Jumbo loans with 10% down and also has 5% down/no MI option on our Professional Program(for Doctors, Dentists, CPAs, and Attorneys).  Hope this helps.  Please feel free to contact me at my profile with questions.

Regards,
-Matt Brozek
Vice President- Mortgage Banking Officer
BBVA Compass
NMLS#8985
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Tom Bickett
US Bank has a nice 10% down, no MI option.
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Depending on what state and county you are looking to purchase in I have a great loan program for you. My company offers 80-10-10 financing. You can avoid PMI, put only 10% down and have a combination of loans that offers you a very low blended effective interst rate and lots of flexibility for your financial future. Please contat me through my profile. I work for a super regional bank, we are very well respected and loved by our banking customers and I control the loan process from end to end on both loans so you can rest assured that your personal informaton is protected and you loan is not "shopped" to multiple lenders who don't own the process and don't represent your interest from beginning to end. I specialize in helping my clients define and focus on their financing needs and provide world class personal service. Please call or e-mail to start our conversation.

  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Are you looking for a fix product or an ARM?

  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Ranytawfik9,

There are options available to you for jumbo financing with 10% down and no PMI, if you would like further information you can contact me through my profile.

Thanks,

Jonathan Mosca
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are options for 10% down. Please feel free to reach out through this website if you'd like my assistance.

Cheers

Mike Politzer
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.