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Jumbo with 10% down

I am looking for a Jumbo loan with a 10% down on a Purchase price of $700k. The location of the home is in Zip 98033.

I have a FICO score of 770+ and my wife has about 720+ . We both work for top tier companies in the Seattle area. The household income is >$220k for us and we are looking to buy a home shortly. I would like to know if there are any chances of approval for the Jumbo Loan with 90% LTV for our profile.
  • June 03 2014 - North Rose Hill
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Answers (14)

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  • May 12
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Profile picture for daveskow
Nareash ...hi there ....have you been pre approved yet?  Have you begun house searching ? DO you still need any assitance ?  Thanks
  • July 31 2014
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Profile picture for New American Funding
The answer is yes - you can obtain, subject to qualifying, for the type of loan you seek.

There are many great posts to your reply with each sounding to have a like product.

But, yes, there are products available.
  • June 20 2014
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What I do in your situation is an 80% LTV 1st loan in our Portfolio Jumbo Elite.  This can be a 30 or 15 year fixed; ARM:  3/1, 5/1, 7/1, 10/1; or Interest Only:  5/1, 7/1, 10/1 or 30 year fixed(IO first 10 years.)  The Jumbo Elite loan is typically priced very competitively and often better than conforming or High Balance loans.  Choose an ARM for lower rate, choose an IO for lower payment.

The second loan for 9.99% LTV, can be an interest-only variable HELOC or a fixed rate 10 or 15 years loan.  There are no points or fees for the second loan.  There is no add-on to rate or price to the 1st loan for having a 2nd.  No prepay penalty for any loan.  We offer rate discounts on both loans for bank relationship account and auto payment.

I recommend considering your time horizon in your home, and risk tolerance, when choosing product types to optimize your rate and payments.
  • June 20 2014
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We can finance a straight 90% Jumbo or a First and Second (interest only) up to $1 million.  720+ scores.  If I can help you can contact me through my profile.
  • June 19 2014
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I have a couple different in-house (not brokered) products that will allow for this purchase. The our underwriting process is very fast as well to get you an approval quickly. Restrictions include your employment must be established for 2+ years in the same field. The qualification will also analyze your credit history to make sure there are no short sales or foreclosures recently and that your debt to income ratio is in check. With your amount of income, you should be fine as long as you don't have any large payments on installment loans, under performing rentals, or considerable revolving debt. Feel free to email me if you would like more information.
  • June 04 2014
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Profile picture for daveskow
combination loan is the way to go ...using 700K as  price  I would recommend a $506K 1st mortgage  ( which is the maximu conforming loan amount for King County )  and then a 2nd mortgage  / HELOC  ( home equity line of credit ) for $129,300

this will be much better than any single jumbo loan program that doesnt require mortgage insurance

** regarding  credit scores ......if your wifes'  middle score is indeed in the 720 range - you might either  consider  doing the loans on your own  or  see if you can get her  score up  above 740  ( in order to get best possible  rates )

If we can assist futher - feel free to contact me via my profile ...thanks and all the best
  • June 03 2014
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Naresh 45,

We can do 10% down multiple ways. The best thing to do is meet and discuss it with you and your wife. If your income is enough to qualify for the loan we may want to use just you for the loan as your credit score will provide the best rates and options. Your wife will still be on title to the property since WA is a community property state.

My office is located in the 98033 zip code and I would be happy schedule a meeting with you at your convenience. Just click on my profile and contact me via phone or email.

I would recommend getting your loan all the way through underwriting with a property TBD but a set purchase price. That way when you find your home we just need to order the appraisal and get updated financial docs from you. We can close very quickly that way and make your offer more competitive in today's market.

As you may know, [self-promotional content removed by Zillow moderator, see our Good Neighbor Policy] t is a local Bank with excellent rates, service and programs. Your loan will be processed and underwritten in the Seattle area: you will not be a number. Plus, we will almost always keep and service your loan.

I look forward to hearing from you.

Doug
  • June 03 2014
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Profile picture for naresh45
I am looking for purchasing a home in Kirkland Area (preferably Downtown Kirkland, North Rose Hill, South Rose Hill).
  • June 03 2014
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You can purchase a new home in Seattle at that purchase price with just 10% down at very competitive rates. 
  • June 03 2014
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I just looked at our new program that rolled out last week.  It is a jumbo to 90% it is called our K-2 Jumbo product.
  • June 03 2014
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Navy Federal has a program up to $1,000,000 with $0 down.
  • June 03 2014
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Do one of two things.  Do a High balance first and a 2nd for the remaining balance, or do a Conforming 1st and the remainder to 89.99% on the 2nd.  You can contact me if you have any questions.  Any loans above the high balance amounts do not go above 80%.
  • June 03 2014
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Are you buying in Seattle?
  • June 03 2014
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