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San Diego Jumbo, 10% down, no/low asset pledge?

Does anyone offer a jumbo loan with 10% down in San Diego on a single family home without significant reserves or an asset pledge?  Desired purchase price is 750-850k, 760+ credit, high income, low debt to income ratio.  The only problem is assets/down payment.

I saw Citi offered such a loan on the Zillow marketplace, but I don't see it anymore.  Right now, I only see one company that does it, but they charge a ridiculous interest rate, at least by today's standards.
  • January 21 2014 - San Diego
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Answers (11)

I would find a loan officer from C2 Financial in your area. They are a very large mortgage broker and direct lender and they are from San Diego. I think they are 2nd largest broker in the country so you will get a lot of options. I would also contact union Bank and Wells Fargo and see if they have anything. Bank of Internet has a lot of good programs too besides US bank.
  • March 11 2014
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Yes, we offer a wide range of jumbo products that start at $625,501 and go up to $10MM. Some of them require heavy assets while other do not. And 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. Please remember that these examples are based on final loan amount after down payment and not the actual purchase price. 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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You seem like the perfect candidate for what I have in mind. We can get you a high balance 1st mortgage of $625k then fill in the rest up to 90% LTV with a 2nd. Based on what you have said here, you wouldn't need any reserves after the down-payment, you could probably even use gift funds if you had to.

Good Luck!
  • January 22 2014
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We offer a 10% down Jumbo up to $850,000 purchase price.  We work with many home buyers in San Diego as our headquarters are in Del Mar.  Feel free to contact me directly through my profile to discuss more.

Best,

Bryan
  • January 21 2014
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There are 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 Southern California 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 21 2014
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Hi there,

I work with both brokers and direct lenders, if you'd like to call around a little to see what's available. I'm happy to send them to you, just email me off forum. Ray may have a good option for you, but it never hurts to call around.And, it you have any questions on the purchase of a new home, or would like the listings in your area, I'll be happy to send those too.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
  • January 21 2014
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I'd be happy to assist you on the house-hunting front as soon as you get the financing sorted out :)
  • January 21 2014
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The 10% down we have is a single-lien mortgage and not a 1st and 2nd.  I would imagine it's the same one the gentleman from Stearns is offering as well.

On a jumbo with less than 20% down, the only lender I know of offering this besides the program I mentioned earlier is Union Bank and then they require 15% down and that's on a 1st and 2nd combo loan. 

I know of no other jumbo lender allowing an LTV or CLTV above 80%.  These are the only two viable options I know of at this time. 
  • January 21 2014
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I have heard of products out there that offer 15% down payment with no monthly or upfront mortgage insurance on jumbo loans, however not 10%.  A lot of times the 10% product may be a 1st mortgage and a 2nd mortgage combined, or it may be offered at a higher rate than the market is offering today.
  • January 21 2014
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Stearns Lending has a new Jumbo at 90% LTV up to $850K with a minimum credit score of 720.  Please contact me if you want more specifics.

  • January 21 2014
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Good morning. 

We have a 10% down jumbo program that can help you purchase a home in San Deigo.  Please contact me at your earliest convenience for details.

Thank you!

Ray
  • January 21 2014
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