10% Down Payment Jumbo Loans

15 Apr 10% Down Payment Jumbo Loans

10 Down Payment Jumbo Loans

Jumbo loans are defined as loans for which the amount exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, it is not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac.  Your typical jumbo loans have had higher requirements when it comes to credit scores and down payments and when compared to smaller, in other words, conventional loans. You’d need around a 680 credit score to qualify and 20% down payment (80% Loan to Value).  In today’s market, there is a lot more flexbility.

Consider the following when looking into your next JUMBO loan:  

• Fico score minimum requirements down to a 500 fico score
• Loan to Values (LTV’s) as aggressive as 95% to 90% with a 10% or 5% down  payment

In addition, there are some other factors to know when considering 10% down payment jumbo loans:

• Bank statements are used to income qualify
• Foreign Nationals can qualify
• Interest Only payments are an option
• Non-Warrantable Condos
• Cash back refinancing
• 2nd homes & investment properties can be financed

What are acceptable sources of down payment?

Sources can include:

• Retirement fund withdrawals
• Personal property sales that are documented and supported by third-party value
• Gift funds from family
• Assets that are verified

As for down payment or the use or depletion of assets, know that your money has to be seasoned.   This means that for your funds to be considered, they must be in your financial account for a period of 60 days.

If you are in the market for a JUMBO sized home it is important to do research beforehand about low down payment jumbo loans. Work with us because we are a mortgage broker so you can see how much of a home you can ultimately afford.  With the plethora of options we can also help you figure out what a comfortable monthly mortgage payment and which mortgage product is for you and appropriate for the county loan limits.

Call us by phone or email to see what options are best for you 801.770.1796, 435.632.6796 or z@shilozitting.com. With over 70+ lenders we have plenty of options for your situation.  Help us, help you!

10% down payment jumbo loans