Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Birmingham Jumbo Financing Options

With the median home value in Birmingham at approximately $168,000 and a median household income of $36,000, homes are very affordable in this southern city. Yet despite this relatively low median home value, the luxury home market is doing just fine. There are approximately 1,100 homes listed for sale that falls into the jumbo category in pockets in and around Birmingham. The current conforming loan limit for Birmingham is $424,100. Any loan higher that is considered a jumbo loan and jumbo loans have their own set of qualifying guidelines.
One of the guidelines for jumbo loans is a higher down payment. Current conforming loans ask for at least a 5.0% down payment while most jumbo mortgage programs ask for a down payment of at least 10 or 20%. Let’s look at a home listed in Birmingham for $750,000. With a down payment of 10%, that means a minimum down payment of $75,000. With a 20% down payment, the result is $150,000. If that 20% down payment sounds surprising, several banks will ask for that as a minimum down payment. Also keep in mind this doesn't include the customary closing costs. 
However, unlike government-backed and conventional loans underwritten to Fannie Mae and Freddie Mac ... more

__________________________________________________
Are you on The Rain? Grow Your Network!