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Jumbo Mortgage with 5% Down Payment
Jumbo Mortgage with 5% Down Payment
 
You never hear anyone say "Give it 95%!," do you?  And, curiously, when it comes to getting a jumbo mortgage, that still holds true --- the vast majority of homebuyers still think it takes a 20% down payment to enter the market. As of 2019, there are 34 metropolitan statistical areas (MSAs) in California that have a maximum conforming loan limit of $484,350.  Another handful of counties can only get to a jumbo-conforming limit of around $550,000.  So what do these homebuyers do if they have a maximum of a 5% down payment yet need to exceed the conforming or FHA loan limits?  Are they shut out or can they actually buy a home with a jumbo mortgage?  The good news for them is that we will continue to lend up to $650,000 with as little as 5% down (for a maximum purchase price of approximately $685,000) and we'll pick up where their county's conforming loan limits may leave off.  And, in many cases, we can make these 95% loans without PMI, or private mortgage insurance.  Using our LPMI (lender paid mortgage insurance) program, we can go to a loan amount of $850K with just 5% down, ... more

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