Jumbo mortgage with only 10 percent down? Yes it’s real- keep reading!

By
Mortgage and Lending with Envoy Mortgage Ltd NMLS 6666 NMLS 48404

 

If you are in the market for a jumbo loan, this mortgage loan program might be right up your alley. You can now purchase a home, up to 750k, with as little as 10 percent down.  There are a couple options available with regard to loan structure so let’s take a look:

 

Option One – Two Loans

 

Purchase Price: $750,000

 

10% Down: $75,000

 

1st Loan: $600,000

 

2nd Loan (HELOC): $75,000

 

Option Two – One Loan

 

Purchase Price: $750,000

 

10% Down: $75,000

 

One Loan: $675,000

 

This option has mortgage insurance built into the rate – the benefit? Mortgage insurance is not tax deductible; however, the monthly interest you pay can be deducted.

 

While this loan program is flexible there are some restrictions:

 

<!--[if !supportLists]-->·         <!--[endif]-->A 700 minimum credit score is required.

 

<!--[if !supportLists]-->·         <!--[endif]-->The only eligible properties are single family homes and condominiums.

 

<!--[if !supportLists]-->·         <!--[endif]-->The program is available only to those who are purchasing a primary residence.

 

Comments (4)

Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Welcome to the AR community!

Oct 06, 2013 12:30 PM
Brian DeYoung
also affiliated with Berkshire Hathaway Home Services Heritage Realty - Ithaca, NY
The Realtor with personal investment background

Really cool. I like it when people have options.

And welcome to AR

Oct 06, 2013 11:53 PM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you’re off to a great start…keep it up!

Oct 07, 2013 04:54 AM
Steve Boucher
Envoy Mortgage Ltd NMLS 6666 - Franklin, MA
Branch Manager at Envoy Mortgage-NMLS:48404

Thanks all!

Oct 07, 2013 11:49 AM