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.
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