10% Down with Pledged Assets

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Mortgage and Lending with Guaranteed Rate, Marin County, CA NMLS: 22343

10% Down with Pledged Assets

 

Here in California, I come across a lot of home financing scenarios, especially on the jumbo side, where the buyer would prefer to make a 10% down payment instead of a 20% down payment.  And what we commonly see is that as the price range of the home increases, so too does the difficulty of only contributing 10% to the purchase transaction.  What can these buyers do?  We have three highly effective solutions:

 

    • 80/10/10, or "piggyback" financing.  This works well for home prices in the range of $825,000 to $1,100,000.  Since a second mortgage, or 80-10-10 is fairly straightforward and the most easily understood, just e-mail me if you'd like more information on how this would work for you.

 

    • REX Homebuyer down payment funding.  REX, covered in this video here, will permit a 10% down payment up to a purchase price of nearly $1,600,000.  REX can also be used up to a purchase price of $2,000,000 with as little as 12.5% down.  The big benefit of REX?  No monthly payments.  It's an equity investment, paid back when you sell the home.

 

    • Pledged assets.  A pledged asset structure will permit a 10% down payment up to a purchase of $5,500,000.  Perhaps the best thing about our program is that it doesn't require that you move all your money to another institution.  Love your financial advisor?  You can keep him/her and still pledge the majority of your down payment. The other main points are covered in this video below:

 

 

 

 

If you are a homebuyer in California and need help with a 10% down payment home loan, also known as an 80-10-10, get in touch today and we'll figure out the best program to meet your needs.  And if you're a real estate professional who has a client looking to buy a home in the luxury market, but who will need to leverage the financing beyond a 20% down payment, let's talk about what programs might offer the best fit and present the strongest offer to the seller.  I can be reached at the contacts below.

 

Rob Spinosa
Mortgage Loan Originator
NMLS: 22343  CalBRE: 01297944
Cell:  415-367-5959     Fax:  415-366-1590
rspinosa@rpm-mtg.com     www.rpm-mtg.com/rspinosa 
1058 Redwood Highway, Frontage Road, Mill Valley, CA  94941

 

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RPM Mortgage, Inc - BRE# 01818035 – NMLS# 9472 - CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Lender.

 

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Rob Spinosa

SVP of Mortgage Lending, Marin County
Can I Get a Jumbo Loan with 10% Down?
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