First Home Mortgage Offers a Jumbo Mortgage with Only 5% Down

By
Mortgage and Lending with First Heritage Mortgage NMLS #: 938761

A jumbo or non-conforming mortgage typically requires a minimum down payment of 10-20%.  At First Home Mortgage we currently offer a non-conforming jumbo mortgage with a minimum down payment of only 5%.

jumbo graphic

Here are some of the program details about the 5% down jumbo mortgage that we offer:

  • Fixed terms: 10, 15, 20, 25, and 30-year terms
  • ARMs: 5/1, 5/5, 7/1 options with 30 year term
  • LPMI allowed (lender paid mortgage insurance financed into the rate)
  • Loan to value up to 95%
  • Loan amounts between $417,001 and $625,000 with credit scores of 700 or higher
  • Available for purchases and rate-term refinances
  • Primary residence – owner occupied only.
  • 3 months of PITI reserves required.
  • First time home buyers are allowed but should have a 12 month clean rental history
  • Sellers may contribute up to 3% towards allowable closing cost/prepaids.

If you would like me to provide you with a rate quote for a jumbo non-conforming, or any mortgage program for a home located in Virginia, feel free to email me.  If you aren’t located in Virginia, I am happy to connect you with a First Home Mortgage representative who is licensed in your state.

Just a heads up, these rates are slightly higher than conforming rates.  Some of my clients have opted for our 80-15-5 to put the first loan in the conforming loan classification as the monthly payment was slightly lower and they have the option of paying off the second and lowering the monthly payment significantly.

This blog was originally posted at Loan Officer Lately.

Comments (30)

Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Whitney,

Great program for your area and nice tie-in with your prior blog for the 80-15-5.  Well done!

Oct 15, 2014 07:26 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Whitney,  5% down on a jumbo loan! I do not believe that is available in CA ... as Pete X has already addressed.

Oct 16, 2014 08:46 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Whitney that is amazing not too many lenders will do 5% on a Jumbo Loans, Endre

Oct 17, 2014 04:57 PM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Hi Whitney, This sounds like a good deal and certainly a buying opportunity for folks who will need a jumbo loan. 

Oct 18, 2014 05:34 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Whitney, buyers will benefit by your jumbo loans, and hope you get lots of calls! 

Oct 19, 2014 12:01 AM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

H Whitney, Many people are confused when it comes to loans of any kind.  They will appreciate your explanations and details.

Oct 21, 2014 09:04 AM
Sharon Paxson
Compass - Newport Beach, CA
Newport Beach Real Estate

HI Whitney - that is great that there is 5% down on a jumbo loan. I am sure that many clients are taking advantage of this great opportunity.

Oct 22, 2014 07:47 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I was looking for your current blogs. I hope all is going well for you!

 

Oct 22, 2014 08:09 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I took the extra moments to 'like' the comments on your blog to offer some support and a few points for those bloggers. I hope you will do the same when you visit my blogs.

Oct 22, 2014 08:09 AM
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Whitney ....This should be a great product for a lot of people coming into the market!

Have a great night!

Oct 22, 2014 08:57 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Whitney,

Thanks for the great info!! Wonderful available product!

Oct 22, 2014 12:18 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good program. Anyone looking for a mortgage in your arae should call you.

Oct 23, 2014 10:29 PM
Marney Kirk
Cummings & Co. Realtors - Towson, MD
Towson, Maryland Real Estate

Whitney, this should be a popular product!

Oct 23, 2014 10:39 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

We are seeing conventionals with only 5% down in our area as well. It is good for the market indeed!

Oct 24, 2014 07:10 AM
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Whitney ... great post my friend and VB is still unable to feature posts to his groups, it has been 3+ weeks now 

If I could feature, I would have featured your post to my group:

SUCCESS AT ACTIVERAIN

Oct 24, 2014 07:40 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Whitney, 5% down for a jumbo loan...sounds like a really good deal and a good opportunity for those looking for a loan like this.

Oct 25, 2014 10:15 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Whitney I am amazed that Jumbo with five per cent down...I just closed on a transaction that was $4.6m and the buyers needed to put down 30% and one of the big banks wanted 35% down...what does that tell you?, Endre

Oct 27, 2014 04:35 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

That's a really good loan program! Buyers would be wise to take advantage of this while it lasts.

Oct 28, 2014 02:51 PM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

It's a big deal, Whitney. I'm hoping buyers realize this great opportunity - nice job getting the word out about it...

Oct 30, 2014 06:40 AM
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Whitney,

It's wonderful when  loan officer takes the time to fully explain options to buyers that are shopping for a mortgage.

Nov 04, 2014 09:58 AM