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%.
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.