Minnesota home buyers now have more Jumbo loan options with low down payments. In fact, qualified borrowers can finance up to 95% loan to value. The is great for home buyers in high-cost locations of Minneapolis, St. Paul, Bloomington, Rochester, and Duluth. The housing market has opened up exponentially in recent years, thus lender mortgage guidelines have continued to relax. There are a couple of Jumbo loan options with a minimum 5% down payment, let's look at the details below.
- No PMI, single loan and combo 80/15 loan options depending on the state. Both Jumbo purchase and rate reduction refinance allowed
- 95% financing for owner occupied homes only - other options for second homes are permitted with greater down payment
- Minimum 700 FICO For all borrowers
- 30 year and 15-year fix rates, plus ARM options available in 5/1, 7/1, 10/1
- 5% down payment available in all states - loan amount limit of $1,500,000
- 90% financing - 10% down payment available up to $2,500,000
- Partial gift down payment allowed
- Payoff of debts to qualify allowed
- Must be U.S. citizen
- 42% maximum debt to income ratio
- Buyers must fully document income (tax returns) and savings. This is not a reduced or stated income program.
- Single Family homes, Condo, Town homes are eligible
- Select VA Jumbo loans available for eligible Vets.
Note: All jumbo loan programs do require “reserves” which is savings left over after the buyers down payment and closing costs. Each program and scenario is different, but most 95% jumbo loans require at min 3 months of cash reserves. Higher loan amount over $2,000,000 + will require at least 6 months of cash reserves. Retirement assets such as 401(k) or IRA’s will count towards reserve requirements.
Questions? Please contact Jumbo Mortgage Source by calling ph: 800-962-0677 or visit http://JumboMortgageSource.com Happy to serve home buyers Monday-Sunday until 8pm nationwide, including MN: Minneapolis, St. Paul, Rochester, Duluth, Bloomington, Brooklyn Park, Plymouth, St. Cloud, Eagan, Woodbury, Maple Grove, Coon Rapids, Eden Prairie, Burnsville, Blaine, Lakeville
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