10% Down Jumbo Mortgage with No PMI

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

10% Down Jumbo Mortgage with No PMI

 

With the Federal Reserve Open Market Committee poised in June of 2018 to increase in the rates that impact home equity lines of credit ("HELOCs"), home buyers who have traditionally used "piggyback" or "80-10-10" solutions to purchase a home with less than a 20% down payment may have second thoughts.  Not about buying the house, per se, but about a HELOC rate that could approach 7% --- with future adjustments possible as well.  When Prime Rate was in the mid-3% range, most 80/10/10 loans had very palatable start rates but after a decade of seeing 3's, 4's and 5's in front of most quoted mortgage programs, the rarefied air of 7% may very well make some buyers hypoxic.  What we're seeing them do is look at single loan solutions with no PMI.  In the jumbo mortgage range, buyers who are looking to put only 10% down --- which is half of what most buyers expect --- are shifting their attention to these programs and we have a deep roster of options for them to consider.  Let's look at each as we go up the purchase price ladder:

 

Up to a Loan Amount of $850,000 (max purchase price of $944,000 w/ 10% down)

  • 5/1 ARM, 7/1 ARM, 10/1 ARM and 30-Year Fixed.  720 minimum FICO score and 6 months reserves required.

 

Up to a Loan Amount of $1,000,000 (max purchase price of $1,100,000 w/ 10% down)

  • 5/1 ARM, 7/1 ARM, 10/1 ARM and 30-Year Fixed.  760 minimum FICO score and 6 months reserves required.
  • 5/1 ARM and 30-Year Fixed.  720 minimum FICO score and 9 months reserves required.

 

Up to a Loan Amount of $1,500,000 (max purchase price of $1,666,000 w/ 10% down)

  • 5/1 ARM and 30-Year Fixed.  720 minimum FICO score and 9 months reserves required.
  • 30-Year Fixed.  720 minimum FICO score and 12 months reserves required.

 

Up to a Loan Amount of $2,500,000 (max purchase price of $2,777,000 w/ 10% down)

  • 5/1 ARM and 30-Year Fixed.  720 minimum FICO score and 9 months reserves required.
  • 7/1 ARM and 30-Year Fixed.  740 minimum FICO score and 24 months reserves required.

 

Up to a Loan Amount of $3,000,000 (max purchase price of $3,333,000 w/ 10% down)

  • 7/1 ARM and 30-Year Fixed.  740 minimum FICO score and 24 months reserves required.

 

My real point above is that we have six investors who make loans in the jumbo space with as high as a 90% loan-to-value (LTV) and the reason that depth is important is that often there is a specific need the borrower has for this type of financing.  With our expansive product line-up we can more easily find the right fit.

 

Many lenders will tell you that a 10% down jumbo loan is not possible.  Don't believe them.  Instead, inquire with me and I'll quickly determine how you can succeed with less than a 20% down payment in the California jumbo market.

 

Half as much is twice as nice,

 

 

Robert J. Spinosa
Vice President of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 Fax: 415-366-1590
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709
 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate's Human Resources Department.

 

Guaranteed Rate. Illinois Residential Mortgage Licensee NMLS License #2611 3940 N. Ravenswood ChicagoIL 60613 - (866) 934-7283

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Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Hello Rob and this looks like a great deal, 10% on a jumbo with no PMI.

Please stop by my latest post about reaching out to ActiveRain members that are following me at the AR network, your name showed up #212 on my list ;o) 

 

Please not: The number order has nothing to do with who's my favorite, I am going from the first page of followers and I am on page 63 and there approx 12 members per page.

Jun 02, 2018 04:16 PM #1
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Rob Spinosa

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