Low Downpayment Jumbo Mortgages are Available Now! 2019 update

By
Mortgage and Lending with Caliber Home Loans NMLS 1019442

For years after the financial crash homebuyers had to put down 20% to get a Jumbo Mortgage. Many would be home-buyers still believe this. 

Most people in the industry, including Realtors, know that you can put down much less than 20% down to get a conventional or FHA loan. They may not however know that 5% down Jumbo loans are available. 

Here are some reasons why Real Estate agents should tell their clients about lower downpayment Jumbo loans 

Benefits to a Low Downpayment Jumbo loan

  • A homebuyer may find a home in the perfect location , but the home needs work to update/modernize . This could lead to the buyer getting a much better price on the home and being able to make it exactly thiers. 
  • "Saving for a Rainy day" - Many times the 20% downpayment option plus the closing costs will drain the homebuyers accounts. This option leaves plenty for a rainy day fund
  • Chance to use the funds for other investments and opportunities. The home will appreciate at the same pace whether or not they put down 20% or 5%. Many times the funds can be better utilized in thier own business, buying investment properties, or investing in stocks

Basic Requirements and Features for a Low Downpayment Jumbo Mortgage

  • 740 Mid FICO score for 5% down up to $2 million
  • 660 Mid FICO score for 10% down up to $3 million
  • 9 months of Reserves (9x monthly payment left)
  • 100% gifts are ok with 10% down
  • 43% debt to income ratio for 5% down
  • up to 55% debt to income ratio with 10% down
  • Restricted stock income ok 
  • 4 years wait after Short-Sale, Foreclosure or BK for 5% down
  • 2 years wait after SS, FC, or BK for 10% down
  • No wait after SS, FC or BK at 15% down

These are very basic requirements for a low down-payment Jumbo mortage. To find out more contact us 

 

Craig Bosse

NMLS 1019442

(925) 322 0436

Craig.Bosse@caliberhomeloans.com

 

Jumbo Home Loans

 

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