Monacja, Home Buyer in Milwaukee County, WI

Can I get a jumbo loan in the Milwuakee area with less than 20% down?

Asked by Monacja, Milwaukee County, WI Tue Oct 25, 2011

Relocating to the Milwaukee, WI area and may be in the need for a jumbo loan that requires less than a 20% down payment. Are there any lenders out there that offer these?

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Rob Weber’s answer
I have three sources that can go to 90LTV in Wisconsin (I'm literally next door as well as I type this, ~30 minutes from Milwaukee). As with all lenders, this is subject to declining market reductions. You may end up putting down +5% (15% total) if the appraiser cites a declining market which no lender can prevent.

In addition, one of those lenders will go to a higher CLTV, it may be possible to cover some of that 15% in a simultaneous second, I'll have to get back to you on that (or you can email me during the day as I may have the answer before I get around to Q&A follow-ups tomorrow night).
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0 votes Thank Flag Link Wed Oct 26, 2011
Yes! I know a few of the loan officers that I have worked with are will to do a jumbo loan for less than 20% down. Email me and I can pass along their information to you!
0 votes Thank Flag Link Wed Oct 26, 2011
Yes we have options. Also, depending on the purchase price/loan amount many times it makes sense for a $417,000 1st mortgage and a home equity for the rest.
0 votes Thank Flag Link Tue Oct 25, 2011
We will go up to a $500k loan amount with a 10% down payment or $800k with a 15% down payment, it's brokered through U.S. Bank.
0 votes Thank Flag Link Tue Oct 25, 2011
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