My Law Firm and Real Estate Offices have used a lender that can do up to 100% LTV with NO MI, great rate/term, standard fees, Jumbo or conforming and he is not a broker. Note that if your occupation is one of the following then you should take full advantage of this offering.
And I think the lender told me if you report to the CEO of a publicly traded company you are eligible.
The VP Sr Mortgage Officer is Tom R. Callahan at BBVA and his e-mail : firstname.lastname@example.org
This guy has been selling money for 25 years and is a leader in the business.
http://www.bbvacompass.com/mortgages/tcallahan to apply.
And if your occupation is not then just ask him to do a 80-5-15, NO MI and you get the best rate. Just placing a small 2nd mortgage behind the 1st mortgage of 80%.
Oh....and do not place any merit on the answer below that speaks of placing 30% down, that is totally incorrect. Leverage your funds, placing as little down as possible and keeping capital in the bank for other investments. Just think of the people who have lost thousands due to the turn of the market. Let the bank take the risk they are willing to take, and protect yourself.
Good luck to you, TJ
I work for a Mortgage Bank that currently is offering 90% financing to a $729,750 loan amount. The product is relativity new as MI companies have just started covering them again. I would be happy to help you with your choices if you're interested. I do also have more information available on my website. Happy shopping.
There are very few options when it comes to this kind of financing.
We have several lenders that would allow 80% financing at the close of escrow, but none that would finance 85% at the close.
HOWEVER, if you have the ability to get the extra 5% down and only finance 80%, I have a lender that would allow financing to 90% after closing as a 2nd mortgage (home equity line of credit).
This would be subject to your qualifications being top credit, income verification, etc.
Please call me and we can review the options on your behalf.
Sr. Mortgage Planner
Silicon Valley Capital Funding
You need to consult with a qualified loan officer or banking institution for the best advice. But typiclly yes you will be able to get a loan with that type of down payment on a jumbo loan, just be prepared to pay Mortgage insurance unless you have 20% down. Now with that said there are so many other things that will affect your ability to obtain a loan for that amount besides down payment, examples include but are not limited to credit score, debt to income ratios etc. Visit your local bank and sit down with them to go over a full loan application and determine the best option for you.