Financing in 95050>Question Details

Beep, Home Buyer in San Jose, CA

Can a 15% down payment still get a jumbo non-conforming loan (say around 850-900K loan) in today's market?

Asked by Beep, San Jose, CA Tue Apr 27, 2010

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Tyler J. Jacobs, PhD, Broker’s answer
Beep,
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.
Physician
Resident Physician
Dentist
CPA
Attorney
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 : tom.callahan@bbvacompass.com
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
2 votes Thank Flag Link Wed Apr 28, 2010
Yes there are a few lenders that will do a jumbo loan with 5-10% down, The Lenders Network works with all of them I would speak to Randy he knows all the lenders that are flexible on down payment requirements for jumbos.
2 votes Thank Flag Link Sat Aug 10, 2013
Hi Beep...

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.
Web Reference: http://www.loansquawk.com
1 vote Thank Flag Link Tue Apr 27, 2010
Beep,

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.

Best,

Eric Nelson
Sr. Mortgage Planner
Silicon Valley Capital Funding
408-268-2442
eric@svcfunding.com
1 vote Thank Flag Link Tue Apr 27, 2010
Hi Beep,

Sure as long as you have a high enough credit score and enough reserves after closing, but there are very few lenders offering jumbo loans right now.
0 votes Thank Flag Link Tue Apr 27, 2010
Yes you can. But I suggest that you don't take a loan that big. It sounds like you don't have the money to keep up with the monthly payment, paying taxes and other costs. it's better to shoot for some thing where you can afford to pay at least thirty percent of the value before buying. this is the better way for buying. You don't want to buy a stress. you want to buy a home.
Rashid
408-509-2604
0 votes Thank Flag Link Tue Apr 27, 2010
Beep,
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.
Good luck
0 votes Thank Flag Link Tue Apr 27, 2010
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