Financing in Hinsdale>Question Details

Needsbiggerh…, Both Buyer and Seller in Hinsdale, IL

Can you get a jumbo mortgage with less than a 20% down payment?

Asked by Needsbiggerhouse, Hinsdale, IL Mon Mar 7, 2011

Help the community by answering this question:


Yes you absolutely can

Team Mortgage Doctors
23 N. Lincoln St.
Hinsdale, IL.
1 vote Thank Flag Link Sun Mar 17, 2013
In case you have not achieved your intended result, the answer is possibly. A lot of it will depend on your personal financial statement, current income and credit score.

In general, the large financial institutions and major banks tend to have less flexibility for non-traditional lending due to the need to standardize their product offerings. If by chance you bank with a local financial institution such as Hinsdale Bank and Trust or the local Northern Trust office, then they have greater flexibility to make a loan which would not fit into a cookie-cutter loan program. This is quite common that local banks, who generally keep your mortgage on their books, are more willing to work with you than large banks who don't keep your mortgage (they sell it off, so by nature they need to standardize the mortgages they offer). Our firm works with a number of local lending institutions who actually know the name of their customers and may be a good referral for you if you are interested.

One potential upside opportunity, if you are a private banking client of a small or large bank (meaning you are have more assets / money at their bank), they will also step out of the normal lending guidelines to work with you.

Good Luck in your pursuit of a larger home,

Michael Hobbs
PahRoo Appraisal & Consultancy
Web Reference:
0 votes Thank Flag Link Thu Jun 30, 2011
Yes, check with US Bank or a local mortgage bank that has access to US Bank funds. If your credit score is over 700 FICO then you might be eligible to get up to 85% - 90% LTV financing with no Mortgage Insurance or Escrows. The ultimate LTV depends on whether your looking to purchase or refinance and what your loan amount happens to be.

I can't lend in you home state, but I'm sure some others will post here shortly that might be able to assist.

Good luck!
0 votes Thank Flag Link Mon Mar 7, 2011
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