Financing in Eugene>Question Details

Tylerc78, Home Buyer in Atlanta, GA

Is anyone doing jumbo loans with 5% down and or possibly no MI? on approx. $500,000 In Oregon?

Asked by Tylerc78, Atlanta, GA Tue Jan 29, 2013

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Another lender I know writes:
"No, I don't know anyone doing 5% jumbo's ... and even 10% down is rare. If
they can put 10% down, and their other qualifications are good ... then we
have a chance." Please call me if this works for you & I'll put you in touch with that lender.

Sally
541-517-7531
0 votes Thank Flag Link Tue Jan 29, 2013
I have a couple lenders that will allow as little as 10% down, these are portfolio lenders and the rate is higher than the national average. Otherwise 20% down on a jumbo if you want to stay with a conventional loan.

If you are a Veteran then I would go with a "VA Jumbo". The down payment requirement is only 25% of the portion the VA guarantee doesn't cover. It's a little confusing, so say for a $500k home in Clackamas County with a county loan limit of $417k, the down payment would be based on 25% of $83k or $20,750 assuming you have full entitlement. This won't carry MI as with any VA loan plus it carries a comparable rate.

If you would like more help feel free to contact me.
0 votes Thank Flag Link Tue Jan 29, 2013
HI Tyler, I checked with a lender here to best answer your question.
Minimum down payment is 20%, some programs 25% on jumbo loans. Should you decide to move to the area, I'd be pleased to help you find appropriate property. sallynunn@prurep.com
0 votes Thank Flag Link Tue Jan 29, 2013
Check with William Ward at Imortgage-he was talking about those types of loans just the other day. Catch him at william.ward@imortgage.com
0 votes Thank Flag Link Tue Jan 29, 2013
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