It is definitely possible to go 10% down on this scenario. Take a look at my blog for further details about this particular program, http://www.trulia.com/blog/michaelabram/2011/10/jumbo_loans_ Best of luck to you.
First Capital Mortgage
Direct: (310) 434-1718
Cell: (310) 995-0975
Yes, you can but as noted below anwers, you will have to have excellent credit. I have contacts for some excellent loan officers with Wells Fargo and BofA. My favorite seems to be on Wells Fargo side. I find that you will find a ton of mortgage brokers out there giving you a ton of different rates. My contact seems to be by far the best and consistent with not only helping getting you the loan that works for you but consistently closing in a short amount of time if you wanted it so. It's really nice having someone that does excellent work for my clients.
If you need help in the area, I work for Better Homes and Garden - Previously Prudential California Realty. I am a certified Short Sale Specialist as well as REO and HAFA certified.
Please call if you need a referral for a loan broker/agent.
Lillie Missbrenner, Realtor
Better Homes and Garden
1. Requires a 740 FICO: 80/10/10 to $1.1M. Seller carries back 10%.
2. Requires a 760 FICO: 90% LTV goes to $250,000 over Conforming High Balance Limit. Max is $875,500.
Happy funding, Rudi
That said, anything over that you would have to make up the difference.