Financing in Los Angeles>Question Details

tomharlyu, Home Buyer in Los Angeles, CA

95% LTV Jumbo loan needed with 5% down. -excellent credit, high income!

Asked by tomharlyu, Los Angeles, CA Sat Jul 6, 2013

I'm looking to purchase a home for $1.2m in Los Angeles, CA with 5% down & 95% LTV mortgage w/ PMI. Is this possible? Credit score of 740 with $350k annual income. All savings has gone into retirement accounts, colleges tuition for kids, and investments, so I want a low down payment.

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23
95% LTV will not happen. But 10% down with a 720+ credit score on a Jumbo is doable I have a couple mortgage brokers that have helped clients of mine I can refer you to.. Check out our site or email me if you need a referral.
5 votes Thank Flag Link Wed Nov 13, 2013
First of all, there is no loan over 80% with "no MI". When lenders say "no MI" it is not really truthful. What you will get is "lender paid" MI, which is basically a slightly higher then market rate with a 90% LTV "no MI" loan. There is no free lunch with less than 20% down, you will pay "MI" in some form.

Secondly, you will not be able to go 95% to that purchase price. Even 90% LTV will be really difficult at that purchase price with a good loan at a good rate. You are probably looking at more like 85% LTV tops on a $1.2m purchase to get a decent loan that you would want..
3 votes Thank Flag Link Thu Aug 15, 2013
Tom, the closest you're going to get is a 90% LTV with NO MI. There's only a few mortgage insurance companies out there, and of the few, none will insure jumbo, specially at 95% LTV.

If you're interested in the 90% LTV with no MI, I can certainly assist you, even in California. Good luck.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes Thank Flag Link Thu Aug 15, 2013
Maybe borrow against your retirement account to complete the 10% down payment?

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes Thank Flag Link Sat Jul 6, 2013
Hello,

Are you seriously in need of a loan for your business or financial debt settlement? contact me for further processing.

Greaterfunds@hotmail.com
1 vote Thank Flag Link Thu Aug 15, 2013
Hello,

Are you seriously in need of a loan for your business or financial debt settlement? contact me for further processing.

Greaterfunds@hotmail.com
1 vote Thank Flag Link Thu Aug 15, 2013
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options
1 vote Thank Flag Link Thu Jul 11, 2013
We have a loan product that allows high loan limits with a 10% down payment and no MI. But 5% down payment I believe you will not find out there at all. I would consider saving up more towards down payment. If your income is that high and you would qualify for a $1 million loan, then you should be able to save this money as well.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Sat Jul 6, 2013
I know this is an old question but we have a 5% down jumbo product up to almost $900k purchase price($850k loan amount). Rates are fantastic. Let me know if I can help.

abrown@guildmortgage.com
858.922.4709
0 votes Thank Flag Link Thu Feb 19, 2015
jumbo95.com has very good information for borrowers needing a low down payment jumbo loan in the following states: CT, DE, IL, IN, KY, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV

95% LTV up to $850,000 and 89% LTV up to $1,000,000 for residents, doctors and dentists out of residency within the past 10 years.

90% LTV available to $850,000 for non-medical professionals. Loan amounts available up to $10,000,000 with super low rates. Hope this will be helpful to borrowers needing a low down payment option.
0 votes Thank Flag Link Thu Jan 22, 2015
jumbo95 has very good information for borrowers needing a low down payment jumbo loan in the following states: CT, DE, IL, IN, KY, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV

95% LTV up to $850,000 and 89% LTV up to $1,000,000 for residents, doctors and dentists out of residency within the past 10 years.

90% LTV available to $850,000 for non-medical professionals. Loan amounts available up to $10,000,000 with super low rates. Hope this will be helpful to borrowers needing a low down payment option.
0 votes Thank Flag Link Thu Jan 22, 2015
Jumbo95.com offers a 95% No MI program for medical professionals up to a loan amount of $850,000. Can also go up to a 90% LTV for non medical professionals to $850,000 as well. Fixed rates are extremely low. Can also be financed on 3/1, 5/1, 7/1 and 10/1 ARMs.

Jumbo95.com also offers interest only jumbo loans. Please call John Hester at 910 777.3123 for more information or visit jumbo95.com.
0 votes Thank Flag Link Wed Aug 27, 2014
I can do 5% down with No MI on all Jumbos.

Call me.

I'll get it done.

Damuer H. Leffridge
First Option Lending International
3105388923
0 votes Thank Flag Link Tue Aug 19, 2014
I can help with a 95% LTV Jumbo loan on the east coast. I have a 95% LTV Jumbo program available with a max loan amount of $729,750 and a minimum loan amount of $300,000. This is a portfolio loan program which is not sold on the secondary market so mortgage insurance is not required and currently allows up to a 50% debt to income ratio.

Please note our guidelines can always change but at this time here are the basics:

* 5/5 ARM - Interest rate and payment can change after 60 monthly payments (5 years) and every 60 months thereafter. Maximum increase in rate at first change is 2%.
* Minimum loan amount $300,000.
* Max loan amount is $729,750.
* Primary and second homes, no investment properties.
* No manufactured homes or co-ops.
* Purchase and rate/term refinance up to 95% LTV with no MI.

Primary Home

* 95% LTV, NO MI to $729,750 with 720 credit score and above.
* 80% LTV to $729,750 with 680 credit score and above.
* 80% LTV Cash Out Refinance with maximum $50,000 back in cash!!! (Who else does Cash Out on Jumbos?!)

Second Home

* 85% LTV, NO MI to $729,750 with 720 credit score and above.
* 80% LTV to $729,750 with 680 credit score or above.
* 75% LTV Cash Out Refinance with maximum $50,000 back in cash.

We are currently offering this product in Virginia, Pennsylvania, Maryland, Washington DC, North Carolina, South Carolina, Delaware and Georgia.

Please give me a call and I'll answer any questions you may have. John Hester, Sr. Loan Officer, NMLS#126852 - Southern Trust Mortgage, LLC (NMLS#-2921). 910 777.3123
0 votes Thank Flag Link Sun Jan 12, 2014
My pleasure, Mr. Walsh! I'm glad to be of help to you. Updated information on our low down payment program can be found at http://www.Jumbo95.com. Thanks again!
Flag Tue Feb 4, 2014
Believe it or not this program does exist!...Thanks John. You were a great help. I will certainly recommend you and Southern Trust to anyone that asks.
Thanks again!!!!
Flag Fri Jan 31, 2014
We finance all types of loan programs at a simplified interest rate of 4%. Please contact us today for your requested loan amount.

Email #: brooks.fncss@live.com
Tel #: (724) 318-5092

{Only serious inquiries}
0 votes Thank Flag Link Tue Nov 12, 2013
No likely to get 95% ltv in CA on a jumbo, maybe 90%.
0 votes Thank Flag Link Thu Oct 31, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. There a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
0 votes Thank Flag Link Thu Oct 31, 2013
I love all the agents here saying Call me, Call so and so, blah blah blah. Javier answered the question and the answer is that it doesn't exist.

A) You cannot get 95% on a jumbo.

B) There is no PMI for jumbo loans.

The next time someone posts that they want to buy a house for $1, I'm going to reply with :

"I know a great agent that can help you, please contact me." When all the agents come back and tell me how stupid my answer was and that it's not possible, I will just laugh and direct them to the thousands of posts they have made on Trulia doing the same thing.
0 votes Thank Flag Link Tue Jul 9, 2013
I can recommend a great lender who could have options available,

PrimeLending
David Moss
760.834.9336
dmoss@primelending.com

Hope he can help.

Regards,

Josh Sixx
Realtor®
http://www.joshsixxrealestate.com
310.777.2855
Berkshire Hathaway Homeservices - Beverly HIlls
reply to Joshsixx@prula.com if you need any further info.
0 votes Thank Flag Link Mon Jul 8, 2013
I have a really good lender that will be able to help. Call Bridgette from WestCom Lending. (818) 335-0283 or email her at (bridgette4re@yahoo.com) she has the best rates. Then, feel free to check out my luxury listing too.

--
__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
Reply To: caroline.wcli@gmail.com
Web Reference: http://youtu.be/ji8A5qyvmyI
0 votes Thank Flag Link Mon Jul 8, 2013
How much is your total debts that are longer than 5 months to pay off?
And what's your total minimum monthly payment of those debts right now?
Is this income your net or gross income for the past 2 years?

These are some of the questions to get an idea to qualify you for that loan amount.

Do you need an expert loan officer? I know a few that can get you pre-approved.

http://DouglasPerez.pw
0 votes Thank Flag Link Sat Jul 6, 2013
You're going to have to put 10% down BUT

If you're going to get taxed when you go to cash in those retirement funds in, say 15-20yrs, you should call me, I can make what you're trying to do, pencil, like you're putting just 5% down. It's too much to explain here on Trulia.

Shoot me an email or call me directly, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
0 votes Thank Flag Link Sat Jul 6, 2013
Please call me on Monday to discuss. I'll refer you to my mortgage banker (40 year in business)
310-5924324
Lic #01256924
0 votes Thank Flag Link Sat Jul 6, 2013
Has anyone had success with the 5% down jumbo mortgages in Eastvale (inland empire)? I never saw these before... I did a search for $494,000 loan on $520,000 home and these lenders all show up:
Search engine:
http://www.mortgagemarvel.com/search

Lenders:
First Union Bancorp
CapWest Mortgage
Hanscom Federal Credit Union
Universal City Studios Credit Union
Flag Thu Mar 13, 2014
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