Bridget
You and your Realtor really ought to strategize the financing side before you start looking at property. Showing a buyer homes for which they have no way to purchase is a waste of effort and time.

Hi Bridget-
This is one of the hard issues going on in lending right now. Unfortunately, most jumbo loans are being limited to anywhere from 70-80% loan to value. To be quite honest, in California right now, I know that it is tough to find loans over 75% LTV. Because I can do jumbos to 80% LTV, I get a lot of phone calls nationally pertaining to that kind of sceanrio. I don't know of another bank right now that does 80% jumbo loans so you can understand the difficulty borrowers like yourself are facing.

The next best option is the 90% Fannie Mae Jumbo program which only goes to $729,000 so if you were buying a home in the low 800's you would be fine. Otherwise, if you were explicit in wanting this 1.1 Million home, I would need you to put 20% down.

I know that you may feel compelled to continue the hunt for higher financing but I promise you that if I knew who was offering it, I would tell you. It's simply not there. If 80% is something you can live with, I would be more than happy assisting you with your financing.
If you have any questions, please feel free to call me.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com