Home Buying in Nashville>Question Details

Adam Chandley, Home Owner in Nashville, TN

Jumbo loans with minimum down payment

Asked by Adam Chandley, Nashville, TN Fri Dec 28, 2012

I'm looking to buy (build) in the mid 550's. My personal/last mortgage broker has options to do up to 90% financed. I need closer to 95%. Is that possible these days? Scores in the mid 700s, income to support at 20%. Thanks!

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The answer is navy federal. They still do 100% ltv with no pmi and even interest only options for the really crazy. Obvious relationship requirement; requires 6mo+ in reserves for jumbo loans.
0 votes Thank Flag Link Sat Jan 26, 2013

There is a program that allows you to purchase up to 90% with no PMI. Unfortunately, I don't think there is a 95% CLTV program out there for Jumbo mortgages.

If you need further assistance, please feel free to shoot me an email.

0 votes Thank Flag Link Sat Jan 26, 2013
Hello Adam,

Please address this question to a mortgage consultant. We Realtors need to stick to giving advice in the area for hich e are licesened.

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Jan 26, 2013

Your challenge is finding bank/lender who will do a second at 15% up to 95%. If you can find a bank to do the second to 95% CLTV. BancCorp South can do the first. They may do the second but anyone who does a second to 95% will want a relationship with the customer.

If you are a physician then you can get physician financing up to 100%.

0 votes Thank Flag Link Mon Dec 31, 2012
I'll be glad to help you find an existing home in that price range. Check with Magna Bank, Regions, Wells Fargo, or your local bank, credit union.
0 votes Thank Flag Link Sat Dec 29, 2012
Naval Federal Credit Union offers a 100% financing No PMI. You would have to confirm the loan amounts and speak to a loan consultant. I am certain there are restrictions. You just have to get more info.
Good building!!
0 votes Thank Flag Link Fri Dec 28, 2012
There are other credit unions. if you google the 100%, you will find a few. They all have restrictions as you know. Some only lend in certain states and you have to be a member.
Flag Sat Dec 29, 2012
They're usually so stiff - didnt realize they had such an aggressive product. Says on their site they go jumbo up to 1M at 100% w/ no PMI. How about that? Any other examples? Always good to have more than one egg in the basket.
Flag Fri Dec 28, 2012
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