Are there any lenders who will approve a jumbo loan ($475k purchase price) with 5% down? I would entertain a piggy back if that is an option.

Asked by The Big Ragu, Denver, CO Wed May 18, 2011

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David Cooper, Agent, Los Angeles, CA
Thu May 19, 2011
Be careful with the lenders promising 5% down loans at $475,000. I wouldn't give them my credit info or financials until they actually showed me a 5% down deal that closed within the last 30 days.

David Cooper! Las Vegas Real Foreclosure Investor and Buyer's Agent Bank Owned REO with Huge Cash Fkow. For a FREE daily list email: or Call +1-7024997037
1 vote
Ben Gearhart, Agent, Denver, CO
Wed May 18, 2011

My name is Ben Gearhart and I'm a local Mortgage Banker at Mac 5 Mortgage. I can structure a conventional loan with conventional pricing to 80% and back it up with a 2nd to 95% with 5% down. Most banks or brokers 2nd lenders will have a modifier when you go over the 417k conforming limit or they won't have the products or guidelines to go to 95% CLTV. Please give me a call at 303-910-7015 and we can review the options in more detail. Thank you- Ben
1 vote
Chris Behrens, Agent, Denver, CO
Wed May 18, 2011
I work with a very good lender through a large Bank who has a program for Attorneys, Physicians and CPA's that will allow zero down up to $1 Million with good interest rates. I have had several clients over the last two years benefit from the program and each loan has closed well. Most were medical professionals. Each client chose to keep their down payment money in reserves and benefit from a manageable monthly payment with a competitive interest rate. I have one attorney client under contract now on a home over $800K (we are already clear to close and still have about 10 days to go) and another attorney client pre-approved through this program. We are actively looking in the $600K-$800K range and ready to buy. This loan program is the perfect fit for some clients! Contact me and I will put you in touch with my lender.
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1 vote
Five Stars, Other Pro, Jacksonville, FL
Thu Apr 14, 2016
Yes, you can do a combo 80/15/5 loan or single loan, see below:

95% Loan to value: Up to $1,000,000 with 680+ credit score. Buyers can choose 1 loan up to $850,000. Or a 1st and 2nd mortgage combo up to 1 million. Both Jumbo options have no monthly PMI
90% Loan to value: Up to $1,500,000 with 720+ credit score.
85% Loan to value: Up to $3,000,000 with 740+ credit score.

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
0 votes
Richard Pinc…, Agent, Castle Rock, CO
Tue May 12, 2015
If you want to run some scenarios without feeling pressured or making a commitment on the spot, I highly recommend you check out my preferred lender’s free app from Eagle Home Mortgage. It’s extremely accurate and if you see something that works for you, all his contact info is right there.

Good Luck!
Rich Pinckney
Associate Broker/Realty ONE Group Premier
0 votes
Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Mon May 11, 2015
We have 95% jumbo financing available up to $850k loan amount.
0 votes
john124, Home Buyer, 14212
Thu Oct 17, 2013
Hi The Big Ragu

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0 votes
Jacob Cole H…, , Denver, CO
Wed Nov 2, 2011
I have approved this type of deal with my portfolio investor. Would love for your deal to by my first closed transaction like this.

Based on the information you have given assuming you have 720+ credit/41 or less debt to income and a 10% gift or can get approved for 10% from my unsecured source's(Vectra, SSFCU or DTCCU) You would only need 5% down up to an $880,000 purchase price. This is subject to a full application and reviewed case by case but I have approved these type's of deals.

0 votes
Annette Levi…, , New York, NY
Thu May 19, 2011
If this is within the limits in your area, you need a FHA jumbo. That allows you to put only 5% down.
0 votes
MODUS Real E…, Agent, Denver, CO
Wed May 18, 2011
Hi Big Ragu-

I have a couple credit unions I can offer "piggyback" seconds with to 95% so an 80/15/5. Feel free to contact me if you would like to discuss further.
0 votes
Scott Butcher, , Austin, TX
Wed May 18, 2011
The Big Ragu,

U.S. Bank will allow you to do a 90% LTV purchase jumbo up to $500,000. However, why don't you look at doing an 80% conventional loan ($380,000) followed by a 15% 2nd lien ($71,250). This would be an EASY way to get to 95% financing by going the Conventional loan route. This should be feasible down to a 680 FICO score. You won't have to pay MI by going either route. Most 2nd lien lenders will go up to $75,000 - $100,000.

I'm sure local mortgage lenders in Denver would be jumping at the bit to do your loan based on a 80/15/5 scenario.

Good luck!

Scott Butcher
Mortgage Banker
Maker Capital Group, LLC
0 votes
Marianne Ban…, Agent, Englewood, CO
Wed May 18, 2011
The lender we trust and have used for six years is Meridian Lending. Call Blair at (303) 407-0100. He will give you an honest answer.
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Bob Durack, , Denver, CO
Wed May 18, 2011
Colorado State Bank & Trust adverises a 95% loan program up to $490,000 with no MI. Try contacting Sean Donnelly...
0 votes
Robert McGui…, Agent, Denver, CO
Wed May 18, 2011
The Big Ragu,

Good question. My best lender is Lonnie Glessner of America's Mtg. - 303-881-6374. He will be able to give you some good solid answers.

Robert McGuire - ASR
0 votes
Bill Pearson, Agent, Denver, CO
Wed May 18, 2011
You might check with a lender that I reccomend Garrett Townsend with Catalyst Lending 303-883-2000 They seem to have aggressive programs.

Best of Luck to you!

Bill Pearson
0 votes
Amber Page,…, , Denver, CO
Wed May 18, 2011
I believe KeyBank may have a portfolio product that could fit. Let me know if you would like my contact at Key Bank

Amber LaDuke Page
Buildings-Residences Denver
0 votes
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