I am looking at a $750k house, but all jumbo loan programs require 20% down or more. Are there any loan programs that allow a smaller down payment?

Asked by Cmfh, 75214 Tue Jul 27, 2010

My husband and I have obtained a jumbo loan in the past and we were able to put 10% down. I am currently unable to find a similar program for this purchase. Can someone tell me if these loan programs still exist?

thanks

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Bill Merritt, , Dallas, TX
Sat Jul 31, 2010
If you or your husband are a practicing physician (have a medical degree), attorney, dentist, CPA, oral surgeon, an officer of a publicly traded company, or report directly to an officer of a publicly traded company, I can help you with a NO Down Payment, NO PMI loan up to $1 Million.
0 votes
James Hurst, Mortgage Broker Or Lender, Dallas, TX
Tue Jul 27, 2010
Sure, for a qualified borrower, 10% down is possible in that price range with rates as good if not better as you have been quoted on some of the 20% down required options you have seen. You will be required to have at least 6 months of reserves. (Reserves are your principal, interest, taxes and insurance monthly payments) So, if, your total monthly mortgage payment is 5000, you will need 30k after down payment and closing costs. But, most of the 20% down programs actually require 12 months of reserves. Credit score will need to be 700 or higher. But, all in all, not a particularly hard program to qualify for.

Our office is in Mockingbird Station very close to 75214. I would love the chance to discuss further.

Jhurst@dfwJumbo.com
Web Reference:  http://www.dfwjumbo.com
0 votes
Alexandra Fi…, Agent, Dallas, TX
Tue Jul 27, 2010
I highly recommend you get in touch with my loan officer John Payne with First National Bank at johnpayne@fnni.com, he can answer the question and maybe help you also with the loan.
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