Is it possible to get a Jumbo loan without 20% down?

Asked by Rainwatermt, Atlanta, GA Mon Jul 6, 2009

We have good credit and have a combined annual income of $170,000. We are also first time home buyers.

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Jessica Bate…, Agent, Beverly Hills, CA
Fri Oct 25, 2013
Yes there are many programs for Jumbo loans that require less than 20% down with good credit, I have seen as low as 10% down in some cases. I would try The Lenders Network they will match you with a lender that has a loan program that fits what your looking for.
2 votes
, ,
Mon Jul 6, 2009
Yes. Financing is available with 10% down. Most likely you wil be doing an 80/10/10, where your first mortgage will be 80% of the sales price, 10% will be a second mortgage from another lender or the same, depending on which bank you use and 10% of your own funds. There are some lenders that offer 1 loan at 90%, however, the mortgage insurance and rate is higher going that route. Another great way would be to do the first mortgage at $417,000 (the maximum conforming loan amount) and the second mortgage for the remainder up to 90%. This will give you a better rate on the first. Now, if the sales price is in the $700,000 range, it makes it a little more difficult to get a second mortgage company to loan $200,000 with a $417,000 first. Being a first time homebuyer in this market, unfortunately, doesn't give you any advantages (especially with your income).
2 votes
Michael Hamm…, Agent, Suwanee, GA
Mon Jul 6, 2009
Yes, you can, Rain. I gave you a list of lenders yesterday to contact. If you need more info, please email or call and I will follow up as soon as I can. Good Luck!

Michael Hammond
1 vote
Kevin, , Texas City, TX
Fri Jul 31, 2009
It is possible for you to get a jumbo loan... for Jumbo loans, you can visit:
0 votes
Bryan Furse, Agent, Atlanta, GA
Thu Jul 30, 2009
It might very well be possible, but it is seriously ill-advised.
I would be glad to discuss it further with you, if you would like to e-mail me:
0 votes
, ,
Fri Jul 24, 2009
Update on this answer. You may look into doing a first mortgage at $417,000 and a second with a credit union that deals with second mortgages. The companies I use require scores above 760 and DTI (debt to income) of around 32-36%. I am doing a jumbo loan right now where the client is bringing 5% down payment. Call me if you would like more information: 770-255-3831 Academy Residential (.com)
0 votes
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