Jumbo loan options

Asked by Scott Eady, Atlanta, GA Mon Mar 11, 2013

I am looking to purchase a home in Atlanta for approx 650k. I will have to rent my current home (will not be a problem) as it is near 30k underwater. I have the means for the 20% down payment but after factoring in the reserves requirement for the Jumbo and secondary mortgage it gets pretty tight. I am looking for what kind of options are currently out there. Would like to keep my payment at or around 3k all in (taxes are around 300 per month). Credit should be excellent and monthly take home income exceeds 12k. Please respond as this is a serious inquiry that is time sensitive.

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Kim Jones, Mortgage Broker Or Lender, Atlanta, GA
Tue Mar 12, 2013
Scott - Kim Jones again....I am available 24 x 7 to help meet your time frame. 10% down - No PMI - Quick and smooth closing...

Warm regards,
Kim Jones
Senior Mortgage Banker
Fidelity Bank
3490 Piedmont Road, Suite 750
Atlanta, GA 30305
CELL/TEXT: 678.468.4046
eFAX: 678-829-0612
EMAIL: kim.jones@lionbank.com
FIND ME ON FACEBOOK: http://www.facebook.com/KimJonesHomeLoans
FIND ME ON LINKEDIN: http://www.linkedin.com/pub/kim-jones/a/a68/109
NMLS# 545217
Web Reference:  http://www.kimdjones.com
2 votes
Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Mon May 11, 2015
We have 95% jumbo financing available up to $850k loan amount or just under $900k purchase price.

1 vote
Michael Kemp…, , Atlanta, GA
Thu Mar 14, 2013
We have rates as low as 4.25% on Jumbo's APR 4.315%, zero origination and zero points, with great credit

Michael Kempter
Senior Loan Originator
NMLS# 101596
GRMA# 30094

Angel Oak Funding
One Buckhead Plaza Suite 1560
3060 Peachtree Road NE
Atlanta Ga 30305
Office 404-637-0362
Cell 678-427-4217
Fax 404-410-6898
Apply online- http://michaelkempter.angeloakfunding.com
1 vote
Jodie Elkins, , Atlanta, GA
Tue Mar 12, 2013
Scott - Depending on your occupation I could do a 5% down loan with no PMI. Feel free to email me at JElkins@BrandMortgage.com and I can give you more details. You can also call me at 404-936-6560.

Jodie Elkins
NMLS# 544400
Brand Mortgage
1 vote
Tim Brown, Mortgage Broker Or Lender, Alpharetta, GA
Tue Mar 12, 2013

There are a number of low down payment options including both 5% and 10% down. You are right that the reserve requirement creates some complications when not selling your previous primary residence. No PMI in these programs.

Call at your convenience for immediate assistance.

Tim Brown

Timothy Brown | LPO Manager
Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125 | Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
NMLS#: 168281
1 vote
Vernon Appen…, , Marietta, GA
Tue Mar 12, 2013
Scott...We can offer you a 90% (one loan) jumbo for your proposed scenario with no PMI or escrow requirements. From your comments it appears that you would meet the underwriting qualifications even though you will not be able to offset your existing mortgage payments with rental income unless it has been documented on tax returns for 2 years.

These and other details are best resolved with a quick phone call. With your timely cooperation with document requests you should be ready to close in 30 days or so.

Call me at your convenience at (404)988-7542.

Over 40 years of personal industry experience at your service...

Vernon Appenzeller
Capital City Mortgage Investments
1 vote
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Mon Mar 11, 2013
There are companies out there that will finance you for only 10% down. However, the interest rate may be slightly higher. This is because the "no MI" ability has you finance the MI through the rate. Basically saying that the bump in rate is paying for the MI (also called lender paid MI). A fixed rate in this scenario may be much higher than other alternatives. Since we know values are going up, ask Mr. Peters to offer you an adjustable rate of 5 or 7 years. This will get you a much lower payment which after such time, you can refinance into a fixed rate deal.


Ask him if he offers a mortgage split of 417k/168k. You'll still only have to pay 10% down and you still won't have MI, but you will have a second mortgage at a much higher rate. The great part about this however is that the first mortgage can be fixed for 30 years at a conforming rate instead of a non-conforming rate. The second mortgage comes from a credit union or small community bank.

I would then recommend taking the other half of your savings and put it towards the other house and pay down the pay off. Get rid of that debt so that you can live more stress free.


Have someone assume your current mortgage (depending on the type of loan that you have) and ask the loan officer if an assumed loan means a sold loan in the eyes of the underwriter. If it does mean the property has been sold, then your reserve requirement will be less. Then follow the other steps above.

You may also want to look at homes that come from the FDIC and haven't hit the market yet. Sometimes you can find properties at 40 or 50 cents on the dollar, especially when talking about jumbo priced homes.
1 vote
Betty D. Scy…, Agent, GA,
Mon Mar 11, 2013
e-mail me and I will send you in the right direction. bscyphrs@aol.com
1 vote
Gregory Pete…, Mortgage Broker Or Lender, Roswell, GA
Mon Mar 11, 2013

I have a single loan uption up to $750K - you only need to put 10% down (versus the 20% you're estimating). This loan carries no PMI (private mortgage insurance) requirement.

For a $650K purchase, you would only need to put down the $65K, show approximately $20K in reserves (6-months PITI on the property your purchasing).

This is a very straightforward jumbo product without a lot of underwriting restrictions or hurdles.

With good credit and income, you should qualify easily.

Call me anytime - 770-864-7926 - Monday through Friday up until 10 PM EST.


1 vote
, ,
Mon Mar 11, 2013
I have worked with fantastic mortgage lenders over the years and would be happy to put you in contact with them for a personalized quote. They can walk you through your options and pre-approve you.
Siobhan Schaeffer
Solid Source Realty Inc
404-641-3373 (cell)
770-475-1130 x5457 (office)
404-935-0722 (fax)
1 vote
Kim Jones, Mortgage Broker Or Lender, Atlanta, GA
Mon Mar 11, 2013
We have Jumbo loans with as little as 10% down! One Loan - NO PMI....

In today's mortgage market, this is a very unique product. The guidelines are below. Please call me with any questions. This is a one loan product with NO PMI ( private mortgage insurance).

Minimum FICO: 680
* Owner Occupied Only
* No first time home buyers (must have owned SFR in previous 3 years)
* Only 1 unit, detached SFR allowed (no attached homes or condos)
* Max debt to income ratio of 45%

Historical rates on this program have been very good. Please call or email me for rate inquiries or questions @ 678.468.4046 or http://www.kimdjones.com
1 vote
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