Jumbo loan options with under 20% down payment available in Louisville Ky?

Asked by Lou.zaccone, Louisville, KY Sat Dec 22, 2012

High income earner Relocating from Ft Lauderdale to Louisville and selling $950k primary residence in Florida at a loss. After covering the gap I will likely only have 10% cash to put down on a home in the $800-900k range.

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10
lendersnetwo…, Agent, Plano, TX
Thu Oct 31, 2013
Depending on your scores you have an option of 90/10 loan or 90% LTV with MI. I can recommend a few lenders if you fill out the form on our site.
1 vote
Five Stars, Other Pro, Jacksonville, FL
Wed Jan 20, 2016
We can offer up to 95% Jumbo up to 850K loan amounts as of 2016. Please contact us below to discuss your situation in detail, we would be happy to help.


Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
http://www.FiveStarsMortgage.com
0 votes
Craig Bosse, Agent, Walnut Creek, CA
Thu Nov 19, 2015
We do 10% and 15% down Jumbo loans all over the US. 50 states.

I've got a 5 star rating on yelp, zillow & trulia.

Happy to help!
Web Reference:  http://www.craigbosse.com
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 or just under $900k purchase price.

abrown@guildmortgage.net
760-607-6401
0 votes
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Tue Aug 6, 2013
Louisville KY Jumbo loans are any loans over $417,000. With jumbo loans you typically have to put down 20% or more. Jumbo loan option include 30 and 15 year fixed or 3, 5, 7 year ARMS. Jumbo loans start over $417,000, but can go up to the multi-million dollar range. As the loan amount goes up, the percentage you have to put down goes up.

These loans often require the borrower to have high credit scores and plenty of reserves. The borrower also has to be willing to help us document their income. The stated income options of yesterday are long gone. If you are a business owner, you will now have to provide tax returns to prove income.

Typically Jumbo loans have higher rates than conforming loans under $417,000. This is because jumbo loans carry a lot more risk to lenders. Jumbo loans are associated with luxury homes which can take longer to sell and can be prone to large valuation shifts. Jumbo loans and higher-end homes have come under more scrutiny with the lower market values and the associated difficulties with appraising luxury homes. In the current mortgage environment fewer lenders are offering jumbo loans and super jumbo loans.

So, if you are in the market for a jumbo loan, here are the new rules:
• A down payment, or, if refinancing, equity, of (usually):
• At least 20% down for jumbos up to $1 million
• At least 30% down up to $2 million
• More for loans over $2 million
• An excellent credit score (at least 720 but could be more as some banks report that their average jumbo customer has a credit score in the 760s)
• Income documentation and verification. Borrowers are now required to provide financial records verifying that they earn what they say they earn (some borrowers have been asked to provide two years of their income history).
• Expect to obtain an adjustable-rate loan; fixed-rate jumbos are relatively rare.
• DTI (Debt-to-Income) of less than 38 percent. That means a borrower’s monthly mortgage payment must be less than 38 percent of their income before taxes. The ability to afford to make monthly payments is critical in the jumbo loan market.
0 votes
Rick Schmidt, Agent, Louisville, KY
Sun Dec 23, 2012
Lou,
I have confirmed with a lender that they can do a jumbo with less than 20% down.
0 votes
Kristy Dugan, Agent, Louisville, KY
Sun Dec 23, 2012
I am familiar with a lender that is able to provide Jumbo financing with 10 percent down and no Mortgage Insurance too. I just called her to confirm before posting. There are other criteria which you can discuss with her when you connect. Please email me directly at kdugan@semonin.com and we can chat further.
Kristy
0 votes
Rick Schmidt, Agent, Louisville, KY
Sun Dec 23, 2012
Yes. I just received confirmation that one large bank in town can do this.
0 votes
Rick Schmidt, Agent, Louisville, KY
Sat Dec 22, 2012
Bank of America has such a program, but currently it's only for MDs.
0 votes
Thanks Rick, gladly I'm not an MD. I've seen this site's posts on a low down payment on jumbos. Our credit score is over 720 which was one of the qualifications along with the payments being under 38% of my gross income. Thanks
Flag Sun Dec 23, 2012
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Sat Dec 22, 2012
There is no lender that I know locally that will do a jumbo loan with less than 20 % down. Secondly, if you do a short sale on the home in Florida, most lenders will consider that a foreclosure and make you wait anywhere from 3 to 7 years before you can do a secondary market loan. I. E. I Fannie Mae, Freddie Mac, FHA, VA, USDA etc
0 votes
Joel, not doing a short sale, am writing a gap check for pay off mortgage and to pay realtor. I see there are other states where there are jumbo loans available with 10% down (or less) provided the payments do not exceed 38% of gross income (which this wouldn't. Thanks
Flag Sat Dec 22, 2012
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