Jumbo loan without 20% down. Is it possible in today's market?

Asked by sk28, Boston, MA Fri Oct 12, 2012

My wife and I are looking to buy our first house. We have great scores and income ratios (front and back ended) to pay for jumbo loan. However, we were told that we need to put 20% down in order to qualify for jumbo loan. We are looking at houses that are north of county FHA loans. Is it possible for us to get a mortgage that will get us a mortgage for a 5-7% down? Thanks

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Michael Suffoletto’s answer
Michael Suff…, Mortgage Broker Or Lender, Wakefield, MA
Wed Jan 30, 2013
There are definitely options with 10% down. Single loan options as well as 80-10-10 options (which is an 80% first mortgage and 10% second and 10% down payment). Both of these options would be with no mortgage insurance. You would need a credit score above 700.
0 votes
lendersnetwo…, Agent, Plano, TX
Sun Sep 1, 2013
In my experience I have had clients get a jumbo loan with as little as 5-10% and a score in the mid to upper 600s. If you would like a referral I would love to get you to a lender I work with you can email me or go to our website.
1 vote
Five Stars, Other Pro, Jacksonville, FL
Wed Jan 20, 2016
We have jumbo loans up to 95% financing - for loan amounts up to 850,000. 90% to up over 1 mil. Please contact us to discuss your situation in detail.

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
0 votes
UPDATE Spring 2016- Five Stars is now offering 1st and 2nd mortgage combo loans up to $1,000,000 - 95% financing. No monthly PMI
Flag Tue Mar 8, 2016
, ,
Mon May 11, 2015
We have 95% jumbo financing available up to $850k loan amount or just under $900k purchase price.

0 votes
Sarah Goulart…, Agent, Plymouth, MA
Tue Oct 30, 2012
My mortgage contact has a jumbo loan up to 2.2m without 20% down for qualified buyers so they do exist. Shop around!
0 votes
Heath Coker, Agent, Falmouth, MA
Mon Oct 29, 2012
If the national lenders don't have the program, a local bank with an experienced lending staff might.
Local lenders may have the best options.
I'd look for the most experienced local lender - local meaning a local bank rather than a national bank with a local branch.

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0 votes
Mario Pavli, Agent, Boston, MA
Mon Oct 15, 2012
5% is way too low with a 10% down payment there is a greater chance.
0 votes
, ,
Fri Oct 12, 2012
10% down with NO mortgage insurance ! We have the product.
Web Reference:  http://www.annsabbagh.com
0 votes
Richard Shap…, , Framingham, MA
Fri Oct 12, 2012
5% down is tough. 10 % is very possible.

Rshapiro at assetmortgage dot net
0 votes
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