95% LTV Jumbo loan needed with 5% down. -excellent credit, high income!

Asked by tomharlyu, Los Angeles, CA Sat Jul 6, 2013

I'm looking to purchase a home for $1.2m in Los Angeles, CA with 5% down & 95% LTV mortgage w/ PMI. Is this possible? Credit score of 740 with $350k annual income. All savings has gone into retirement accounts, colleges tuition for kids, and investments, so I want a low down payment.

Help the community by answering this question:

+ web reference
Web reference:

Answers

36
Robert Chome…, , San Diego, CA
Thu Aug 15, 2013
First of all, there is no loan over 80% with "no MI". When lenders say "no MI" it is not really truthful. What you will get is "lender paid" MI, which is basically a slightly higher then market rate with a 90% LTV "no MI" loan. There is no free lunch with less than 20% down, you will pay "MI" in some form.

Secondly, you will not be able to go 95% to that purchase price. Even 90% LTV will be really difficult at that purchase price with a good loan at a good rate. You are probably looking at more like 85% LTV tops on a $1.2m purchase to get a decent loan that you would want..
3 votes
that is not 100% correct. We have portfolio programs 90% to 1.2MM, 85% to 1.5MM, NO MI, no pricing or rate adjusters. jonathan.brozek@usbank.com
Flag Thu Mar 9, 2017
Jimmy Jung, Other Pro, Calabasas, CA
Thu Oct 13, 2016
From the info you provided.....you should be good. If you're having trouble finding a lender then contact Home Loans For All. They have a massive network of lenders that can help. It's a free service. I'll include their website or you can google Home Loans For All.
Web Reference:  http://homeloansforall.com
2 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Aug 15, 2013
Tom, the closest you're going to get is a 90% LTV with NO MI. There's only a few mortgage insurance companies out there, and of the few, none will insure jumbo, specially at 95% LTV.

If you're interested in the 90% LTV with no MI, I can certainly assist you, even in California. Good luck.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Jul 6, 2013
Maybe borrow against your retirement account to complete the 10% down payment?

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes
John Hester, Agent, Andover, MA
Thu Jan 22, 2015
jumbo95.com has very good information for borrowers needing a low down payment jumbo loan in the following states: CT, DE, IL, IN, KY, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV

95% LTV up to $850,000 and 89% LTV up to $1,000,000 for residents, doctors and dentists out of residency within the past 10 years.

90% LTV available to $850,000 for non-medical professionals. Loan amounts available up to $10,000,000 with super low rates. Hope this will be helpful to borrowers needing a low down payment option.
1 vote
Even though John Hester could not help me in Florida, he called and took the time to make a professional referral. Excellent professional...highly recommend!
Flag Wed Jul 29, 2015
Alexander Gr…, Agent, San Jose, CA
Thu Jul 11, 2013
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sat Jul 6, 2013
We have a loan product that allows high loan limits with a 10% down payment and no MI. But 5% down payment I believe you will not find out there at all. I would consider saving up more towards down payment. If your income is that high and you would qualify for a $1 million loan, then you should be able to save this money as well.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote
Jonathan.br…, Mortgage Broker Or Lender,
Thu Mar 9, 2017
that's a toughie, I know CAP ONE used to go 90% to 2MM but I think the rates are on the high side, we cap out at 90% ltv/cltv to $900K. We can split into 2 loans, both 30 yr fixed or one loan. jonathan.brozek@usbank.com
0 votes
jumboloancen…, Other Pro, Lake City, FL
Tue Mar 7, 2017
Old post, but I thought I would provide the latest info for any home buyers searching..
95% LTV - up to 1.5mil - single loan and combo 80/15 options.
90% LTV up to 2.5mil
No PMI with all options. Fix rate or ARM
700 credit score required when financing over 90%

See the helpful web reference link below for more details.
Thank you,
Jumbo Loan Center
0 votes
John Hester, Agent, Andover, MA
Sun Nov 20, 2016
In recent months more 95% and 90% LTV Jumbo financing programs have come to market. 95% LTVs to $650,000 and 95% CLTVs to $1,000,000 are now available to anyone (non-medical profession borrowers) that meet guideline requirements.

90% LTVs are also available to $1,500,000 with no Mortgage Insurance. Some programs vary by state. For more information regarding product guidelines such as debt-to-income ratios, credit score requirements, and reserve requirements please contact me through my profile information.
0 votes
John Hester, Agent, Andover, MA
Sun Nov 20, 2016
In recent months more 95% and 90% LTV Jumbo financing programs have come to market. 95% LTVs to $650,000 and 95% CLTVs to $1,000,000 are now available to anyone (non-medical profession borrowers) that meet guideline requirements.

90% LTVs are also available to $1,500,000 with no Mortgage Insuranve. Some programs vary by state. For more information regarding product guidelines such as debt-to-income ratios, credit score requirements, and reserve requirements please contact me through my profile information.
0 votes
John Hester, Agent, Andover, MA
Tue Nov 15, 2016
95% LTV JUMBO and other high LTV Jumbo financing programs are available in CA as well as most other states. Several programs available to choose from such as the following:

95% LTV to $650,000
95% CLTV to $1,000,000
90% LTV to $1,500,000

My specialty is high LTV Jumbo financing. Please contact me using my profile contact information to learn more about guideline requirements regarding debt-to-income ratios, reserve requirements and credit score requirements.
0 votes
John Hester, Agent, Andover, MA
Thu Nov 3, 2016
Low down payment Jumbo loan programs are available in most states. 90% LTVs are available to $1,500,000 in most states.

95% LTV Jumbo programs are available to $650,000.

A 95% CLTV tandem loan program is also available to $1,000,000. Guideline requirements for credit scores, debt-to-income ratios, and reserve requirements vary per program and whether a borrower is a first time home buyer.

For more information please reach me via my profile contact information.
0 votes
John Hester, Agent, Andover, MA
Wed Nov 2, 2016
For those in need of low down payment jumbo financing several programs are available. 90% LTV single loan programs are available to $1,500,000.

95% LTV Jumbo loans are also available to $650,000 as well as a 95% CLTV tandem loan program to $1,000,000. Some programs offer more flexibility with low reserves and higher debt to income ratio requirements. Low down payment Jumbo loans are now available nationwide.
0 votes
John Hester, Agent, Andover, MA
Wed Nov 2, 2016
For those in need of low down payment jumbo financing several programs are available. 90% LTV single loan programs are available to $1,500,000.

95% LTV Jumbo loans are also available to $650,000 as well as a 95% CLTV tandem loan program to $1,000,000. Some programs offer more flexibility with low reserves and higher debt to income ratio requirements. Low down payment Jumbo loans are now available nationwide.
0 votes
John Hester, Agent, Andover, MA
Thu Oct 27, 2016
5% down payment Jumbo financing is available up to $1M in addition to 10% down payment programs up to $1.5M. Depending on the loan amount and program a borrower chooses generally require at least 2-6 months reserves while some programs may require more.

My contact information is available in my profile if you would like to discuss further.
0 votes
John Hester, Agent, Andover, MA
Wed Oct 26, 2016
5% down payment Jumbo financing is available up to $1M in addition to 10% down payment programs up to $1.5M. Depending on the loan amount and program a borrower chooses generally require at least 2-6 months reserves while some programs may require more.

My contact information is available in my profile if you would like to discuss further.
0 votes
John Hester, Agent, Andover, MA
Thu Oct 13, 2016
Times have changed and so have mortgage programs. Yes, it is possible to get 95% LTV financing on jumbo loans. Currently there's a 95% LTV program available to $650,000 with 700 credit scores.

There's also a nice two loan CLTV program currently available to $1,000,000 with only 5% down. This would allow a borrower to purchase a house up to $1,052,632 with only a 5% down payment. This program is available nationwide with the exception of Florida and Nevada and requires only 6 months of reserves.

For borrowers needing larger loan amounts on a high LTV Jumbo program 90% LTV programs are available to $1,500,000 without mortgage insurance with 700 mid credit scores.

Please contact me if you would like more information on any of these programs. Please note these program guidelines are available as of this post but can change at any time.

John Hester
NMLS#126852
VP of Mortgage Lending
Guaranteed Rate
1630 Military Cutoff Road, Suite 200
Wilmington, NC 28403
(910) 777-3123 - Cell
0 votes
Five Stars, Other Pro, Jacksonville, FL
Tue Sep 13, 2016
There are a few options up with only 5% down, 80/15, straight 95%. But like some others said the loan cap is generally 1 mil. Although there are some hints that may be increased soon to 1.5. Must to be your primary residence, good credit etc.
0 votes
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Fri Jun 3, 2016
You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
0 votes
jumbosource, Other Pro, Valdosta, FL
Fri May 27, 2016
95% likely will not happen over 1 mil. We can offer 5% down up to 1 mil, with a 700 credit score. Will need to document income, and have 6 months reserves.

Reach out to us to learn more.

Jumbo Mortgage Source
Specializing in 95% Jumbo loans
Serving home buyers in all 50 states
Ph: (800) 962-0677
http://www.JumboMortgageSource.com
0 votes
John Hester, Agent, Andover, MA
Sat Jan 23, 2016
95% LTV Jumbo loans are available. I work with a 95% LTV jumbo program to $850,000 for medical doctors and dentists. I have also referred clients to other lenders I've worked with that offer 95% LTVs; one of which allows 95% LTV to $729,750 regardless of occupation.

I also have programs that allow 90% CLTVs to $2,000,000. I'm finding a lot of borrowers using our interest only programs that allow a 90% CLTV as well. We also have a 90% LTV one-time close construction to perm program available to $850,000. I am happy to assist anyone looking for high LTV jumbo financing or refer you to other lenders if I am unable to assist you with your needs. Please contact me via my profile information for assistance.
0 votes
Greg Martin, Home Seller, Fort Worth, TX
Fri Oct 30, 2015
Old question but here is a new answer:
I, too, have been looking for high LTV Jumbo Loan and here is what I have found so far:
*Several lenders will loan up to 95% LTV, not that difficult to find today,
*Navy Federal Credit Union will lend 100% on Purchase, 95% on Refi,
* Nearly all lenders will loan 80% and Certified Funding will provide a second mortgage up to 97% for Purchase or Refi, HOWEVER, the lender must approve up to 97%, most will only go to 95%
As you can tell, I am NOT a lender looking for your business, just someone that is doing, has done research because I am in the same boat. Good Luck!!
0 votes
Would love to know what lenders you found that would do 95% LTV on a jumbo (up to $1,000,000). Thanks
Flag Mon Apr 18, 2016
Check that. NFCU will lend 97% on a refi, I had a typo.
Flag Fri Oct 30, 2015
Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Tue Jun 23, 2015
I know this is an old question but maybe can help someone looking online. We offer 95% Jumbo mortgage financing to an $850k loan amount which is almost a $900k purchase price.

We can also do 80/10/10 to almost $1m purchase price depending on where you are located in CA.

abrown@guildmortgage.net
0 votes
Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Thu Feb 19, 2015
I know this is an old question but we have a 5% down jumbo product up to almost $900k purchase price($850k loan amount). Rates are fantastic. Let me know if I can help.

abrown@guildmortgage.com
858.922.4709
0 votes
Damuer, , Los Angeles, CA
Tue Aug 19, 2014
I can do 5% down with No MI on all Jumbos.

Call me.

I'll get it done.

Damuer H. Leffridge
First Option Lending International
3105388923
0 votes
John Hester, Agent, Andover, MA
Sun Jan 12, 2014
I can help with a 95% LTV Jumbo loan on the east coast. I have a 95% LTV Jumbo program available with a max loan amount of $729,750 and a minimum loan amount of $300,000. This is a portfolio loan program which is not sold on the secondary market so mortgage insurance is not required and currently allows up to a 50% debt to income ratio.

Please note our guidelines can always change but at this time here are the basics:

* 5/5 ARM - Interest rate and payment can change after 60 monthly payments (5 years) and every 60 months thereafter. Maximum increase in rate at first change is 2%.
* Minimum loan amount $300,000.
* Max loan amount is $729,750.
* Primary and second homes, no investment properties.
* No manufactured homes or co-ops.
* Purchase and rate/term refinance up to 95% LTV with no MI.

Primary Home

* 95% LTV, NO MI to $729,750 with 720 credit score and above.
* 80% LTV to $729,750 with 680 credit score and above.
* 80% LTV Cash Out Refinance with maximum $50,000 back in cash!!! (Who else does Cash Out on Jumbos?!)

Second Home

* 85% LTV, NO MI to $729,750 with 720 credit score and above.
* 80% LTV to $729,750 with 680 credit score or above.
* 75% LTV Cash Out Refinance with maximum $50,000 back in cash.

We are currently offering this product in Virginia, Pennsylvania, Maryland, Washington DC, North Carolina, South Carolina, Delaware and Georgia.

Please give me a call and I'll answer any questions you may have. John Hester, Sr. Loan Officer, NMLS#126852 - Southern Trust Mortgage, LLC (NMLS#-2921). 910 777.3123
0 votes
My pleasure, Mr. Walsh! I'm glad to be of help to you. Updated information on our low down payment program can be found at http://www.Jumbo95.com. Thanks again!
Flag Tue Feb 4, 2014
Believe it or not this program does exist!...Thanks John. You were a great help. I will certainly recommend you and Southern Trust to anyone that asks.
Thanks again!!!!
Flag Fri Jan 31, 2014
brooks.fncss, , 79712
Tue Nov 12, 2013
We finance all types of loan programs at a simplified interest rate of 4%. Please contact us today for your requested loan amount.

Email #: brooks.fncss@live.com
Tel #: (724) 318-5092

{Only serious inquiries}
0 votes
john34, Home Buyer, Dallas, TX
Thu Oct 31, 2013
No likely to get 95% ltv in CA on a jumbo, maybe 90%.
0 votes
jeff12345, Home Buyer, 90210
Thu Oct 31, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. There a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
0 votes
Gregorio Den…, , San Diego, CA
Tue Jul 9, 2013
I love all the agents here saying Call me, Call so and so, blah blah blah. Javier answered the question and the answer is that it doesn't exist.

A) You cannot get 95% on a jumbo.

B) There is no PMI for jumbo loans.

The next time someone posts that they want to buy a house for $1, I'm going to reply with :

"I know a great agent that can help you, please contact me." When all the agents come back and tell me how stupid my answer was and that it's not possible, I will just laugh and direct them to the thousands of posts they have made on Trulia doing the same thing.
0 votes
Joshua Sixx, , Los Angeles, CA
Mon Jul 8, 2013
I can recommend a great lender who could have options available,

PrimeLending
David Moss
760.834.9336
dmoss@primelending.com

Hope he can help.

Regards,

Josh Sixx
Realtor®
http://www.joshsixxrealestate.com
310.777.2855
Berkshire Hathaway Homeservices - Beverly HIlls
reply to Joshsixx@prula.com if you need any further info.
0 votes
Caroline Har…, Agent, Northridge, CA
Mon Jul 8, 2013
I have a really good lender that will be able to help. Call Bridgette from WestCom Lending. (818) 335-0283 or email her at (bridgette4re@yahoo.com) she has the best rates. Then, feel free to check out my luxury listing too.

--
__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
Reply To: caroline.wcli@gmail.com
Web Reference:  http://youtu.be/ji8A5qyvmyI
0 votes
Douglas Perez…, Home Buyer, Los Angeles, CA
Sat Jul 6, 2013
How much is your total debts that are longer than 5 months to pay off?
And what's your total minimum monthly payment of those debts right now?
Is this income your net or gross income for the past 2 years?

These are some of the questions to get an idea to qualify you for that loan amount.

Do you need an expert loan officer? I know a few that can get you pre-approved.

http://DouglasPerez.pw
0 votes
Emily Knell, Agent, Huntington Beach, CA
Sat Jul 6, 2013
You're going to have to put 10% down BUT

If you're going to get taxed when you go to cash in those retirement funds in, say 15-20yrs, you should call me, I can make what you're trying to do, pencil, like you're putting just 5% down. It's too much to explain here on Trulia.

Shoot me an email or call me directly, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
0 votes
Moloud elisha, Agent, los angeles, CA
Sat Jul 6, 2013
Please call me on Monday to discuss. I'll refer you to my mortgage banker (40 year in business)
310-5924324
Lic #01256924
0 votes
Has anyone had success with the 5% down jumbo mortgages in Eastvale (inland empire)? I never saw these before... I did a search for $494,000 loan on $520,000 home and these lenders all show up:
Search engine:
http://www.mortgagemarvel.com/search

Lenders:
First Union Bancorp
CapWest Mortgage
Hanscom Federal Credit Union
Universal City Studios Credit Union
Flag Thu Mar 13, 2014
Search Advice
Search
Ask our community a question

Email me when…

Learn more