5% down mortgage

Asked by Phil350, Woodland Hills, CA Mon Jul 22, 2013

Looking for home in the $1.8 - 2.2M range in Palos Verdes or similar Los Angeles community. Lawyer. Excellent credit. Prefer 5% down, could possibly go 10%. Where can I get a loan on those terms?

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jumbosource, Other Pro, Valdosta, FL
Tue Nov 15, 2016
10% would be needed for sure at that loan amount. 5% can be done up to 1mil. Learn more at the web reference link below.

Jumbo Mortgage Source
0 votes
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sun Oct 9, 2016
You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5M and 10% down from a minimum 680 fico score up to 2.5M..

If your fico score is lower then your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. These are full documented loans.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
0 votes
Five Stars, Other Pro, Jacksonville, FL
Fri Apr 29, 2016
5% down payment is fine up to 1 mil loan amount. Higher loan amounts available with 10%+ down payment. 700 credit score required, full income and asset documentation will also be required.

Five Stars Mortgage
National Jumbo Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
0 votes
Alexander Gr…, Agent, San Jose, CA
Fri Aug 2, 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.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Mon Jul 22, 2013

As Gregorio correctly assesses below, there will not be widely available 5% down options in this price range. If you find any way to purchase at that level, it would be extended in a private banking setting. So if you've got your other assets and portfolio with a single institution, start there.

As an FYI, your best "conventional" jumbo options in this range would require 20% down. Anything less will involve some other form of risk offset on the lender's behalf, and they will make those rules on a case-by-case basis.

Best of luck and let me know if I can assist.

Rob Spinosa
0 votes
Gregorio Den…, , San Diego, CA
Mon Jul 22, 2013
I'll save you some time. You won't find 5% down on a jumbo. You "might" find 10% down but not likely at the loan amounts you are seeking.

There may be more options if you are able ir interested in pledged asset mortgages.
Web Reference:  http://WeFixRates.Com
0 votes
You should start with the institution where you bank or invest. Each will have their own guidelines and review your qualifications on an individual basis.
Flag Mon Jul 22, 2013
Most of our liquid assets are in retirement accounts. Could we base a pledged asset mortgage on land that we own in another state?
Flag Mon Jul 22, 2013
Darren Carlin, Mortgage Broker Or Lender, Pleasanton, CA
Mon Jul 22, 2013
Hello Phil, I have many jumbo lenders but the minimum down payment on that amount would be 15%.
If you can do that, then I can offer you exceptional financing. Let me know.
0 votes
Jeannine Sha…, , Northridge, CA
Mon Jul 22, 2013
Hi Phil,

I can put you in touch with my lender, she's experienced, I've seen her close quickly where others couldn't make it happen.

Contact me at jsharaga@rodeore.com - we'll make it happen!
0 votes
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