Are there any jumbo loan options for a first time homebuyer with less than 20% down? I'm scoping out properties in Ventura county.

Asked by Ccoleman, Antioch, CA Sun Jun 30, 2013

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Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sun Jan 29, 2017
You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

You may even utilize High Balance down payment and closing costs assistance programs and close with minimal out of pocket expenses all the way up to 636k.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and 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
Wed Jan 11, 2017
There are a few different options depending on your loan amount. FHA is a great choice and only requires 3.5% down. However, your loan amount must be below $603,750.
For loan amounts higher ( up to 1mil) there are options with only 5% down. Credit must be above 700.

Thanks,
Five Stars Mortgage
National Home Loan Resource
0 votes
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sun Jan 1, 2017
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 and up to 2.5 million.

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. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun Jan 1, 2017
I realize that this question was asked several years back, but the answer below is still relevant today. In California, we can presently offer jumbo financing (first time homebuyer and otherwise) with as little as 10% down up to a purchase price of approximately $1.9MM. Most often we will structure this as an "80-10-10" or "piggyback" setup where the buyer gets a fixed rate or ARM mortgage for 80% of the purchase price and then gets a smaller second mortgage, usually a home equity line of credit (HELOC) for the additional 10%. The buyer then makes a 10% down payment for the full purchase price.

The pricing on these scenarios is very much in line with a 20% down payment setup, and the process (pre-approval, underwriting, etc.) is identical as well.

If you have any questions or if we can help in any way, don't hesitate to get in touch. We specialize in low down payment jumbo loans and I look forward to explaining all the pros and cons of any approach.
0 votes
Vicky and Vi…, Agent, Oxnard, CA
Sun Jun 30, 2013
I have a lender that I just closed escrow with that said he has a program with 10 percent down. He will be sending me the specifics later today and I will be more than happy to share them with you. You can call, text, or email me!

Sincerely,
Vicky Cummings
Prudential CA Realty
DRE#01367368
805-750-8900
vickysellshouses@gmail.com
http://www.soldsoldsold.com
0 votes
Alexander Gr…, Agent, San Jose, CA
Sun Jun 30, 2013
We can certainly help you. One of our loan officers will help you through the process and present you with some options. Check us out at http://www.TheMortgageOutlet.com and give us a call.
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Sun Jun 30, 2013
I have a 15% down option up to 1.2 Million. Email me
Cgravelle@divmg.com
0 votes
Barry Shapiro, Agent, Camarillo, CA
Sun Jun 30, 2013
Mortgage loan limits are available for every U.S. county, as published by Fannie Mae and Freddie Mac, and the FHA. Loan sizes that exceed loan limits are considered "jumbo". With a Conforming (20% down Fannie Mae-Freddie Mac conforming) mortgage you can purchase with a $598,000 loan limit. With FHA, (less than 20% down) you have a $729,750 loan limit. You should try to stay under these limits.

While the underwriting process for jumbo mortgages is similar to that of a conforming mortgage, the requirements differ.

"There is no (private mortgage insurance) with a jumbo mortgage, so the down payments are larger and, usually, the credit score can be no lower than 700.

The maximum debt-to-income ratio for jumbo loan borrowers is 45 percent. Additionally, jumbo borrowers need at least six months' worth of reserves in their bank accounts after closing, while conforming loan borrowers may be required to only have one or two months' worth of mortgage payments set aside. The required reserve amount for jumbo borrowers can sometimes be 20 percent of the loan.

Borrowers may have to fork over a huge chunk of change, but there are perks to a jumbo mortgage. For example, jumbo loan rates have reached historic lows, and interest on loans up to $1 million is tax-deductible.

Check with a lender before going house shopping to ascertain your best option(s).
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