Jumbo loan in CA with less than 20 percent down

Asked by Anil, San Ramon, CA Mon Jan 7, 2013

Looking for loan options .. For upto $1mm house, 10-15 percent down .. $260k salary , 790 fico
In 94582 .. No debts.

Help the community by answering this question:

+ web reference
Web reference:

Answers

15
, ,
Mon Jun 12, 2017
Yes, yes and yes in CA 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.

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
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
0 votes
jumboloancen…, Other Pro, Lake City, FL
Sun Jun 11, 2017
95% options go up to $1,500,000
90% options go up to $2,500,000
Programs require good credit, full documentation for income and assets. Owner occupied homes only for 5% down options.

thanks,
Kathy
http://www.jumboloancenter.com/purchase/
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun Jun 4, 2017
Here in CA, we can offer a jumbo, 10% down payment solution with an "80/10/10" or "piggyback" structure up to a purchase price of nearly $1.9MM. The terms on the first mortgage can be fixed rate or ARM and will be very much consistent with the rates you'd find on a 20% down payment program. The second mortgage is typically a home equity line of credit (HELOC), though fixed rate seconds are also an option.

For a 15% down payment, we can use a single loan program with no PMI and this will get the buyer to a price point of just over $3.5MM. Again, the rates on these programs are very competitive relative to a 20% down payment home loan.

I am located in the San Francisco Bay Area and am very familiar not only with the guidelines of 10% down options, but also with the strategy necessary to get these buyers into contract when competing against multiple buyers --- including cash offers. It absolutely can be done.
0 votes
Valli Lopez, Agent, San Diego, CA
Tue Jan 31, 2017
Anil, This is my specialty. Click the link for a flyer chart on what is available for foreign buyers or non permanent residents with less than 20% down.

Valli Lopez
NMLS 980530
619.916.9595
valli@vallilopez.com
0 votes
, ,
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.

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
Five Stars, Other Pro, Jacksonville, FL
Thu Jan 12, 2017
There are a few options with only 5% down as long as the final adjusted loan amount does not exceed 1mm. The home sales price can be higher. No mortgage insurance or pre payment penalty. Fixed rate or ARM. Fico looks great.
0 votes
Asad Taheri, Mortgage Broker Or Lender, New York, NY
Thu Jun 30, 2016
Hi Anil,

I am with Union Bank, we offer a an option with 10% down, please call me for a no pressure brief phone meeting where I can share details with you.

Asad
510-755-7291
0 votes
Paul, Both Buyer And Seller, 11968
Fri Jun 24, 2016
Use InBedrock.com to help educate on all real costs of homeownership, including purchase price, improvements, title + HO insurance, RE taxes, mortgage financing options + after-tax implications, utility costs and eventual selling costs of 6% realtor commission + state transfer taxes. InBedrock.com provides in-depth, easy-to-understand analysis on financial decision of Buying v Renting v Investing in stocks. Find out actual # of years until break even on all costs of investing in a house vs renting. Get educated today with InBedrock.com before you make biggest investment of your lifetime. InBedrock.com
Web Reference:  http://InBedrock.com
0 votes
jumbosource, Other Pro, Valdosta, FL
Fri Jun 24, 2016
5% down - up to 1 mil loan amount. Must have 700 credit score, and document income, assets. Primary residence only.

Jumbo Mortgage Source
Specializing in 95% Jumbo loans
Serving home buyers in all 50 states
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
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Apr 21, 2014
Anil: We can go 10% up to 850k loan amount.
That takes you to 945k purchase price.
15% would get you to $1M.
No MI.
0 votes
Mark DeWitt, Mortgage Broker Or Lender, Carlsbad, Ca, CA
Fri Jan 24, 2014
Hi Anil,

Yes you can. We have a traditional 80/10/10 program available (with the 2nd being a fixed rate or a Heloc option). We also can do a 80% first mortgage with 10% down and the remaining 10% coming in the form of down payment funding through First Rex. This 10% has no payment! It helps you afford more home, have a lower monthly obligation, and keep more reserves in the bank. I would be happy to share more information if you are interested.

Regards,

Mark DeWitt
V.P. Branch Manager
HomeStreet Bank
(858) 212-7054 Direct
(760) 331-2063 Fax
NMLS #633211
Mark.DeWitt@homestreet.com
0 votes
Ali Qureshi, Agent, Pleasanton, CA
Tue Nov 12, 2013
Anil,

I have used PMG for a client of mine with similar situation. My clients were very happy using there services. I suggest you contact them.
0 votes
Ali: I know this is an old post, but we recently received a product that will let us go 90% to loan amount of $850k and 85% to $1.1M. No MI.
Lets talk if you are interested. claudia@divmg.com
Flag Mon Apr 21, 2014
Joanna Jensen, Other Pro, Livermore, CA
Thu Aug 29, 2013
This kind of loan should be doable.

Per my husband who is a loan officer, he does jumbo loans. and has programs to do 10% down or still get fairly creative.

if you need a few contacts please send me an email and I can refer a few loan officers for a competitive bid.

Joanna@vololaw.com
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Tue Jan 8, 2013
Nail. I can up to 1M at 85%.
$625k first with $225 HELOC second loan.

I am located in Pleasanton if you would,like to discuss in greater detail.

Cgravelle@diversifiedmg.com.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more