Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Jumbo Loan Down Payment All Locations : Nationwide Real Estate Advice

  • All695K
  • Local Info59K
  • Home Buying255K
  • Home Selling42K
  • Market Conditions26K

Activity 1,190
Showing results for jumbo loan down payment [Clear search]
Fri Jun 21, 2013
Michael Hammond answered:
Consider contacting a Lender, Dionne. There are many factors to consider in determining where your price point and loan amount could be. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
... more
0 votes 9 answers Share Flag
Thu Feb 5, 2015
Fred Yancy answered:

We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.

We will try to describe these options from least difficult to most difficult.


These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the ?green card? issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.


H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.


Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.


It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.


For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.
... more
0 votes 9 answers Share Flag
Thu May 23, 2013
Robert Mitchell answered:
With a USDA loan there are some options for you. We would have to negotiate to have the seller pay for your closing costs. The area that is covered by a USDA loan are restricted so you would have to buy in those specific areas. ... more
0 votes 17 answers Share Flag
Sat Jan 21, 2017
Julie Horvath answered:
Hi Reginald,
I would be happy to get you a letter today. Please call me at 740.602.3320 or on my office line at 866.901.3570. I am very experienced working with VA borrower's and look forward to working with you.
Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
... more
0 votes 14 answers Share Flag
Mon Sep 23, 2013
George Jackson answered:
Hi Jerralyn,

Your question is one that is best answered by an experienced lender, as the answer will depend on the type of financing that you have. While many of the costs associated with your financing are somewhat negotiable, the seller will have a maximum allowable contribution that they can legally concede on your behalf. Once you have been given that amount by your lender, it is up to your agent to draft an offer and negotiate that on your behalf.
May I suggest that you contact my preferred lender, Trey Horton of TJC Mortgage. He has almost 30 years mortgage financing experience, and, like me, he has the heart of a teacher. His direct number is 205-296-8741.
I hope this helps, and congratulations!

George Jackson
... more
0 votes 6 answers Share Flag
Tue Apr 9, 2013
Robert A Whitfield Broker answered:
Hi Ted,

Let me refer you to a great lender:

Mark Milam | Production Manager
Heritage Bank Mortgage
3333 Peachtree Rd, Ste M-10, Atlanta, GA 30326
t: 404.395.1102 | f: 404.506.9484

If he can help you get the loan, I can definitely help you locate and acquire a sound well built home at the best possible price.


Robert Whitfield
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Advantage Realtors
Corporate Relocations | New Construction | Luxury & Investment Properties
... more
0 votes 4 answers Share Flag
Thu Jul 25, 2013
Daniel Di Matteo answered:
I'd be more than happy to help.

Daniel Di Matteo
0 votes 35 answers Share Flag
Wed Apr 3, 2013
Bruce Ailion answered:
Wed Apr 24, 2013
Ron Thomas answered:
The two most important things that Lenders look at are your record of paying bills, and your ability to pay future bills:
How likely are you to continue to pay your obligations, and,
The sources for your money to pay them.
If you have lots of money in investments and savings, you could get by, but they generally want you to have a job; a continuous influx of money.
... more
0 votes 9 answers Share Flag
Wed Apr 3, 2013
Joseph Roraff answered:
You would need to talk to. Mortgage lender in your area. They look at a lot of other things beside credit score.
0 votes 8 answers Share Flag
Thu May 22, 2014
Suzanne MacDowell answered:
Should be. Looks like you've improved your credit score. I think three years is if the house goes to foreclosure. I would advise talking to a local mortgage banker, someone who specializes in writing mortgages, to get their opinion and advice, but I think you will be fine. ... more
0 votes 11 answers Share Flag
Tue Apr 2, 2013
Rodney Mason answered:
I do not suggest doing lease purchases. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 5 answers Share Flag
Sun Apr 21, 2013
R. Eric Axelson answered:
Mike McKeown, Sr Loan Officer
Allied Mortgage Group

Tell him I sent you. He will respond immediately.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
... more
0 votes 7 answers Share Flag
Sat Feb 18, 2017
Tony Grech answered:
Those scores are pretty good, but that is a serious derogatory credit item.

Physician loans are portfolio programs, so the lender is free to implement their own underwriting guidelines, but this also means they can probably make a judgment call on things.

If the rest of your credit otherwise is good and you can provide a good explanation then hopefully this will be OK.

If not then you may have to go FHA. It's 3.5% down and you'll probably have to wait until he starts working. But it's an option nonetheless.

If it doesnt work then try another lender who offers a physicians loan before you give up and go FHA.

Best of luck!
... more
0 votes 17 answers Share Flag
Fri Feb 14, 2014
Dale Lucas answered:
Hi Leah..... Give me a call and I will see if I can help. We can then discuss your situation in more detail and determine the best way to move forward. Thanks in advance for your consideration

Dale Lucas
Eagle Realty
1 928 377-6692
... more
0 votes 9 answers Share Flag
Sat Mar 30, 2013
Keith Jean-Pierre answered:
Depends on a number of factors such as your desired home type, budget, location, loan type, and down payment. If you can get pre-approved solo, you would not need her on the loan, but judging from the area your from and your job, I would imagine you need both of you on the loan. Most mortgage companies will require 2 years of job verification in order to put the person on the loan. To get specifics, I would suggest you speak to a loan professional. ... more
0 votes 2 answers Share Flag
Fri Jan 13, 2017
Thierry Abel answered:
How much do you need?
Is this an Owner Occupied, Single Family Residence?
Purchase or Refi?
Credit Score
0 votes 18 answers Share Flag
Sun Jul 28, 2013
Michael Hammond answered:
What does your Agent/Broker/Lender say, Looking in Georgia? Seems like good news to me if your PSA price is < $137K. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
... more
0 votes 6 answers Share Flag
Thu Sep 15, 2016
stephen webber answered:
Hi Cris

Your first step is to find and indentify an experience ethical loan officer and lender who offer all of the loan types.
Gather up information from reliable sources first. Remember you will be dealing with sales people and often loan officers will offer only the loan types offered by their lender.
At you will find an article, Consultation, Interviewing Loan Officers that will serve you well. Also a Series of articles that will guide you step by step to gather all of the information needed to effecively interview a loan officer. After you have gathered all your information you will find loan officers and real estate agents on Trulia offering their services. A very good source.
You will find you can buy much sooner than most realize.

Best of Luck, Stephen
... more
0 votes 22 answers Share Flag
Thu Mar 28, 2013
Don Groff answered:
It depends on how long you plan to be in the house. If you are fairly certain you will be moving and selling a property in say 5 to 7 years then an adjustable rate mortgage could save you money. You really need to look at the math and see how much you would be saving against the risk of you not moving and rates being considerably higher at that time.

It's one of those situations only you can access. I will tell you that currently I am originating a very small percentage of adjustable rate mortgages as compared to fixed rate mortgages these days. I'm sure as rates creep up over the next year or two that will change somewhat.

Hope this helps.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
websites: |
... more
0 votes 3 answers Share Flag
1 2 3 4 5 6 7 ...
Search Advice