13 Mar Jumbo Loan With 5 Down Payment
Jumbo Loan With 5 Down Payment
In today’s market, there is a lot more flexbility when it comes to down payments on jumbo loans. Typically, in the past you could say that jumbo loans have had higher requirements when it comes to credit scores and down payments. That is in comparison to conventional loans. Before you’d need around a 680 credit score to qualify and 20% down payment (80% Loan to Value).
Consider the following when looking into your next JUMBO loan:
• Fico score minimum requirements all the way down to a 500 credit score
• Loan to Values (LTV’s) as aggressive as 95% or 5% down payment
In addition, here are some other key factors to know when considering low down payment jumbo loans:
• Use Bank statements to income qualify
• Foreign Nationals can qualify
• Interest Only payments are an option
• Non-Warrantable Condos
• Cash back refinancing
• 2nd homes & investment properties can be financed
What can be used as a down payment?
Sources can include:
• Retirement fund withdrawals
• Personal property sales that are documented and supported by third-party value
• Gift funds from family
• Verified assets
As for down payment or the use or depletion of assets, know that your money has to be seasoned. This means that for your funds to be considered, they must be in your account for a period of 60 days.
If you are in the market for a JUMBO loan with 5 down payment it is important to do your research beforehand. Work with us because we are a mortgage broker so you can see how much of a home you can ultimately afford. With the plethora of options we can also help you figure out what would be a comfortable monthly mortgage payment. We’ll make sure that we find a mortgage product that is right for you and that is within the guidelines for your state and county.
Call us by phone or email to see what options are best for you. With over 70+ lenders we have plenty of options for your situation. Help us, help you!
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