Borrowers often ask “Can I Get Jumbo Loan With 10% Down Payment?” The answer is Yes, assuming the borrower meets the loan qualifying requirements listed below. In fact, there are also financing options that allow only 5% down, but these options are more restrictive in regards to loan amount limits.
These options are especially attractive for buyers purchasing in more expensive locations in Florida, California, Arizona, Connecticut, Massachusetts, New York, etc. Let’s review everything home buyers will want to know before applying. Please remember to contact us at the number above, or just submit the Quick Contact form if you need assistance – 7 days a week.
90% Loan to Value:
- Loan Limit Cap = $3,000,000. Different loan structures available depending on the state – NO mortgage insurance required.
- Borrowers credit score should be at least 660 when the loan amount is below $1.5mil. For loan amounts $1.5 -$3.0mil – credit scores should be above 700. No serious delinquent accounts, BK, Short-Sale Foreclosures in the previous 5 years. See special 20% down options for borrowers with past short sale financing on the Jumbo Purchase Page
95% Loan To Value:
- Loan Limit Cap = $2,000,000. Different loan structures available depending on the state – NO mortgage insurance required.
- Borrowers credit score should be 700 minimum to be eligible
Applicants with 15% or 20% down have higher loan caps available. In addition, these buyers can finance lower loan amounts (450K- $1,000,000) with credit score down to 650 in some cases.
This information also applies to homeowner refinance. Homeowners that want to refinance their current loan to reduce the interest rate, term, etc, please refer to the Jumbo Refinance page. Please note, Jumbo cash out refinance programs are also available but limited to 90% loan to value.
Loan Qualifying Restrictions: 5%, 10%, 15% and 20% Down Programs
- All programs are “full doc” and require buyers to properly show income and assets.
- Debt to income restrictions is generally limited to 40%. However, the limits can be exceeded in certain cases to 45%+ depending on factors like the loan amount, credit score, down payment and overall strength of the home buyers profile.
- Buyers should have some reserves after closing. The term “reserves” refers to the amount of savings a buyer has remaining after their down payment and closing costs. Like the debt limits above, the amount of reserves can & will vary depending on the loan size, credit, etc.
- The programs are available for standard single-family residential housing (regular house, townhomes, and condominiums) Multi-unit, vacant land, and commercial properties are not eligible.
- Standard full amortized (principal and interest) program terms available. This includes 15 and 30 yr fix and adjustable 5-1, 7-1, 10-1 ARM’s
Questions? please contact us at the number above – 7 days a week.