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New Mexico Low Down Payment Jumbo Loans

This page updated and accurate as of January 20, 2021 Jumbo Mortgage Source Leave a Comment

New Mexico Jumbo LoansJumbo loans with only 5% down payment are now available for qualified homebuyers throughout New Mexico. Buyers of luxury properties in Albuquerque and Santa Fe may find the reduced down payment programs especially helpful.

If you plan to purchase a home $2,000,000 or less, you may have financing options up to 95% loan to value. Buyers with 10% now down have options to 3.0mil.  Like any mortgage, the Jumbo programs do have minimum requirements for qualifying. Below we will review all the New Mexico low down payment Jumbo loan requirements.

What to learn about the differences between Jumbo and Conforming Loans?

Benefits of Low Down Payment Jumbo:

There are a few reasons why a borrower may want to put down 5% or 10% down even if they have more saved. Some of them are as follows:

Keeping funds in other better preforming investments: Check with your financial advisor first but sometimes, it makes sense to put less down and keep your money working for you in stocks, etc.

Funds for renovation or remodeling:  Nearly every home will require some updating and personalization. By only putting down only 5%, 10% or 15%, you can retain the rest of your money for needed improvements.

Still waiting on current home to sell: Maybe most of your equity is tied up in your current home. Maybe that property is taking longer to sell than anticipated.  Or maybe you are out of time and have to move due to relocation, etc?  The 95% jumbo loan can provide an option to bridge the gap and get into a new home with a minimum down payment.

Albuquerque Jumbo MortgageJumbo Qualifying Requirements, Loan Limits:

Primary Owner Occupied Home Only

  • 5% Down  – $2,0000,0000 – 700 Credit. (740 credit for loans over $1.5mil)
  • 10% Down – $0 – $3,000,000 depending on state. 700 Credit
  • 15-20% Down – $3,000,000 +  720 Credit

Note: Vacation or “second homes” are permitted as well. However, these programs will generally require an additional 5% greater down payment. 

 Requirements and Terms

  • Single Family, townhomes, condos only. Homes being sold new directly by the home builder are also eligible. Building a new home on your own lot? Read about Jumbo loans for new construction.
  • Adjustable-Rate and Fix Interest Rate Options
  • First & Second mortgage combo (80/10 – 80/15) or single loan options available depending on the property state
  • NO monthly mortgage insurance, PMI
  • All borrowers must fully document income and assets

Learn more by calling the number above, or just fill out the Quick Contact Form on this page.

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