If we want to buy a 2M home in California, realistically how much do I have to put down?

In the jumbo market, there are few options.. Some will require more than 20% down, and there's a few out there that will take 20%... Total debt as a percentage of your income cannot exceed 45%, and some jumbo lenders want you to be 41% to 42%, so your income would need to be at a bare minimum of $250K... realistically, if you want to know for sure, you should contact a LOCAL mortgage broker and apply with them... Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It may be possible to purchase a $2MM home with only 20% down. But most lenders are going to require additional funds for Reserves, closing costs and your DTI and scores will likely need to be stellar. My advice is to contact a Mortgage Banker/Broker in your area rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

The debt to income ratio will be based on your gross income less any non reimbursable deductions you may have taken on your tax returns. In order to get a complete and accurate analysis, you must go see a local lender. they can analyze your credit, income, and the property that you may be looking to purchase. Best Of Luck!

Hello- you can definitely do 20% down just keep in mind with a loan of this size you will also have to have reserves of at least 6 months of the mortgage payment maybe more depending upon your credit and debt to income ratio. It sounds like you need to sit down with a trusted mortgage professional and do a full application and have all of your income and assets reviewed so you can properly determine what is needed for you to purchase this size home. My company specializes in Jumbo loans and we are licensed in California so if you need any help please feel free to call me.Gianni Cerretani404-213-9663gianni.cerretani@angeloakfunding.com

Great point Paul Johnson brought up, is that the lenders will qualify you on Gross earnings, but YOU should qualify yourselves on NET income to be on the safe side

Hi there:20% should be sufficient for the down payment, as far as your income since we don't know what are you other monthly payments it is difficult to let you know what your income needs to be however if you have 25% or more equity in your existing home we can credit you the projected rental income from there as part of your income as well! For more detail info and your free no obligation consultation, please feel free calling me at 1-714-639-6694 My best,Shab Kavandi

WHAT yore u need is also reserves in your accounts, depends on the lender, but anywhere from 3 to 6 months for bank type loans, , liquid, and I work with private money investors, so it is not as strict as some of the bank guildlines, and yes, i can work in califr.. linda yourloanpartnerforlfe@live.com 602 330-1598