Any less than 20% programs for Jumbos?
Me and my husband live in San Diego county and are in a position to afford payments on a jumbo loan. However, our current house is underwater more than $200k, we've lost the majority of the downpayment for a new home. We currently have about 5-10% we can afford on the new home's downpayment of a $700k loan and can show 6 months of reserves in our IRA/401ks. Are there any programs that can do this for us, or do we need the mandatory 20%? by christ_986_857 from Carlsbad, California. Nov 1st 2011
Chris Johnson (ChrisJ)
#352 ranked lender in California - 3 contributions
The bigger question is whether you can support both house payments and qualify for the new loan. With less than 30% equity in the departing residence, the lender will qualify you with the payments on both properties regardless of rental income.
Bill Ladewig (bill@yourfhaguru.com)
#362 ranked lender in California - 34 contributions
If the purchase price is &700,000 then we can go up to $625,500 which is 88% Loan to value.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are programs out there when you can do 100% financing on Jumbo up to $1M. But like Chris said... can you support both payments? Best advise is to contact a local mortgage broker, not a bank, and let them look at your complete scenario... WilliamAcres.com
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
As pointed out here...you would have to qualify with both mortgage payments. You new loan can be the max at $625,500 the balance being your down payment and you would be subject to mortgage insurance premiums.Feel free to contact me to discuss in details:877-369-4319
Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 90 contributions
There are some programs that you use to to qualify for this loan. As a Senior Mortgage Banker licensed in California working with a direct lender I would be pleased to go over all the options with you for both mortgages. Please call me at 623-340-0934 discuss this in detail or you may email me directly at korene@wjbradley.com. I look forward to assisting you.
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