Low down payment jumbo loans
Jumbo mortgage loans over recent years have been more conservative than other loans. Although we have some low down payment solutions for today’s luxury home buyer. The improvement in the US economy has really helped increase the number of sales of the higher priced luxury homes. For single family primary residences (1 unit only), we have 10% down options for mortgage loans over $424,100. Of course, in order to qualify for the low down payment jumbo loans, borrowers need to have solid 700+ credit scores and sufficient asset reserves after closing.
Options for the 90% Jumbo mortgage loans:
Fixed rates: Terms available for 10, 15, 20, and 30 years
ARM rates: 3/1, 5/1, 7/1, and 10/1 Libor ARMs
PMI options include borrower paid monthly, single premium, split premium or Lender paid PMI (with rate adjustment)
Seller may pay up to 6% of the purchase price towards buyers closing costs
Often the jumbo loan borrower’s CPA and/or financial advisor will advise their clients as part of a financial strategy to put down less money on their home and keep their money for reserves and in their investments.
VA Jumbo Loans
Active duty and Veterans can actually use a VA jumbo loan up to $1,000,000 to buy or refinance a luxury home. VA eligible buyers can qualify for a very low down payment jumbo loan compared to conventional jumbo loans. Learn more about VA Jumbo loans in our other articles.
Areas that can take advantage of these low down payment jumbo loans include areas such as the Grand Strand Areas (Myrtle Beach, North Myrtle Beach, Little River, and Surfside Beach), Brunswick County, NC beach areas (Oak Island, Holden Beach, Ocean Isle Beach, Saint James, Sunset Beach, and Southport), New Hanover County (Wrightsville Beach, Carolina Beach, Wilmington, Landfall, and Kure Beach), Cary, Raleigh, and many other areas. Keep in mind that these loans are not meant for the jumbo loans that are in slow markets. Also it is important to know a luxury home should not be unique. Unique scares lender.
Think of Team Move for your jumbo mortgage loans products. Whether you have a large or small down payment, we are your resource for financing your luxury home purchase.
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.