Jumbo loan with less than 15% down payment?

Anonymous · ‎03-15-2018

I can't seem to find a recent thread -- can anyone tell me where I can find a lender or broker that can help me with this situation?

$850k loan (single family in the NE of MA)

820+ credit scores

$1250/month student loan payments

$17850/month income (not including an annual bonus and a 2-year-old side business that profitted $30k (ish) 1st year and $86k (ish) 2nd year)

We're probably looking at the ability to put $110k down. It seems like the interest rates are significantly higher when you put less than 15% down? Where is the best place to go for this? TIA!

kc0039 · ‎03-15-2018

@Anonymouswrote:
I can't seem to find a recent thread -- can anyone tell me where I can find a lender or broker that can help me with this situation?

$850k loan (single family in the NE of MA)
820+ credit scores
$1250/month student loan payments
$17850/month income (not including an annual bonus and a 2-year-old side business that profitted $30k (ish) 1st year and $86k (ish) 2nd year)

We're probably looking at the ability to put $110k down. It seems like the interest rates are significantly higher when you put less than 15% down? Where is the best place to go for this? TIA!

What are you looking for? Fixed rate or ARM?

Licensed in IL

Anonymous · ‎03-15-2018

30 yr fixed

Anonymous · ‎03-15-2018

If you can join, look into NFCU. They have loans similar to what you are looking for. Also, look at SoFi if you haven't already.

Anonymous · ‎03-15-2018

@Anonymouswrote:
If you can join, look into NFCU. They have loans similar to what you are looking for. Also, look at SoFi if you haven't already.

Thank you. I couldn't tell from their website if non-conforming loans were eligible for their no/low down payment programs. I'll have to just call. SoFi doesn't handle MA mortgages, unfortunately. I went to them first.

Anonymous · ‎03-15-2018

@Anonymouswrote:

@Anonymouswrote:
If you can join, look into NFCU. They have loans similar to what you are looking for. Also, look at SoFi if you haven't already.
Thank you. I couldn't tell from their website if non-conforming loans were eligible for their no/low down payment programs. I'll have to just call. SoFi doesn't handle MA mortgages, unfortunately. I went to them first.

Definately, and update after you call them. A friend of mind use them to get a mortgage for about $950,000 for a house in Greenwich, CT. I think she put less down than the 15%. This was about two years ago. So definately give them a ring.