topic Re: Jumbo Loan with less than 20% down? in Mortgage Loans

Jumbo Loan with less than 20% down?

Ace6 — Sat, 16 Apr 2022 01:04:47 GMT

I was looking at obtaining a Jumbo loan, for 950K, I do have the income to support the monthly mortgage but placing 20% down seems like much to me. I was informed that there are some lenders that approve jumbo loans with 3%, %5, and 10% down. I was wondering did anyone know any of these lenders? I was looking into NFCU, has anyone done a jumbo loan with them?

Re: Jumbo Loan with less than 20% down?

pizzadude — Sat, 16 Apr 2022 16:58:29 GMT

NFCU for sure will do jumbo loans with less than 20% down, this post from a few years ago mentions 5%.

Their website also shows a zero down payment jumbo loan, so I think they have several options.

Re: Jumbo Loan with less than 20% down?

ShanetheMortgageMan — Sat, 16 Apr 2022 20:01:54 GMT

Seeing more credit unions doing 3-5% down on jumbo. 20% down is still the standard with a lot of big name banks, 10% down is becoming more popular and mortgage brokers or lenders seem to be the primary source of them.

Re: Jumbo Loan with less than 20% down?

ridgebackpilot — Sun, 17 Apr 2022 18:52:54 GMT

Last week I locked a 30-year Jumbo refinance at 4.875% with no discount points. But there's no downpayment for a refi because borrowers usually have significant equity in their homes. I see NFCU is offering 4.375% on Jumbo loans with 1.25 points. Rates sure are climbing fast!

Re: Jumbo Loan with less than 20% down?

MauiMan85297 — Tue, 19 Apr 2022 22:24:01 GMT

@ridgebackpilot wrote:
Last week I locked a 30-year Jumbo refinance at 4.875% with no discount points. But there's no downpayment for a refi because borrowers usually have significant equity in their homes. I see NFCU is offering 4.375% on Jumbo loans with 1.25 points. Rates sure are climbing fast!

Wow! Jumbo below 5% AND zero points, you work for a very agressive lender- I'm not seeing anything close to that (Even if LTV is <60%)

Re: Jumbo Loan with less than 20% down?

800goal800 — Tue, 03 May 2022 18:27:03 GMT

I closed today with 15% down. 4.25% with no points

Re: Jumbo Loan with less than 20% down?

GX1209 — Tue, 03 May 2022 18:37:46 GMT

I contacted NFCU after the posts here, I was told I am eligible for a jumbo loan with 5% down.

Re: Jumbo Loan with less than 20% down?

MauiMan85297 — Tue, 03 May 2022 18:59:54 GMT

@800goal800 wrote:
I closed today with 15% down. 4.25% with no points

That's a 15 year??

Re: Jumbo Loan with less than 20% down?

800goal800 — Tue, 03 May 2022 19:12:56 GMT

Typo. 15% down on a jumbo. 30 year. 4.25%

Re: Jumbo Loan with less than 20% down?

MauiMan85297 — Tue, 03 May 2022 19:18:54 GMT

That's awesome then as NFCU today is quoting 4.50% 30 yr JUMBO with 1.25 points and we're over 2 points. Closest I can come to 4.25% is a VA loan but that's 1.25 pts.

@800goal800 wrote:
Typo. 15% down on a jumbo. 30 year. 4.25%