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Jumbo Mortgage

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Contributor

Jumbo Mortgage

My wife is still 9-12 months away from getting a mortgage. However we have initiated the initial discussion w/loan offices (No Inq's yet) on how much she could get approved for.

One LO mentioned a loan of only upto $999,000 with a down payment of 15%. Any loan over a $1MM, they want a 20% down payment.

Ideally she'd like a loan $1.2MM, she has the income, DTI, AoOA, credit score to support, just not the downpayment yet. Any idea who would loan >$1MM with a 12.5% to 15% down payment?
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Moderator Emeritus

Re: Jumbo Mortgage

Not offhand but there's probably some out there given there were 10% down from some Cali CU's even a few years ago when I was looking at a jumbo loan.

 

Talk to a few lenders, I'd start with one of the big banks who are competitive in the jumbo space just to see where the market is... I'd simply walk into my local Chase branch and ask for their mortgage rate tier sheet as that'll give LTV and other things needed for given property types.




        
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