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Jumbo options with small down payments

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Jumbo options with small down payments

I'm hoping to get some advice on the best way to structure a loan.  I will be selling my current property after two years and relocating out of state.  I plan to purchase something around $600k-650k.  As with my first mortgage, I want to use my credit alone for the purchase.  My credit scores will all be fairly consistent between 715-721 after the payoff of some accounts is posted, according to the FICO simulator. 


Here's the ask:  I'm interested in putting as little down as possible.  What the best mortgage option to accomplish this given it will fall within the range of a non-conforming loan?  Should I look for an option that is structured as an 80/15/5 loan?  The only financier I have found that provides this flexibility is Compass Bank.  Are there others?  Or, are the others unlikely to accept a down payment that is less than 10-20%? 


Thanks in advance for your guidance and knowledge!



Message 1 of 3
Valued Contributor

Re: Jumbo options with small down payments

My recommendation is to speak to credit unions. We are structuring a 480k mortgage. Although most of the credit unions we've spoken to only have 80/10/10 loan products, some also offer 80/15/5.

There are not many 80/15/5 products out there. From my shopping around, there have been 3 banks with them, and they've all been credit unions.

I hope this helps.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 2 of 3
Regular Contributor

Re: Jumbo options with small down payments

Thanks!  This is helpful.  Would you mind sharing the names of the 3 credit unions you have found with 80/15/5 products?


If anyone knows of any others or differing options, I'd love to hear them.  Thanks!

Message 3 of 3
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