Jumbo Loan 10% Down Payment Requirements
What’s a Jumbo Loan?
A Jumbo loan with 10% down payment, otherwise known as a jumbo loan is a loan that’s above the conforming county loan limits. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $726,200 in most counties then neither of the two government-sponsored entities will purchase that loan but in counties such as Los Angelos and San Francisco loan amounts are allowed up to $970,800 before they are considered a Jumbo loan. Typically, both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other jumbo lenders, freeing up liquidity to lend on more mortgages. We offer the best Jumbo Mortgage Rates for a 10 percent down payment jumbo loan, and we provide a lot more jumbo loan options than other jumbo lenders do.
What are the Jumbo Loan 10% Down Payment Requirements?
- The borrower’s credit score should be 680 minimum to be eligible.
- The programs are available for single-family residential housing (regular houses, townhomes, and condominiums) Multi-unit, vacant land, and commercial properties are not eligible.
- Mortgage Insurance Not Required.
- Standard full amortized (principal and interest) program terms are available. This includes 15 and 30 yr fix and adjustable 5-6, 7-6, 10-6 ARM’s.
- Little or no reserves are required.
- Debt to income up to 45%.
- No BK or Foreclosures in the previous 7 years.
- No Short-Sales in the previous 4 years
- Piggie back Second Mortgage Options Available.
- No Income Verification Loans are available for Investors.
- No Income Verification Loans for Primary Residences & Second Homes.
- Self-Employed borrowers may want to take advantage of our Bank Statement loans.
- Veterans may want to take advantage of a zero-down payment VA jumbo loan.
Can I put 10% Down Payment on a Jumbo Loan?
Yes, you can on primary residences and second homes.
Can I get a 10 Percent Down Payment on a Second Home Jumbo Loan?
Yes, you can!
Do I have to pay Mortgage Insurance (PMI) on a 10% Down Payment Jumbo Loan?
No, mortgage insurance is not required even though many jumbo lenders require it!
Jumbo financing without a 20% down payment.
Many home buyers are unaware they can obtain Jumbo financing without a 20% down payment. Approved home buyers now have high-balance mortgage options up to 90% loan to value. Single stand-alone 90% loans, and also 80-10 “piggyback” combo mortgages
5% Down Jumbo Loans up to $1,000,000 Loan Amount
10% Down & 90% LTV Jumbo Financing available up to $2,000,000 loan amount!
Current Jumbo Mortgage Rates
Comparing Current Jumbo Mortgage Rates
When your shopping for a 10 Percent Down Payment Jumbo mortgage rate, we will get you the lowest interest rate possible, thus getting you the lowest interest rate that could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find the best 10 percent down payment jumbo loan rate is a big deal.
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Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep bankers’ hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
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