Can I Get Jumbo Loan With 10% Down Payment & Low Florida Jumbo Mortgage Rates?
The answer is Yes and in fact, you can even get a 5% down payment jumbo loan with loan amounts to $2,000,000 assuming you meet the requirements.
What’s a Jumbo Loan?
A Jumbo loan with 10% down payment, otherwise known as a jumbo loan with 10% down payment is a loan that’s above the conforming loan limits. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $484,350 then neither of the two government-sponsored entities will purchase that loan, and it’s 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 Florida 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 requirements for getting a 10 Percent Down Payment Jumbo Loan?
- Borrower’s credit score should be 660 minimum to be eligible, borrows with 20% down or higher can have credit scores down to 620 See our special 20% down options page.
- No Mortgage Insurance Required.
- Both 80/10/10 combo loans (Piggie Back Seconds) and a single 90% LTV jumbo loan offered – along with an array of 95%, 5% Down Payment Options.
- Standard full amortized (principal and interest) program terms available. This includes 15 and 30 yr fix and adjustable 5-1, 7-1, 10-1 ARM’s.
- Buyers should have some reserves after closing. The term “Reserves” refers to the amount of savings a buyer has remaining after their down payment and closing costs.
- The programs are available for single-family residential housing (regular house, townhomes, and condominiums) Multi-unit, vacant land, and commercial properties are not eligible.
- Debt to income restrictions is generally limited to 43%. However, the limits can be exceeded in certain cases to 50% depending on factors like the loan amount, credit score, down payment, and overall strength of the home buyers profile.
- No BK, Short-Sales or Foreclosures in the previous 4 years.
- Self-Employed borrowers may want to take advantage of our Bank Statement loans.
Basic Loan Amount and Down Payment Caps.
- 95% Jumbo Financing – available up to $2,000,000 (680 credit required)
- 90% Jumbo Financing – available up to $3,000,000 (660 credit required)
Serving borrowers across Florida, including; Orlando, Miami, Tampa, Jacksonville, Coral Gables, and West Palm Beach.
Comparing Current Jumbo Mortgage Loan Rates
When your shopping for 10 Percent Down Payment Jumbo Loan rates, 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.
Current Florida Jumbo Mortgage Rates
Eddie and the First Florida Financial team were nothing short of outstanding! This was, by far, the most straightforward, professional mortgage loan process we have ever experienced. Eddie has an...read more→
Why Should You Choose Us For Your 10 Percent Down Payment Jumbo Loan?
We work for You & Not the Bank. When working with us, your not “stuck” with ONE bank’s restrictive set of underwriting guidelines, which can put caps on your debt to income ratio or require a lot of mortgage reserves! We always seek out the best lender to suit your specific situation and find lenders with the Best Mortgage Rates! Oh, Ya we don’t keep bankers hours we always answer your phone calls and text messages in the evening and on the weekends…. because we don’t get paid a salary…. we only get paid when your loan closes and most of the time we get paid by the lender and not by you!
We offer the Best Mortgage Rates!
Our “Outside The Box Thinking” gets home loans approved and closed every day through a variety of unique loan products! One-Year Tax Returns, Cross Collateralizing Properties, Assets as Income, Bank Statement as Income, and No Income Verification Investment Loans. Along with our years of experience and understanding tax returns, knowing what expenses to add back in and how to stretch your funds to pay off debts to reduce your DTI. If necessary, we can try to increase your credit score, then do a rapid credit re-score.
Get Pre-Qualified Fast, see you’re credit scores immediately, and close in 30 days or less with our E Zip Mortgage! It’s all online, reduces paperwork, and provides you with a secure, collaborative document upload portal that regularly notifies you via text messaging & emails with all loan updates. Get Started Now!
Our Professional and Experianced Team of Loan Officers are ready to help you with your 10 percent down payment jumbo loan .