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don2 · Joined: 23 Oct 2009 Posts: 2 1.40 Dollars($)

I was curious if there are any lenders that are willing to do a jumbo loan with 10 - 15% down? From what I've gathered this has changed a bit over the past year and most are requiring a full 20%. Any options out there? TIA

Don

jveenstra · Posted: Fri Oct 23, 2009 3:43 pm Post subject: Jumbo

The answer depends on what you consider to be a jumbo loan and in which county the property is located. The county is important because Agency loans are permitted to do loans up to $729,750 in 73 counties and someplace between $417,000 and $729,750 in other counties. That is through the end of 2009 and do not know if they will extend beyond that.

The PMI companies will provide PMI for up to 85% LTV in some states

For jumbo loans above that, there are portfolio loans that exist but PMI will not insure any with a down payment less than 20%. Of course, with a down payment of 20% PMI is not needed. The point is that jumbo loans with less than 20% down does not exist, unless someone knows of a local lender in some area.

There are some jumbo programs that let the seller hold a second mortgage and the combination of the first and second mortgage could be over 80% LTV.

If you have a specific state and county, your question may better be answered because local lenders sometimes do things national lenders no longer do.

Posted: Fri Oct 23, 2009 5:49 pm Post subject:

Thanks John.

I'm in Ohio, city is Huron, county is Erie and the loan is somewhere around $615K

don2 · Joined: 23 Oct 2009 Posts: 2 1.40 Dollars($)

Sorry, that above post is mine, forgot to log in Smile

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Which lenders are willing to do a jumbo 30yr fixed load, 0 points with less than 20% down?