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Are there any Jumbo mortgages out there with only 5, 10 or 15 percent down?
Purchase price around 900k. Credit score around 640.....

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Most lenders are looking for a 660 score. There are some things that you can do to impove the score.

Lisa welcome to mortgage fit....please do not solicit clients......if you have suggestons to make make them here.

banker0679 · Posted: Sat Jan 05, 2008 10:56 am Post subject:

find yourself a local broker who can find you a home for your loan...AND can help you maybe fix your credit.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Ed,

Welcome to the forum.

I think your credit score is good. So with 10 percent or 15 percent of down payment you can get a Jumbo mortgage. So you can shop a bit for lender in you local area or even you can get a lender in this community also. There are hundreds of lenders in this community who can help you out. So you can try to contact them.

Feel free to ask if you any further questions

Thanks,
Larry

shane · Posted: Sat Jan 05, 2008 2:46 pm Post subject:

I would really work on getting your score up to a 680 level, and plan on 20% down (although 10% would work, the rates are much higher). What is on your credit that is bringing your scores down?

scherzeroni · Joined: 05 Jan 2008 Posts: 51 18.77 Dollars($)

You can put down as little as 5% with a score of 680. You may want to work on improving your score and then apply for a mortgage loan.

shane · Posted: Sat Jan 05, 2008 8:21 pm Post subject:

Yes you can put as little as 5% down, and work with a 640 score... the difference in rates between 5% down/640 & 20% down/680? Very significant. You want to make sure you are in the best possible shape to buy a home, especially when it comes to jumbo mortgages. This is probably the biggest financial decision in your life... be prepared.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Shane,

Have you looked at the Jumbo guidelines lately? Most lenders have really tighted up on the jumbo mortgage loans. A 640 score would fall into ALT A which is almost non-existent at this point. I recommended a score of 680 so they can get a decent rate. It may be possible to find a lender that will give them a nonconforming loan at 8% interest rate or higher with only 5% down, but I dont recommend it. Thats why I advised that they should improve their credit first. Sometimes it can be quite easy and only take a couple months to improve by 20, 30 or 40 points. Edited per forum rules

shane · Posted: Mon Jan 07, 2008 3:22 am Post subject:

I appreciate your input Lisa but I'd recommend reading all responses before posting a response to mine... thanks.

banker0679 · Posted: Mon Jan 07, 2008 4:42 am Post subject:

Shane...a lot of brokers/lenders only have a few lenders/products to work with Edited per forum rules

brad · Posted: Mon Jan 07, 2008 5:22 am Post subject:

Don't Worry there are still lenders out there that will do your loan.
A lot of Lenders have tightened up but some are still doing deals every day just like yours. Edited per forum rules
brad

ckalvesmaki · Posted: Mon Jan 07, 2008 5:48 am Post subject:

Good morning all......

I don't like the tone of this thread......The bickering between pro's ends now. The comments Shane made are accurate.....unless one of you would like to show me off this board through e-mail that you can offer the same rate with 5-10% down with a 640 mid score as someone with a 680 mid score with 20%.......Please email me with the information and matrix.....I will then make a glowing post for you.......So since that will not happen......

We are all here to provide INFORMATION to consumers.....we are NOT here to solicit business......

While it is more than allowable to place your email address, web site, IM addresses etc. in the signature line please do not suggest to people that they contact you (even though normally that is probably a completely innocent request). If you are not sure if something is appropriate, it most likely isn't, but you can PM me or one of the other forum moderators with a request for clarification.

I will edit your posts for the time being with comments like plaease contact me.......however you have been warned and your posts will be deleted or you will be banned if this continues.....Comments meant to entice consumers to call you.......ie "I just closed a loan just like your situation" are not allowed......and will be edited.......or deleted.....

In other words.....play nice......

evolovik26 · Posted: Tue Jan 08, 2008 8:20 am Post subject:

Great post Cedric totally agree and great advice Shane

Caron · Posted: Wed Jan 09, 2008 4:36 am Post subject: RE: jumbo loans with 640 score

Hi ed,

Can you wait for some more time and then apply for the jumbo loan? Somewhere I too feel, it's better to enhance your score first and then go for it. You are buying a home after all and that's a big thing indeed. So, here's a word of advice - give yourself some more time and repair your credit (you can do it yourself - refer to our self-help credit repair section). Then apply for a jumbo loan.

good luck

Guest

Thank you all for your responses.
A little bit more of the situation. I really can't wait to "fix" my credit. Nothing is really wrong with it. I just have a lot of inquiries and frequently have large amounts charged on my credit cards.
I own 3 businesses and with one of them we rehab houses so a ton of supplies are put on them etc. However, they are paid off entirely when the house is complete.
The reason I can not put more down is I just purchased a commercial property for 2.7million and utilized a lot of cash for that.
Originally a borker I workded with told me he could do the deal for 5% down. I already have over 7 perent down on the property and the builder is giving me a 30k credit at closing for closing costs.
The home is almost done and if I dont close I will be in default and lose my down payment. I guess I can ask the builder for a 30 day extension. No clue if they will do it.

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