Most Jumbo Loans require a 20% down payment and some Jumbo mortgage lenders will require a 25% down payment. A Jumbo Loan is any loan that is greater than $417,000. Jumbo Loans have tougher mortgage underwriting criterias than conventional and FHA loans. Most Jumbo mortgage lenders require a maximum debt to income ratio no greater than 40% and higher credit scores from their Jumbo mortgage loan borrowers. To get the best possible rate on a Jumbo Loan, you would want to put as much down payment as possible, 25% or greater, and have credit scores higher than 740 FICO. However, we offer Jumbo mortgage loan programs that have lenient mortgage underwriting restrictions and Jumbo Loan programs that only require 10% down payment as well as no private mortgage insurance.
10% Minimum Down Payment on Jumbo Loans
We have a special program where a Jumbo Loan borrower can only put a 10% minimum down payment on Jumbo Loans. There are certain criteria that is required and the Jumbo Loan mortgage borrower must meet. The maximum size for the 10% minimum down payment on Jumbo Loans is that the mortgage loan borrower needs at least a 740 FICO credit score and must have a maximum debt to income ratio of 40% back end. For a slightly higher interest rate, the 10% Minimum Down Payment on Jumbo Loans program has a special program where no private mortgage insurance is required by the borrower. It is called LPMI, which stands for Lender Paid Mortgage Insurance. The 10% minimum down payment on jumbo loans program is becoming increasing popular and gives qualified homebuyers with limited down payment sources an opportunity to purchase higher end homes. The maximum loan size on the 10% minimum down payment on jumbo loans program is capped to a loan size of $750,000.
15% Minimum Down Payment On Jumbo Loans
For those who want to purchase $1,000,000 residential homes and want to put as little money down as possible, we offer the 15% minimum down payment on jumbo loans mortgage program. Like the 10% down Jumbo Loan program, the borrower needs a minimum of a 740 Credit Score and the maximum debt to income ratio is 40% back end. The maximum loan size is capped at $850,000. Like the 10% minimum down payment on jumbo loans mortgage program, this program also has a program for a slightly higher interest rate, the borrower is not required to purchase private mortgage insurance. It is called the LPMI, Lender Paid Mortgage Insurance.
Both the 10% and the 15% minimum down payment on jumbo loans mortgage programs are 30 year fixed rate jumbo loans with no pre-payment penalty fees.
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