Minimum Down Payment On Jumbo Loans On Home Purchases
This Blog On Minimum Down Payment On Jumbo Loans On Home Purchases Was UPDATED On September 8th 2017
Jumbo mortgages are called non-conforming mortgages because they do not conform to Fannie Mae and Freddie Mac conforming guidelines. Jumbo Loans are mortgages that are larger than $424,100 conforming loans. Jumbo Lenders normally require a 20% down payment and lenders require larger down payment.
- Jumbo Loans have tougher mortgage underwriting criteria than conventional and FHA loans.
- Most Jumbo mortgage lenders require a maximum debt to income ratio no greater than 40%.
- Jumbo Lenders can set their own mortgage lending standards.
- To get the best possible rate on a Jumbo Loan, borrowers would want to put as much down payment as possible.
- There are Jumbo mortgage loan programs with lenient mortgage underwriting guidelines;
- There are Jumbo Loan programs that only require 10% down payment with no private mortgage insurance to qualified borrowers.
10% Minimum Down Payment On Jumbo Loans
10% Minimum Down Payment On Jumbo Loans On Home Purchases To Qualified Borrowers:
- 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.
- Borrowers 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 home buyers 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.
For more information on Jumbo Loans, please contact The Gustan Cho Team at USA Mortgage at 1-800-900-900-8569 or text us at 262-716-8569 for faster response for faster response. Or email us at firstname.lastname@example.org. We are available 7 days a week, evenings, weekends, and holidays.