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can I get 10% down jumbo loan in LA?

I have 76K and I want to get a 10% down Jumbo loan, which means I want a loan more than 690k, plus my down, so I can have a purchase price around 760k. I have a stable job and my credit is 790+. Can someone in the Los Angeles area help me? by kirsten.phillips274 from Los Angeles, California. Apr 19th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

If you are looking in LA county, then the conventional loan limits for that area are $625,500. Loan pricing is much better with conforming loan limits vs. jumbo rates..and most jumbo programs will require more than 10% down.. Another option is to do a $625,500 conventional First mortgage, then a $58,500 2nd mortgage and put $76,000 down.. this way you get the best of both worlds.. you get a 10% down loan, and you get to take advantage of conventional loan rates.. This is a perfect example of why you should be calling on a local mortgage broker.. they are trained in seeking out the best loan for your specific scenario.. since brokers have a network of different lenders, with each one offering a different lending program, they know that the more lenders they can call on the more lending programs they can offer, and the greater likelihood your loan scenario will be accepted.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 19th 2016
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Kevin Mcquown (kmcquown9@gmail.com)
#1288 ranked lender in California - 4 contributions

Hi Kirsten,Yes, you can. We will fund a concurrent 2nd mortgage behind a new 1st mortgage. It looks like this 80% first LTV; 10% second CLTV and NO mortgage insurance. It's a great product and I'v done it many times. You can reach me directly at 949-433-2946. I'm a direct lender in Irvine, CA and I've funded over 1B in loans.Thanks,Kevin McQuown

Apr 19th 2016
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Kevin Mcquown (kmcquown9@gmail.com)
#1288 ranked lender in California - 4 contributions

Hi Kirsten,Yes, I can do that. It's a low rate first mortgage (80%LTV) and a concurrent funding 2nd mortgage for the other 10%. There is no mortgage insurance expense on this type of loan.I'm a direct lender in Irvine, CA and I've funded over 1B in loans. You can reach me directly to get pre-approved at 949-433-2946. Sincerely,Kevin McQuown

Apr 19th 2016
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Jeff Phillips (JeffPhillips)
#678 ranked lender in California - 32 contributions

HI Kirsten,I am out of San Francisco, but would be happy to help you. We can get you a first loan at $625,500 and a second at $58,500. Jeff Phillips415-867-6488jeff@hpifinancial.com

Apr 19th 2016
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Hi there. I'm licensed in NV and CA. Our company CMG offers a 10% down jumbo loan. If you'd like to learn more or go over pricing scenarios give me a call 702-326-7866 Aundrea

Apr 19th 2016
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Blake Kleckner (BlakeK)
#357 ranked lender in California - 250 contributions

Yes. We have many lenders that will do 10% down jumbo loans. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 55 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Apr 22nd 2016
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