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Need a jumbo for 2.1M with 5% down. Looking to purchase ASAP

by abel613 from Atlantic Beach, Florida. Mar 7th 2016 Reply


LOAN GENIUS (michael@myloangenius.com)
#272 ranked lender in Florida - 2 contributions

Jumbo Loan for a 2.1 Million dollar purchase requires more than a 5% down payment. A loans of that size does not exist with only a 5% down payment. You would need approximately 25% down payment for that purchase price. If you are a doctor, I've heard of some banks that have specialty loans for doctors with only 10% down payment, but i doubt they can go to that high of a loan amount with only a 10% down payment.

Mar 7th 2016
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Mike Tran (crea8ve)
#276 ranked lender in Florida - 1 contribution

Hello Abel613, Traditional loan products do require a larger down payment then 5% down. Non-traditioanl will go as high as 90% or 10% down. We have options for you and can discuss what the non traditional options look like at 10% down if you have the assets for larger down.

Mar 7th 2016
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Arin Noyes (anoyes@americanequity.com)
#289 ranked lender in Florida - 2 contributions

I have 10% down with a 30 year fixed at 5.25% or you can do 10% Down on a 5 year fixed at 4.125%. You also have the option of doing interest only payments. I can be reached at 386-215-7534 or anoyes@americanequity.com Equal Housing Lender. APR subject to increase or decrease after consumation. Minimum payment will not reduce principle and may lead to deferred interest. Offer may end at any time without notice.

Mar 7th 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

We can go 90% and I have ARM Rates from 1 Year Fixed - 10 Year Fixed amortized over 30 Years starting at 2.25% - 3.375%. 15 - 30 Year Fixed Rate from 3.25 -.3.875. Interest Only Options are also available -but we would need to qualify the credit and income - have a discussion to get an exact quote for you. We will also allow the other 10% (down payment) to be gifted for a down payment. JMurray@WintrustMortgage.com / Justin Murray / (312)256-4065 Nationwide Lending

Mar 7th 2016
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Hi I can do the loan with 10 percent down and would love to help you... The jumbo loan product is a little different but helping you navigate the loan process would be my pleasure. Thank you

Mar 8th 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

Most jumbo loan will require way more then 5% down. You may need to speak with a hard money lender for that one.

Mar 8th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

Much more info required to answer your questions, but in general, there is no 5% down loan on $2.1M property... Maybe 10%, but realistically, expect 20% to 25%. If you want to know for sure, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

Mar 8th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

I know of NO OPTIONS for that sized loan with just 5% down. If you are a excellent customer, you MIGHT find 10% down. But realistically, you will need at least 20%.

Mar 8th 2016
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