Wednesday, May 2, 2012 - Article by: Brett Boyke - Wintrust -
I am seeing more demand for low down payment jumbo loans, and I wanted to provide some food for thought and dispel the myth that you need a huge down payment for jumbo loans.
We have a couple of different options available with as little as 10% down- 1 loan with 10% down, and with or without mortgage insurance. The rate without mortgage insurance is higher, but in the long run (depending on how long you plan to be in the home) it will be less on a monthly basis.
The second option is a conventional first loan up to the conforming loan limit for your area, and a HELOC for the balance up to 90% loan to value. I closed one last month in Seattle where we did a first loan at $506,000 and the HELOC to make up the balance. When I do these in Chicago, we can only go up to $417,000 on the first loan and have to add more to the second loan to compensate.
If you are interested in low down payment jumbo loan options, please reach out to me and I will take the time to make sure you fully understand all of your options.
Thanks for reading...
Brett Boyke - Wintrust Mortgage
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