5% Down Jumbo Mortgage
A 5% down jumbo mortgage has been a thing of the past. Buyers purchasing a home with a loan amount higher than the conforming loan limit ($424,100 in most cases) have been required to put at least 20% down for quite some time.
While 20% down is the ideal down payment for many buyers, there are situations that arise where 20% down payment may be the one thing keeping you from your dream home or may not be the smartest solution for your finances. The good news is that a 5% down jumbo mortgage is now available!
5% Down Jumbo Mortgage -
Overview and Highlights
- Jumbo loans up to 95% with No PMI
- Loan amounts up to $1.5 million
- 30 year Fixed rate term available
- In-House, delegated underwriting up to the $1.5 million loan amount
- Close in 30 days or less!
Many buyers are still in the process of saving for down payment, which allows even more prospective buyers to purchase with a 5% down jumbo mortgage. For many others, they may have funds available to put down but wonder if investing into their equity is the best use of their assets and savings. There are pros and cons of putting more/less money down, but below are a few reasons why people consider a 5% down jumbo mortgage.
Advantages of the 5% Down Jumbo Mortgage
- Save cash on hand to reinvest retirement
- Save cash on hand to reinvest for child’s college
- Make improvements to the home after buying
- Buy before you sell
Borrow More with Less Down
A 5% down jumbo mortgage can help you buy your dream home sooner. With home prices expected to rise, saving for the "ideal" down payment may or may not be worth the wait. Our team of jumbo loan specialists would love to help you find out your available options. Call us today, 972-499-0454