10%, 15% or 20% down

Is it possible to get a jumbo loan with 15% down?  With the stock market as it , I would rather keep the money in the market rather then plunk it down for a down payment? And if so, any recommendation of companies/banks who do these types of loans?

It is still possible to get a jumbo loan with 15% down.

I would never pay PMI. PMI would far exceed whatever return you get in the market on your 5%.

I believe if your ratios can pay for it, you can do a 15/5, which will avoid PMI.

You should ask your broker... or a member here who is one like SGIP (Soylent Green Is People).

NathanIrvine said:

Is it possible to get a jumbo loan with 15% down?  With the stock market as it , I would rather keep the money in the market rather then plunk it down for a down payment? And if so, any recommendation of companies/banks who do these types of loans?

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I am currently shopping for a loan for April closing date and working with 2 lenders plus the in house group.  For the 2 private lenders I am working with, they both offered me 15/5 loans and one lender was even willing to do 10/10 loans.  The structure of the loans was different between the two lenders. 

1)  Lender 1 (mortgage broker) was only able to offer me a low rate up to jumbo limit, $625K-ish around 4.4% and then the rest was a ARM or interest only at 5-5.5% range.

2)  Second lender (BBVA Compass) was able to offer some pretty competitive products for both 10/15% down.  They were willing to offer me up to $825K at 4.375% and then the rest of the loan (whether choosing 10/15% down) at a HELOC around 4.8%.  This lender had about $4K extra in closing costs though.

I think ultimately we end up with the traditional 20% loan program, but the 15% loan is giving me second thoughts just to free up some cash for landscaping etc...

If you need some referrals for these lenders, let me know.

Jon

Most companies today will offer a Conforming 1st loan and a TCF Bank 2nd to 89.99% LTV. TCF issues? No short sales/foreclosures, even one from 10 years ago. Also debt to income ratios have to be below 38/45. If you're at 38.001 or 45.001, you're out of luck.

US Bank offers the same sort of 1st / 2nd combo loan. Their seconds are very attractive - a 1 year ARM or a 15 year fixed.

Wells and BofA have nice 85% LTV jumbo loans, often with very low cost PMI built into the rate. If standard jumbo 80% is 4.5xx the 85% LTV rate is often .125% higher, not much considering it's 5% less down and PMI built into the rate making it deductible.

Don't know what Compass Bank offers, but from what I've heard the costs are prohibitive. If someone has an estimate of fees they can post it would be helpful.

Kinecta Federal Credit Union offers a 90% LTV Jumbo, but expect rates in the mid 5's and never at a zero point basis.

My .02c

Soylent Green Is People said:

Most companies today will offer a Conforming 1st loan and a TCF Bank 2nd to 89.99% LTV. TCF issues? No short sales/foreclosures, even one from 10 years ago. Also debt to income ratios have to be below 38/45. If you're at 38.001 or 45.001, you're out of luck.

US Bank offers the same sort of 1st / 2nd combo loan. Their seconds are very attractive - a 1 year ARM or a 15 year fixed.

Wells and BofA have nice 85% LTV jumbo loans, often with very low cost PMI built into the rate. If standard jumbo 80% is 4.5xx the 85% LTV rate is often .125% higher, not much considering it's 5% less down and PMI built into the rate making it deductible.

Don't know what Compass Bank offers, but from what I've heard the costs are prohibitive. If someone has an estimate of fees they can post it would be helpful.

Kinecta Federal Credit Union offers a 90% LTV Jumbo, but expect rates in the mid 5's and never at a zero point basis.

My .02c

Click to expand...

We got a loan from TCF and its underwriter was pretty unreasonable/annoying.  Thankfully it worked out.  Thinking about get it refinanced.  Based upon your description of US Bank, it sounds good.