Could it be true….a 5% down payment on a Jumbo Loan

Believe it or not, it actually does exist!  It’s a home loan program which offers a 5% down payment on Jumbo Loans with no private mortgage insurance. Imagine that, in this current lending market where most lenders would require a minimum of 20% down and most likely a 25%-30% down payment on a jumbo loan, BBVA Compass Bank is allowing professional to put down just 5%. This loan program is designed specifically for professional clients; doctors, dentists, attorneys, etc and has the potential to offer these buyers a substantial savings.

For example if a buyer is purchasing a home for $550,000. The 25% down payment required by most lenders would be $137,500.  Compare that with Compass Bank’s 5% down payment program, which would be $27,500. This is a savings of $110,000!

Details of the program are listed below:

  • Jumbo Financing available with high LTV – 95% LTV up to $1,000,000, 90% to $1,250,000, 85% to $1,500,000, 80% to $1,750,000
  • Private mortgage insurance is not required – significant over the life of the loan
  • Single family homes, townhomes, lofts, and condominiums are eligible
  • Student loans that are deferred for 12 months are not counted in qualifying ratios
  • Refinances with high loan-to-values are also available
  • Eligible borrowers include: resident or practicing physicians, attorneys, oral surgeons,
    dentists, CPAs, CEOs, CFOs, CIOs, COOs or chairmen of publicly traded companies,
    executives in direct report to the CEO or chairman of a publicly traded company.

I have had several clients take advantage of this unique program this year. Contact me today if you would like more details or would like to get pre-qualified for this program.

About these ads

~ by stclair78 on October 18, 2010.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
Follow

Get every new post delivered to your Inbox.

%d bloggers like this: