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Not all Jumbo loans require a 20% Down Payment
25 Aug' 15

Not all Jumbo loans require a 20% Down Payment

If you are buying an expensive home and your loan amount is higher than the FHFA set maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac at $417,000 for one-unit properties in most of the country for 2015 (and up to $625,500 in some areas), you may be frustrated by the fact that most lenders require a 20% down payment.

Many affluent buyers are finding that they would prefer to put a lower down payment in order to manage their money differently.  Some would rather invest their money in the stock market or would rather buy a new home without the stress of selling their existing home as a condition of obtaining new loan financing.  

A perfect example is a buyer who is looking to buy a property, has an existing home with equity and only has liquid finances that allow for a 10% down payment.  They do not want the anxiety that goes with buying and selling a property on the same day and they do not want to borrow from their 401k or liquidate funds (that will result in capital gains) for a 20% down payment.  

If you consult the right mortgage professional like those at Expert Mortgage Associates you will find that there are jumbo lenders that will allow you to finance 90% of the purchase price (or appraisal whichever is lower) and even allow you to make a lump sum payment after a trailing property is sold thereby lowering your monthly mortgage payment.  This strategy saves a borrower/buyer the expense of having to refinance after their trailing property is sold.

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