Yes, it is possible to get a jumbo loan with just 10% down payment. However, there are certain criteria that you will need to meet before you can qualify for such a loan. In this answer, we will discuss the requirements for getting a jumbo loan with 10% down and also provide some tips on how to choose the right lender for your needs.
A jumbo loan is a type of mortgage that exceeds the limits set by the Federal Housing Finance Agency (FHFA) for conventional loans. In most parts of the country, the conforming loan limit is $484,350. Any loan amount above this limit is considered a jumbo loan.
Since jumbo loans involve a higher risk for lenders, the qualification standards for these loans are generally stricter compared to conventional loans. This means that you'll need to have a good credit score, a low debt-to-income ratio, and a substantial down payment to be eligible for a jumbo loan.
To qualify for a jumbo loan with a 10% down payment, you'll need to meet certain requirements set by the lender. Here are some general guidelines:
When looking for a lender for your jumbo loan, it's important to do your research and choose a reputable company that specializes in these types of loans. Here are some tips on how to choose the right lender:
If you're looking for a reliable lender for your jumbo loan, consider Mortgage Brokers Pro . We have years of experience helping clients secure jumbo loans with competitive rates and flexible terms. Our team of professionals can guide you through the process and answer any questions you may have along the way.
With Mortgage Brokers Pro , you can expect:
In conclusion, getting a jumbo loan with 10% down payment is possible if you meet the lender's requirements. It's important to choose a reputable lender with experience working with jumbo loans to ensure a smooth and successful process. Consider Mortgage Brokers Pro as your trusted partner for your jumbo loan needs. Contact us today to learn more about our services and how we can help you achieve your homeownership goals.