Monday, September 25, 2017

5% Down Jumbo Loans in Illinois: Get Your Ideal Home Without A Lot of Cash

Down payment requirements on Jumbo Loans are lower than you think. In fact, you can qualify for a loan up to $650,000 with only 5% down. Here are the details:

Loan amounts to a maximum $650,000 (up to $1,000,000 with 10% down)
You can purchase a home up to a sales price of $685,000 with only 5% down
Offered on 10/1, 7/1 and 5/1 fixed period ARMs (adjustable rate mortgage)
Fixed period means the rate is fixed for 10, 7 or 5 years respectively
Good credit is required (typically 700 or higher)
PMI (private mortgage insurance) is required, and that can get a bit costly so be sure to review
Stable employment, sufficient income, and acceptable assets are also required
Be prepared to fully cooperate on all underwriting requests (paystubs, tax returns, etc.)

So, whether you have a sizable income but haven’t had time to save for a down payment, or want to conserve your cash for other expenses, a 5% down Jumbo Loan may be right for you. As always, you need to be comfortable with the monthly mortgage and the expenses that come with home ownership. Before you shop for a home, prepare a budget and determine a payment range that satisfies both your housing and your overall financial goals. For a quote based on the best Jumbo Loan program for you, contact a Jumbo Genius at United Home Loans.  

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