Down Payment Requirements for Illinois Jumbo Mortgage Loans
While banks and other lending institutions may have different down payment requirements for jumbo loans United Home Loans typically requires the following down payments per home loan amount:
When applying for a jumbo home loan in Illinois there is a lot to take into consideration. One of the biggest factors that will affect your interest rates and how much you can borrow is your credit score. Because you will be borrowing such a large amount of money lenders want to know that you have a good history of making timely payments. The more money you plan to borrow the higher your credit score will need to be. As opposed to many other mortgage programs you will also need to be able to make at least a 20% down payment on your home, and could possibly need to make a 45% down (for loan amounts between $1,500,000 and $2,000,000). Most lenders will also require that you have at least twelve months of reserves in your bank account at the time you apply for the loan.
If you are looking for a jumbo home loan in Illinois, or have any other questions about mortgage loans please contact United Home Loans at (708) 531-8388