Jumbo Mortgage Without the Jumbo Down Payment
Jumbo loans, which are loans that exceed the conforming limit (the maximum loan amount that Fannie Mae and Freddie Mac will buy, which is currently $417,000 in Chicago) are usually more difficult for some borrowers to qualify for. This is mostly due to the high credit score requirements, lower debt-to-income ratio limits, reserve requirements and the larger down payments that are necessary compared to conforming loan amounts.
However, United Home Loans is pleased to offer lower down payment jumbo loans, which helps ease the financial burden for many would-be jumbo buyers. Borrowers can put 5% down on loan amounts up to $650,000 and 10% down on loan amounts up to $1,000,000 (even up to $1,250,000 with exceptions) on owner-occupied properties. These programs are available for purchases and refinances and borrowers can choose from a number of different loan programs, including 5, 7 and 10 year adjustable rate mortgages.
Having a down payment is naturally a consideration for homeownership but having a large down payment cannot be the only consideration. Home affordability is not about how much money a borrower can set aside for their down payment but whether or not they can afford their monthly mortgage payment. Having these lower down payment jumbo loan programs as an option to our clients is part of United Home Loans’ effort to make high-quality loans available to high-quality customers.
Call us for more information or to speak to one of our loan officers about our jumbo loan program options at 708-531-8388.