Jumbo Loans
|5% down jumbo mortgage on a Chicago condo? Yes, we do them all the time.
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The Chicago condo market is pricey and these higher prices usually come with higher down payment requirements. Not so long ago, if you wanted to buy a $600,000 condo, you needed a down payment of $120,000, which is 20%. Over the last few years, we have introduced a jumbo loan that only requires 5% down for loan amounts to $650,000. There are a few strict guidelines that you must meet in order to qualify for this program and some program restrictions as well. Below is a brief summary:
• 5% down on loan amounts to $650,000
• 10% down on loan amounts to $1,000,000
• 10/1, 7/1, 5/1 and 3/1 ARMs only (adjustable rate mortgage)
• Primary residences only
• Single family detached, townhome or condos
• Minimum credit score of 700
• Mortgage insurance (PMI) is required
• Debt to income ratio of 45% or less
What program is best for you? What down payment option is ideal? Should you opt for lender paid PMI or borrower paid monthly PMI? Give us a call at 708-531-9060 to help you find the right answers. I can promise you our mortgage bankers will be informative, professional and polite – and they will not be pushy.