Jumbo Loans

October 10, 2017

5% down jumbo mortgage on a Chicago condo? Yes, we do them all the time.

Illinois mortgage pre-approval - United Home Loans

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.

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