5% Down payment jumbo mortgage up to $1,250,000

Yes…We do that!

As a portfolio lender, we can do things that most other lenders can’t!

Maybe you have a sizable income and haven’t had enough time to save for a larger down payment, or maybe you just want to conserve your cash, a 5% down payment jumbo mortgage might be the perfect solution.

  • 700 Minimum Credit Score Required
  • Up to a 45% Debt to Income Ratio allowed
  • 3-9 months PITI reserves required (will depend on loan amount and credit score)
  • Owner Occupied Only (second homes and non-owner occupied not allowed)
  • Single-unit properties only (can be either detached or attached)
  • Condos allowed (must be Fannie Mae Warrantable)
  • Mortgage Insurance required (cancelable and VERY reasonable)
  • Other restrictions may apply

You can use the following products with our 5% down payment jumbo loans:

30-year fixed rate, 10-year ARM, 7 Year ARM, 5 Year ARM, and a 3 Year ARM.

Buying a home is one of the most exciting milestones in your life.  When you own your own home you can make it yours….paint rooms, remodel the bathroom, change the floors, change the light fixtures…anything you can think of because it’s YOURS.  Not only is it a place to call home and create memories, but it’s also an excellent investment as you continue to build equity.  While this process is exciting, it can also be very overwhelming.  The Foss Mortgage Team will walk you through all of the steps in the homebuying journey.

  1. Get Pre-Approved for a 3% down payment jumbo mortgage
    The first step of the home buying process is getting a pre-approval for a 5% down payment jumbo mortgage.  We will obviously help with that by reviewing your income and asset information.  We will typically need to know all of your history going back at least 2 years.  Most realtors (and home sellers) will first require that you have a pre-approval letter to make sure that you are a viable homebuyer before the next step.
  2. Start your home search
    Your second step of the home-buying process will be to search for a home.  Before you start your search, make sure to make a list of all of your required wants and needs so that you can narrow down your search and make sure that you are getting everything that you require.  You will then need to search for a trusted Realtor who will connect you to the prospective houses that fit your required checklist.  Make sure to talk to friends and family for the best referrals of a realtor as you will be working extensively with this individual in your search.
  3. Make an offer on a house
    Once you’ve found the perfect house your realtor will write up a formal offer.  Once accepted by the Sellers you will probably want to get a home inspection by a qualified home inspector.  Typically, your realtor should be able to offer some trusted names or again, talk to family and friends to get a good referral.  Assuming everything goes well with the home inspection, we will then arrange for an appraisal and order the title search so that we can determine the value of the house as well as get public information about the property to make sure there are no outstanding liens.
  4. Close on the home
    Once your loan has been cleared by the underwriter it will be time to close on your house home.  You will get to review the closing disclosure 3 business days prior to the closing date – this is the document that breaks out all of the final costs and numbers.  You will typically do a walk-through of the home the day of the closing to make sure that everything is still in working order and there was no damage from the Sellers moving out.  At the actual closing, you will sign all of the documents and then get the keys to your new home!