We have a 1st and 2nd combo financing option for Jumbo homebuyers that only requires a 10% down payment on a purchase up to $1,500,000. This program allows a buyer to take out a first mortgage up to 80% of the property value, with a HELOC up to 90%, which enables the buyer to obtain the lowest overall mortgage payment. Also, if a Conventional or FHA $424,000 first mortgage or High Balance county limit is too low for the values\/sales prices in your market, a buyer can now use this program by taking a conventional first mortgage with a HELOC behind it. Check out how to qualify for\u00a0this program.<\/p>\n
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3 Purchase Scenarios to use the 1st and 2nd Combo Jumbo Mortgage Program<\/strong><\/span><\/p>\n Here are 3 different purchase scenarios where buyers can use this 1st and 2nd mortgage program to take advantage of lower rates on a first mortgage, and obtain a HELOC interest only payment on the 2nd mortgage, which will give them a lower overall monthly mortgage payment.<\/p>\n Purchase Scenario #1<\/strong>.\u00a0<\/span><\/p>\n The 10% down Jumbo Mortgage Program will help more buyers with limited down payment funds, finance a home in markets like San Diego, Orange County, LA and SF counties, where a jumbo loan is needed in many areas to purchase a home.<\/p>\n Most jumbo programs out there require 20% down to\u00a0purchase a home up to $1.5 Million. <\/strong>This amounts to a down payment of $300k. There are many jumbo buyers who do not have this much in funds available.<\/p>\n The few lenders out there that allow 10% down financing on a jumbo loan, require one loan amount up to 90% of the property value. The rate can be very high because of that.<\/p>\n Let’s take\u00a0a $1,500,000 purchase<\/strong>\u00a0purchase for example. <\/strong>Instead of having to come up with a 20% down payment and a $300k down payment, buyers can finance a first mortgage up to 80% of the property value, which is a loan amount of $1,200,000. This allows them to obtain a much lower rate.<\/p>\n Then they finance a HELOC for $150k behind the first. The down payment requirement is only $150k.<\/strong><\/p>\n Purchase Scenario #2<\/strong>.\u00a0<\/span><\/p>\n Buyers can now finance a home up to $750k and use conventional high balance financing on the first mortgage, and a HELOC on the 2nd mortgage.<\/p>\n Let’s take a $750k purchase in San Diego for example. <\/strong>A buyer in San Diego is allowed to finance a loan amount up to $612k with conventional financing. <\/span><\/p>\n On this $750k purchase, the buyer will get a 80% first mortgage at $600k, this allows them to take advantage of the excellent rates available with conventional financing. <\/span><\/p>\n The buyer will then finance a $75k HELOC behind the first. <\/span>The down payment requirement is only $75k.<\/strong><\/p>\n Purchase Scenario #3.\u00a0<\/strong><\/span><\/p>\n This program is also a great solution for buyers and sellers in Riverside and San Bernardino counties,<\/strong> where the maximum conventional loan limit is $424k and the maximum FHA loan limit is only $379,500.<\/p>\n Many buyers and sellers struggle to get financing in these counties due to these loan limits.<\/p>\n Let’s take a $525k purchase price in Riverside for example.\u00a0<\/strong>A buyer in Riverside is allowed to finance a loan amount up to $424k with conventional financing.<\/p>\n On this $525k purchase, the buyer will get a 80% first mortgage at $420k, this allows them to take advantage of the excellent rates available with conventional financing.<\/p>\n The buyer will then finance a $52,500 HELOC behind the first.\u00a0<\/span>The down payment requirement is only $52,500.<\/strong><\/p>\n Each county in California has it\u2019s own Conventional High Balance loan limit, click\u00a0HERE<\/a><\/strong>\u00a0to check your county loan limit, or contact me for more details.<\/p>\n Frequently Asked Questions\u00a0<\/strong>for the 1st and 2nd Combo Jumbo Mortgage Program<\/strong><\/span><\/p>\n Here are the most frequently asked questions that buyers and real estate agents have in regards to this program.<\/p>\n 1. What is the maximum loan amount?<\/strong><\/span><\/p>\n The maximum loan amount is $1,200,000 on the first mortgage. Buyers can finance a $150k HELOC behind the first.<\/p>\n 2. Can I receive the down payment as a gift<\/strong>?<\/span><\/p>\n Yes, all of the down payment can be gifted\u00a0on this program. Closing costs can also be gifted if needed.<\/p>\n 3. What credit score is required to qualify for this program?<\/strong><\/span><\/p>\n We require a 700 credit score to qualify for this loan program.<\/p>\n 4. Is this program available for 1st time buyers only?<\/strong><\/span><\/p>\n Yes it is available to all homebuyers.<\/p>\n 5.\u00a0<\/strong>Is private mortgage insurance \u201cPMI\u201d required with this program?<\/strong><\/span><\/p>\n There is no private mortgage insurance “PMI” required with this program. Obtaining a first mortgage at 80% eliminates the requirement for\u00a0<\/span>private mortgage insurance.<\/p>\n 7. <\/strong>Can I use this program on 2nd homes and investment properties?<\/strong><\/span><\/p>\n This program is available on 2nd homes, not investment properties.<\/p>\n 9. Do condos and town homes qualify for this program?<\/strong><\/span><\/p>\n Yes, you can also purchase a condo or town home using this program.<\/p>\n 10. Can I use an adjustable-rate mortgage with the first mortgage?<\/strong><\/span><\/p>\n Yes you can use an adjustable rate mortgage on the first mortgage.<\/p>\n Two\u00a0other reasons to use this program<\/strong><\/span><\/p>\n 1. Get a HELOC, Avoid Mortgage insurance\/Impounds<\/strong><\/span><\/p>\n A HELOC 2nd mortgage is a flexible financing tool that many consumers ask for. Borrowers can take a full or partial draw. They can pay down the balance and use it again during the 10 year Draw Period.<\/p>\n Borrowers only pay interest on the amount drawn, so it\u2019s a great tool for home improvement or any future financing plans. \u00a0HELOC interest is also tax deductible.<\/p>\n 2. Borrowers that want to Purchase before selling Departing Residence.<\/strong><\/span><\/p>\n Add a HELOC to your Borrowers Purchase transaction when they need to make a non-contingent offer. This eliminates pressure to sell departing property and allows time to stage and show departing residence for best offers.<\/p>\n If you would like to get approved for this program, or you have any questions about any of this information above, please feel free to contact me directly at 858-442-2686<\/strong>. I look forward to chatting soon.<\/p>\n P.S.<\/strong>\u00a0If you would like to be updated faster on important industry news or any new loan programs that come out, please join my\u00a0<\/a>Facebook page<\/strong><\/a>\u00a0<\/a>.<\/p>\n We have a 1st and 2nd combo financing option for Jumbo homebuyers that only requires a 10% down payment on a purchase up to $1,500,000. This program allows a buyer to take out a first mortgage up to 80% of the property value, with a HELOC up to 90%, which enables the buyer to obtain […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[742],"tags":[687],"class_list":["post-3799","post","type-post","status-publish","format-standard","hentry","category-buy-a-1-million-home-with-a-10-down-jumbo-1st-2nd-combo-mortgage","tag-purchase-a-home-up-to-1-5-million-with-only-10-down"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/posts\/3799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/comments?post=3799"}],"version-history":[{"count":5,"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/posts\/3799\/revisions"}],"predecessor-version":[{"id":3801,"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/posts\/3799\/revisions\/3801"}],"wp:attachment":[{"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/media?parent=3799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/categories?post=3799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.michaeladeery.com\/blog\/wp-json\/wp\/v2\/tags?post=3799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n
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