Yes they are, in this episode we discuss the details. This post is about jumbo financing, in particular big loans with just about 10% down. A lot of banks have been saying no to these with COVID, but right now some banks are starting to offer them again, which is fantastic news.

Jumbo Loans Are Back

Today, you can buy a $2.2 or $2.3 million home, whether it be a primary or secondary home, and put about 10% down. These have been available the last couple weeks, and we know which banks are doing it. Interest rates are really competitive right now, so if you’re looking for a jumbo loan, give us a call at (602) 535-2171. We’d be happy to help with that or any other mortgage or non-jumbo loan questions you might have.

Is it really just 10% down?

Well, it’s not exactly 10%. It’s actually 10.01%. But for all intents and purposes, you can think of it as 10% down.

What do I need to know about the jumbo loan program with 10% down?

For these jumbo loans you’re going to want to have as uncomplicated a file as possible. If you’re self-employed, or have a lot of complications, these loan programs and jumbo loan underwriters will chew up your files and spit them out. So, we’re not a big proponent of anyone who has complicated self-employment income, or really any self-employment income, to try these loans, but, if you do, they are going to require 20% down. Regardless, when applying to these loans it’s important to have a good credit score (above 700) and a strong, at least two-years, employment history. If you have more specific questions shoot us an email at team@azmortgagebrothers.com and we’ll get right back to you.

But is it possible to qualify for a jumbo loan if you’re self-employed?

Technically speaking, self-employed borrowers are able to qualify, but it’s very, very difficult to do. Filling with a W-2, if you can, will make your life much easier.

So, you want to get that beach home?

We don’t have beaches in Arizona, but we can set you up with a great deal for that dream cabin in the mountains. So give us a call! We’re happy to help, be it for a primary or secondary home, and no matter the price, we’ve got you covered.

If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to team@azmortgagebrothers.com or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

•••

Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.

Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.

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