Juicy Estates: Mortgage Blog

Lower Down Payments For Jumbo Loans

I love the smell of  liquidity in the morning….smells like, victory.  Ok so clearly that is a rip off / paraphrase of Robert Duvall’s line from the epic 1979 file Apocalypse Now but you get the point.   As I alluded to in my post of August 13 liquidity is returning to the Miami and South Florida mortgage markets for luxury homes and as a result the down payment requirements for jumbo mortgages have been relaxed.

There are many buyers in the current market that want to buy but do not want to sell equities (stocks) or other assets in order to raise the capital needed to make a 20 or 25% down payment for a new home.  Relief for this issue has come in the form of 10% down financing for purchase prices of as high as $1,650,000.  In fact for the right client we have been securing financing with less than 20% down for purchase prices as high as $4,500,000.

The most encouraging thing is that this down payment relief is not limited to just the private banking world.  Several other local and regional banks are offering jumbo financing with less than 20% down.  Ruben Aboy is a mortgage banker with Regions Bank and has advised me that they too are offering a 15% down program for purchases as high as $1,500,000.  Other local banks are offering Doctor and Lawyer loan programs that provide financing for new professionals with just 10% down financing.

The Miami mortgage market is changing rapidly and this time it’s for the better.  If you or your client is in need of jumbo financing with less than a 20% down payment have them contact me and I will ensure that we get them to the right lender.

This entry was posted on Saturday, September 26th, 2009 at 3:16 pm and is filed under Home, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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