10% Down Jumbo Loan Arizona

Low Down Jumbo Loan

Low Down Jumbo Loan Arizona

The low down jumbo loan Arizona market is back!   How is this possible for move up / luxury home-buyers in Arizona?   Simple, the market for 2nd liens has opened back up and “piggy back” loan options are now available.  We now offer a combination 1st lien / 2nd lien option that can help move up / JUMBO buyers that need to finance more than $424,100 (conventional max loan) but that cannot put more than 10.01% down.  This program also allows JUMBO / move-up buyers to avoid paying mortgage insurance.

This piggy back option allows clients that are purchasing higher priced homes to finance 89.99% of their total purchase price.   Jumbo buyers can now avoid 20% down payment Jumbo loans and put as little as 10% down even when financing over $424,100.  A “piggy back” scenario is when a homeowner uses 2 loans instead of just one to finance a property.  See below for more information.

Typical Example of Low Down Jumbo Loan Arizona:

Mr. and Mrs. Move-up Jumbo Home Buyer
Price: $750,000
Down Payment: $75,075 (10.01% of purchase price)
1st Loan amount: $424,100
2nd Loan amount: $250,825
Total amount financed: $674,925 (89.99% of purchase price)

2nd loan terms/guidelines:
Minimum credit score: 720 (in Arizona)
Max loan amount: $350,000
Rate: Prime + 1.99% (for 720 credit score) as of 08/01/2013
Terms: 30 year home equity line of credit
– 10 year draw with interest only payment
– 20 year repayment period/fully amortized payment due (calculated over 240 months basically the loan turns into a 20 year fixed after the first 10 years)
There is a very small $475 early payment fee if the line is closed in the first 3 years)

Great Program for Move Up Buyers

This is a great program for move up buyers looking for a low down payment jumbo loan in Arizona.  Thanks to appreciated Arizona home values many homeowners have gained enough equity to sell their home, realize a net profit sufficient for a 10.01% down payment and can buy that move up dream home!  If you are looking to move up and purchase your dream home this low down payment Jumbo loan Arizona can help you!

By Jeremy House
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  1. […] things loosening up in mortgage-land?  Our new 10% down JUMBO loan product announcement is definitely a sign that they are!  Another bonus is that this JUMBO loan […]

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