Wealthy Borrowers Have More Perks- Getting Their Malibu Homes Financed

by ritasimpson on January 13, 2014

in How's The Market

Despite the big changes in the Jumbo market from last year, which will limit choices, there still is a silver lining for wealthy buyers: more lenders competing for them will make Jumbo rates rise at a slower rate, and will require smaller down payments.

Lenders started lowering down payments last year. Wells Fargo began accepting 15% for Jumbos down from 20% and Bank of America made the same change for loans up to a million but the best kept secret so far is that some of the professions get a special perk: Down payments as low as 5%!!

It’s called the professional program.  For:  Doctors, Lawyers, CPA’s and Dentists.

Purchase:

•       95% loan up to $1M ($1.05M sales price)

•       90% loan up to $1.25M ($1.39M sales price)

•       85% loan up to $1.5M ($1.76M sales price)

•       80% loan up to $2M ($2.5M sales price)

 

Refinance:

•       90% of value up to $1M loan amount

•       85% of value up to $1.25M loan amount

•       80% of value up to $2M loan amount

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