“Big Home” Budget But No Big Down Payment? No Problem!
The DC metro area is known as a high-cost area for homebuyers since prices tend to be higher in many sought-after neighborhoods. And getting a loan for a home in these areas can be difficult and costly.
That’s why this new opportunity for 5% down on jumbo loans is good news for many buyers looking for either a lovely single-family home for themselves or if they’re thinking of investing in 2-4 unit properties.
Keep in mind that any loan amount over $679,650 in the DC metro area is considered a “jumbo” loan.
It’s now easier and more affordable, especially with higher Loan to Value (LTV) ratios!
Here’s the breakdown:
- 5% down up to a loan amount of $2,000,000 – requires 740 FICO and 95% LTV ratio.
- 10% down up to $3,000,000 – requires 740 FICO and 90% LTV ratio.
- Mortgage insurance not required.
- 5% down on 1-4 unit properties.
- Only 9 months of payment reserves required
- Interest-only options available at 10% and greater down payments.
This Elite Access loan product is being offered by Caliber Loans. Let us know if you have any questions. This is perfect for those of you who thought some homes were out of reach in in the District, Maryland or Virginia.