What are the downpayment requirements of a jumbo mortgage?
Downpayment requirements can vary based upon secondary markets. Lenders count on investors in mortgage-backed securities to replenish funds. So, the downpayment requirements will vary according to market conditions. Typically, the downpayments are higher than more traditional conventional products just due to risk. Factors that can impact downpayment include the type of property, credit score, assets, income, and the particular state. Jumbo borrowers should expect to put down between 5% and 20%, depending upon the market. Super jumbo borrowers should be prepared to put down between 10% and 30%. Please call 1-888-427-5442 to find out where downpayments are at in today’s mortgage market.
