Jumbo Low Down Payment
Programs in WI 

This page is about Jumbo low down payment options. If you're looking for more comprehensive information about Jumbo Mortgages in WI,
see our Jumbo Mortgage Guide.

Jumbo Loan Options with 5%, 10%, or 15% Downpayment

Lenders often require 20% downpayment for Jumbo mortgages. Sometimes it's tough to find Jumbo mortgage programs that allow 15% downpayment, much less 10% or 5% down payment. But you came to the right place because we have all of these options!

How can these options help you? From time to time, we hear something about billionaires like Mark Zuckerberg taking out a mortgage. You may think, why would a billionaire have a mortgage? The reason is... because he can! When you use your own funds, you loose the opportunity to invest or spend the money in other ways. That's why many people prefer not to do 20% down, when other options exist, even if they have sufficient funds.

Here are several reasons why you may want to use a lower down payment --

  • Keep more money invested in the market

  • Keep more money liquid for other purposes

  • Keep more money free to update the home

  • Keep more money free to avoid more expensive debt

  • Keep more money free to pay off more expensive debt

  • Buy a high end home when 20% is difficult

  • Buy a new home while your existing home sale is still pending

Below is a bullet-point review of some of these options. We'll go from high to low (15% down to 5% down payment) --

Jumbo Mortgage Option: 15% Down with No PMI

We have a very special program that allows 15% with No PMI. There is now a slight bump to the rate, in lieu of PMI, but it often costs much less than PMI. We internally underwrite this program (in-house underwriting).

This is a fantastic program that can save you money (if you have less than 20% down) or help you keep more money invested or liquid (if you previously expected to do 20% down).
 

  • Loan amounts up to $3,000,000

  • Minimum credit score of 680

  • Future income countable (with satisfactory employment contract and start date within 2 months)

  • Asset based repayment possible with employment related assets

  • Cosigner allowed (to help meet income qualification)

  • Houses on lots up to 24 acre

  • Internal underwriting (we reserve right to outsource)

  • Available on 30, 25, and 20 fixed terms

If any option interests you, let's just get in touch! We can help you explore the relevant options. If you're purchasing a home within the next three months, start off by completing the information at Get Started Online.

10% Down Payment Jumbo Options

We have more than five separate channels for Jumbo loans with 10% down. Each channel has several programs and options available. We internally underwrite three of these channels (in-house underwriting) and use outsourced underwriting for the other two.

Fixed-rate, No PMI 10% Downpayment Program
 

  • Rate is reasonably bumped in exchange for no PMI on this program.

  • The resulting payment is significantly less than if you had PMI

  • 720 minimum credit score

  • Loan up to $1,500,000

  • Available on 30, 25, and 20 fixed terms

  • First-time buyers have extra requirements

  • 43% max debt-to-income ratio (can go higher with an alternative related program)

  • Escrow required (property tax and insurance)

  • Internal underwriting (we reserve right to outsource)

Highly-Qualified Borrower, Highly-Attractive Adjustable Rate Mortgages (ARMs)
 

  • 89.9% financing (this program oddly requires 10.01% down payment!)

  • Loan amounts up to $1,000,000

  • 740 minimum credit score

  • 38% maximum debt-to-income ratio

  • Rates slightly bumped for no PMI

  • Resulting payment considerably better than if you paid PMI

  • 5/1, 7/1, 10/1 ARMS

  • Asset-based repayment allowed

  • Restricted stock income allowed

  • Outsourced underwriting on this program

 

Flexible Qualification ARMs & Fixed, Lender-paid PMI, No Escrow

  • Available for 5/1 and 7/1 ARMs or 15 to 30 year fixed

  • 10% down payment Jumbo

  • 720 minimum credit score up to $850,000 loan, or...

  • 700 minimum credit score up to $650,00 loan

  • Rates are bumped in exchange for no PMI

  • No escrow 

  • Loan amount up to $850,000

  • Gift funds are allowed after borrower minimum 5% contribution

  • 45% maximum debt-to-income ratio (normal guidelines)

  • 50% debt-to-income ratio (extra requirements)

  • Flexible treatment of deferred student loans

  • Internal underwriting (we reserve right to outsource)

Mid-Credit, Lender Paid PMI Program
 

  • 710 minimum credit score

  • 43% max debt-to-income ratio

  • Rates moderately bumped

  • Lower reserve (savings) requirements (just 6 months)

  • Income from future employment allowable

  • Jumbo mortgage 10% downpayment

  • Outsourced Underwriting
     

Lower Credit Score 10% Down Jumbo program
 

  • 5/1 ARM only

  • 90% financing (10% down)

  • Loan amount up to $1 million

  • 680 credit score minimum

  • Shorter waiting periods (2 years) since significant derogatory credit event (foreclosure, bankruptcy, shore sale)

  • Debt to income ratio up to 43%

  • Higher rates compared to good credit score programs
     

I realize the bullet-points are fairly abstract. I'd be happy to help you explore with more concrete details and figures when you get in touch. If you're searching for a home within the next three months, get in touch through Get Started Online.

5% Down Jumbo Options

It's not easy to find a viable 5% down payment option with Jumbo. A 5% downpayment program for Jumbos is exceptionally rare. But we have one! We underwrite it internally. Here are some features --

  • Available for 5/1 and 7/1 ARMs or 15 to 30 year fixed

  • Up to $850,000 loan amount with 720 credit score 

  • Up to $650,000 loan amount with 700 credit score

  • 45% debt-to-income ratio (normal guidelines)

  • 50% debt-to-income ratio (extra requirements)

  • No escrow

  • No PMI

  • Rate is bumped in exchange for no PMI

  • Internal underwriting (we reserve right to outsource)

Second Homes with 10% Downpayment with Jumbo Financing

Some of these low down payment options even apply to second homes (vacation homes or secondary residences)! It's also exceptionally rare to have a Jumbo Loan for a Secondary Residence with 10% down. Here's one of the channels we have for second homes --

  • 90% financing (10% downpayment)

  • Up to $650,000 with 720 credit score

  • Up to $850,000 with 740 credit score 

  • Overall requirements more strict when exceeding $650,000 loan amount

  • Up to 45% debt-to-income ratio up to $650,000 loan amount

  • Available for 5/1 and 7/1 ARMs or 15 to 30 year fixed

  • No escrow

  • No PMI (rate is bumped)

  • Internal underwriting (we reserve right to outsource)

VA Jumbo Mortgage Options

If you have history of military service (and a Certificate of Eligibility), you could have an extra set of attractive options available.

The VA has a flexible option for purchasing above its normal loan limits. The normal loan limits in most places (including all of Wisconsin) for 2018 are:

 

  • $453,100 for Single family

  • $580,150 for two-unit

  • $701,250 for three-unit

  • $871,450 for four-unit

If you want to purchase above the loan limit, the VA simply requires you to pay 25% of the difference as a downpayment.

 

For example, if you want to purchase a Single Family for $553,100, that's $100,000 over the maximum loan limit.

 

  • You would pay a minimum downpayment of $100,000 * 25% (=) $25,000.

  • The mortgage amount would be $553,100 (-) $25,000 (=) $528,100

Not all lenders participate in this program, but we do! For more information, simply proceed to Get Started Online

Why We are the Top Choice for Jumbo Financing

I've discussed this more in the Jumbo Financing Guide. Here I will just say Jumbo financing has been my personal specialty for a decade, and I've invested the time and risk to work on many extremely complex Jumbo deals.

We offer you an exceptional level of expertise in Jumbo financing, and you won't find other companies with the depth of options and operational proficiency in Jumbo financing.

 

Our company also has the ideal business model for Jumbo financing, and part of that fact we're a major lender in markets like Denver, Boulder, Vail, Southern California, and Silicon Valley. My branch is in Wisconsin, but our loan programs fit much higher-end markets.

So Let's Work Together!

You'll receive at least three major benefits when you work with us...

 

  1. As you can see, we offer a plethora of Jumbo options. We're very open about the strengths and weaknesses of each. Our commitment is to help you explore the options that are best suited for you. 
     

  2. Unlike banks and credit unions, we only do mortgages. Our reputation stands or falls based on the experience of each customer in the mortgage process. You will be our priority, and we'll closely walk you through the process from start to finish.
     

  3. On top of that, we will give you a distinct advantage for getting your offer accepted. When the seller's agent sees we're providing your financing, it can make a difference because of our strong reputation in the real estate community.

    Our VIP FasTrak program can give you a legitimate head start. It will set you apart from nearly any other buyer who's much earlier in the mortgage process. With this program, you can offer more confidence, more reliability, and a faster closing date to the seller. 

If you're within three months of searching for a home, your first step is to complete the information at Get Started Online.

How to Compare Jumbo Options

After you submit the information on the Get Started Online page, we'll walk you through suitable options. When you have multiple viable options, we like to compare them with a Total Cost Analysis. This analysis accounts for the whole picture of financial aspects for each program. It will give you a very helpful visual summary of your various options which makes it easy to compare. As you can see, we have many options available. Let us walk you through them!

What Else Should I Know about Jumbo Financing?

The market is competitive. If you're planning to purchase a home, one of the most important things is to make yourself more competitive as a buyer. We can give you a huge advantage in this are through our VIP FasTrak program. You can also read about other tools such as Bridge Financing which can help many buyers in the market for high-end homes.  If you'd like learn about Jumbo mortgages more comprehensively, check out our Guide to Jumbo Mortgages in WI.

Thanks for the Info. How Can I Get in Touch?

  • If you're targeting a home purchase beyond three months from now, or if you're outside WI, use the contact form below to get in touch. We'll set up an informal, free phone conference to help you plan and prepare.
     

  • If you're targeting a closing date within the next three months, the clock's already ticking. Early preparation can make a measurable difference in your final outcome, so take the first step right away. Your next step is to submit the information on our Great Started Online page. 

I'm beyond three months away, but please get in touch to help me plan and prepare!

I'm outside WI, but your information is wonderful! Please put me in touch with a colleague to serves my area!

Greg Schliesmann
Branch Manager, NMLS# 234288
Cherry Creek Mortgage Co., Inc

Greg Schliesmann
Branch Manager, NMLS# 234288
Cherry Creek Mortgage Co., Inc

1033 N Mayfair Rd, Suite 100
Wauwatosa, WI 53226

Tel: 414-617-1756

1033 N Mayfair Rd, Suite 100
Wauwatosa, WI 53226

Tel: 414-617-1756

Free Access to Greg's Valuable Video Series

Five Strategies to Stand Out from Homebuyer Competition and Get Your Offer Accepted!

Free Access to Greg's Valuable Video Series

Five Strategies to Stand Out from Homebuyer Competition and Get Your Offer Accepted!


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Copyright ©2018 Cherry Creek Mortgage Company & Greg Schliesmann for CCMC, Inc.

Cherry Creek Mortgage Co., Inc. NMLS #3001. All Rights Reserved. Some loan products may not be available in all states. Terms, rates, and fees subject to change. Please speak with one of our loan originators for more detail.