First-Time Buyer Loan to $1.5M with Just 15% Down and a 720 Credit Score
Loans for first-time buyers tend to be more restrictive, especially in the realm of Jumbo financing. Down payment requirements and credit scores are expected to be higher and overall loan sizes are generally scaled down. Here is a loan program to get around these limitations and the financing terms are highly competitive. Financing is offered on a range of products (30-year fixed, 5 and 7-year fixed ARMS) and is structured with an 80% first mortgage and a 5% second for down payments as low as 15% on loans to $1.5 Million. (This supports a purchase price just shy of $1,765,000.) 5% equity lines are offered with favorable margins as well as 30-year fixed second mortgages. Pricing is highly competitive and the program is quite well-suited to the needs of first-time buyers or those with limited down payment funds.
- OK for first-time buyers.
- 720 minimum credit score. (Most Jumbos require 740 minimum for first-time buyers.)
- 85% combined financing to $1.5 Million, supporting a purchase of around $1,765,000!
- Reserve requirements are 6 months' PITI for combined loans to $1M; 12 months' PITI reserves for combined loans above $1M.
- Range of products to choose from, including 30-year fixed, and highly competitive 5 & 7-year fixed ARMs.
- 5% equity lines or 30-year fixed second mortgages.
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