Jumbo Mortgage with 5% down payment

by Keith Landis on January 30, 2017

It is possible to obtain a Jumbo Mortgage in Pennsylvania with as little as a 5% down payment.   The conforming loan limit in Pennsylvania is $424,100. Any loan size above $424,100 will need to be structured as a Jumbo Mortgage.   Jumbo Mortgages often require at least 10% but there are some options for less than 10% down.

Here are the highlights of the 5% down Jumbo Mortgage Program…

  • 5% down payment up to $625,500 loan amount
  • 740 credit score or higher
  • Mortgage Insurance required for less than 20% down
  • Gift funds allowed with at least 5% borrower contribution from own funds
  • First time homebuyers permitted

 

Here are the highlights of the 10% down Jumbo Mortgage Program…

  • 10% down payment up to $850,000 loan amount
  • 680 credit score or higher
  • Mortgage Insurance required for less than 20% down
  • Gift funds allowed with at least 5% borrower contribution from own funds
  • First time homebuyers permitted

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