Five Stars is happy to offer jumbo mortgages for Texas home buyers with loan-to-value ratios up to 95%. The Texas Jumbo Loan 95% offer both fixed interest rates and ARM’s with no private mortgage insurance.
The new jumbo loan program is targeted to creditworthy buyers who want to limit their down payment to 5% of the purchase price. The minimum loan amount for the new program is $766,550 and the maximum is $2,000,0000.
The program is available to qualified applicants in Texas with a credit score of at least 680. The buyers must also have some saving reserves and manageable debt-to-income ratios per the latest Jumbo guidelines.
- No PMI mortgage insurance (can save you up to $400 a month PMI) on loans up to 95% of the value of your home.
- Great for refinancing existing high-cost loans and getting rid of your current mortgage insurance
- Purchase with only 5% down payment – great for doctors, physicians, attorneys and other professionals that have the income but lack of savings.
- 95% financing to $2.0M with no PMI with scores of 700+. Choose from 1 single loan or an 80/15/5 combo mortgage. Great for higher cost areas like Dallas, Houston, Fort Worth, San Antonio, Austin, etc.
- Interest rates as low as conventional loan products
- Zero Closing Costs option available
- Conventional loans can still be offered up to $766,550 with a minimum score of 620
- This new Jumbo Loan is for owner-occupied, purchase and rate term transactions. Financing is available for 1 Unit Single Family Residence, Attached or Detached Housing and warrantable condominiums.
Please also note the following options for buyers that have 10% + down payment
- 90% LTV: Up to $3,000,000 with 720+ credit score.
- 85% LTV: Up to $3,500,000 with 740+ credit score.
Why the 95% Jumbo Loan? There are a few reasons why a home buyer may want to only put down 5% – even if they have more money saved:
Questions? Please connect with us 7 days a week by calling the number above.
- Updates and Home Remodeling – Some houses need updating; by only putting down 5%, you can save the rest of your money for needed remodeling. Or maybe use the money for new furniture or other improvements.
- Lack of down payment due to sale of current residence – while the real estate market has seen a marked improvement, home values in some markets are still well below their all-time highs; so if you are making a lot less on the sale of your current residence, this program helps you get into a new home now to take advantage of low-interest rates and home prices that are still below their all-time highs set years ago.
- Keeping savings in higher yield investments – check with your financial advisor, but sometimes it makes sense to put less down and keep your money working for you.
Five Stars Mortgage is a leader in Jumbo loan info, serving home buyers 7 days a week. If you have questions about the latest lender requirements, please submit the “Request Contact” form at the top right side of your screen. Please also be sure to call ph: 888-705-1975
Serving buyers in all 50 states including Texas: Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, Arlington, Corpus Christi, Plano, Laredo, Lubbock, Garland, Irving, Amarillo, Brownsville, Grand Prairie TX
Kelly G says
I will be relocating to Austin in September, would like to know my options to purchase a home priced just over 1mil. Can I do 90% financing?
National Mortgage says
Depending on your credit profile, if over 700 score you should be eligible to up to 95% financing.
Thank you
Frank L says
Are these low down payment programs also available for smaller loan amount, say $250,000?
Thank You,
Frank
Fort Worth, TX
National Mortgage says
For sure, plenty of 5% down conforming loan options for smaller loan amounts. Contact us to learn more.