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LDP Jumbo Loans

Low Down Payment Jumbo Mortgages

For homebuyers looking to purchase higher-value properties, jumbo loans are often the go-to financing option. Traditionally, these loans have required substantial down payments, typically around 20% or more. However, First Savings offers low down payment jumbo mortgage loan options, making it easier for buyers to enter the luxury housing market without depleting their savings.

About Jumbo Loans

Jumbo loans are mortgage loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Any loan amount beyond these limits is classified as a jumbo loan and is not eligible for purchase by Fannie Mae or Freddie Mac, requiring lenders to set their own underwriting standards.

Low Down Payment Options for Jumbo Loans

While traditional jumbo loans often require a 20% down payment, we offer options with significantly lower down payments, as low as 5% to 10%. These options are particularly beneficial for buyers who have strong income and credit but prefer to keep more cash on hand for investments or reserves.

  • Easier Homeownership Entry – Allows buyers to purchase high-value homes without a large upfront cash outlay.
  • Liquidity Retention – Enables borrowers to keep more cash for investments, emergencies, or home improvements.
  • Competitive Interest Rates – While slightly higher than conforming loans, rates for low down payment jumbo loans are still relatively competitive.

BIG HOME DREAMS? YOU NEED A BIG LOAN.

At First Savings, we have a number of low down payment jumbo loan options available to fit your personal needs.

  • 5% Down Up To 1.5 Million
  • 10.01% Down Up To 2 Million
  • 15% Down Up To 3 Million

Fixed rate and fixed period adjustable rate mortgage (ARM) options available. Mortgage Insurance may be required depending on the loan program. Primary residences only with additional reserve requirements possible.

Key Features of Low Down Payment Jumbo Loans

  1. Flexible Down Payments – Secure a jumbo loan with as little as 5% down, with additional options of 10% to 15% down depending on the financial qualifications of the buyer.
  2. Mortgage Insurance (MI) Requirements – Some program options available waive MI for jumbo loans, while others may require it for down payments below 20%.
  3. Credit Score Expectations – Borrowers typically need a credit score of at least 700 to qualify, though some lenders may require 720 or higher.
  4. Debt-to-Income (DTI) Ratios – A DTI of 43% or lower can be required to ensure borrowers can handle the larger loan amounts.
  5. Additional Reserves – Some program options may require borrowers to have mortgage payments in reserve, often ranging from 6 to 12 months.

If you’re considering a low down payment jumbo mortgage, not all loan programs are created equally. Some lenders like First Savings Mortgage, specialize in these loans and can offer more favorable and flexible terms based on your financial profile. Additionally, working with a knowledgeable, experienced First Savings mortgage advisor can help you navigate lender requirements and secure the best loan for your needs.

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What You Need To Know