89.99% San Diego Jumbo Loan with no Mortgage Insurance

Low Down Payment LoansAre you looking for a San Diego Jumbo Loan with a low down payment and no mortgage insurance? Then you are in luck! I am one of the few San Diego Mortgage Brokers that has a second mortgage that will allow a 89.99% combined loan to value (CLTV) up to a total loan amount of $750,000 for both the first and second mortgage.

Over the last couple of years the only way to get a loan above an 80% loan to value was to get a San Diego conventional loan with Mortgage Insurance, which is now capped at a loan amount of $879,750, or an FHA loan, which is capped at a loan amount of $879,750. This program is very unique and I have had a number of inquiries on it, even from other San Diego Mortgage Brokers who cannot offer it, because over the last several years most lenders were not willing to offer second mortgages above 80%.

This San Diego second mortgage up to 89.99% is an equity line with a 10 year interest only period and then a 20 year repayment term. The rate is Prime + 1.99% or currently 5.24%. The equity line limits are a minimum of $10,000 up to a maximum of $350,000.

This San Diego equity line second allows the combination of a first mortgage and second mortgage up to a $750,000 loan amount at an 89.99% CLTV with a 700 Fico score or up to a combined loan amount of $1,000,000 at an 85% CLTV with a Fico score of 720.

This loan program opens up so many doors for clients. It can be used for a purchase to go behind a San Diego Jumbo Loan up to the 89.99% CLTV or it can be combined with a Conforming High Balance loan. This option allows the combination of the lower rates and less strict guidelines of the San Diego Conforming High Balance loan versus the Jumbo Loan, but still allows you to get up to a total loan amount of $750,000 and accomplish this with no mortgage insurance.

This San Diego equity line up to 89.99% can also be used with a refinance, so clients whose home values may have gone down over the last few years can still take advantage of the low interest rates.

Let’s say your home value has gone down making your loan to value 85% instead of the 80% needed to refinance without mortgage insurance. This loan will allow you to take out a small second for that 5% and still get your refinance done at the 80% loan to value with no mortgage insurance.

If you would like more information about how this loan program can help you avoid mortgage insurance and qualify for a loan amount up to $750,000 at 89.99% CLTV please contact me at 858-519-3935 or request a Free interest rate quote HERE.

Leave a Reply

Your email address will not be published. Required fields are marked *