5% Down Payment...No MI (Mortgage Insurance)

Posted by Rebecca Perl on Sunday, June 29th, 2014 at 1:53pm.

Niche Jumbo Mortgages for Physicians, Dentists, Attorneys and CPAS...
5% Downpayment...No MI (Mortgage Insurance)

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FOR EXISTING PHYSICIANS, DENTISTS, ATTORNEYS AND CPAS:

95% financing up to a $1,491,000 sales price ($417,000 FNMA 1st/$1M 2nd @ 4.5% APR 0 points)
90% financing up to a $2,083,000 sales price ($625,500 FNMA 1st/$1.25%M 2nd @ 4.5% APR 0 points)
85% financing up to a $2,500,000 sales price ($625,500 FNMA 1st/$1.5M 2nd @ 4.5% APR 0 points)
80% financing up to a $2,969,000 sales price ($625,500 FNMA 1st/$1.175M 2nd @ 4.5% APR 0 points)

  • No mortgage insurance
  • 660 minimum credit score
  • 5% must be Borrower's own funds (FNMA guidelines apply)
  • 2 year job history (need current pay stub for W-2 employees or 2 years self-employment)
  • 2-3 months of reserves may be required
  • SFD, PUD, FNMA approved condos and townhomes allowed (no 2-4 unit properties)


FOR NEW OR EXISTING PHYSICIANS, DENTISTS, ATTORNEYS OR CPAS:
Great for Relocating Professionals

95% financing up to a $1,052,000 sales price ($1,000,000 single loan)
90% financing up to a $1,388,000 sales price ($1,250,000 single loan
85% financing up to a $1,764,000 sales price ($1,500,000 single loan)
80% financing up to a $2,187,000 sales price ($1,750,000 single loan)

  • No mortgage insurance
  • 700 minimum credit score
  • Entire down payment and closing costs can come from a gift from relative
  • No reserves required post-closing
  • Can close up to 60 days prior to starting a new position as a w-2 employee
  • Exception can be made for 1099 IC with contract with no expenses (specialists)
  • Self-emplyement for 1 year allowed with previous education or W-2 employment for 1 year
  • SFD, PUD, FNMA approved condos only
  • No limit for Seller concessions towards actual closing costs



This is a great "niche' jumbo loan programs.  Similar mortgages are availabwe for " other professionals".  Call today for more information.  Check out the Marin Modern website for more great information about Marin.

Rebecca Perl     415-446-8017     RPerl@MarinModern.com

 


 

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