The coronavirus caused banks to pull back on lending, and one niche that was severely impacted was jumbo loans with less than 20% down payment. In early March, you could have borrowed $2,500,000 with 10% down, and by the end of March the max was down to $850,000.
We got lucky and found Dustin at Mission Fed, who is still funding the jumbos at 90%LTV up to $1.5M! My buyers thought he made the process simple and easy, and we closed escrow on the day Dustin predicted in the beginning. We couldn’t be more pleased with the service.
Here is a quick snapshot of some of the out of the box programs and jumbo programs at Mission Fed. This assumes a score of 720+ on an owner occupied purchase of a single family home:
- 0% down loans to $690,000 (*Not a VA loan. Anyone can qualify for this)
- 7/1 ARM at 3.125% with a 1% lender credit back for closing costs
- 10/1 ARM at 3.25% with a 1% lender credit back for closing costs
- 30 yr Fixed Jumbos with only 5% down
- 5% down up to a loan amount of $850,000 – Rate as low as 3.25%
- All on one loan. No need for a high rate HELOC
- 10% down payment up to loans of 1.5M
- 7/1 ARM at 3.125% with a 1% lender credit back for closing costs
- 10/1 ARM at 3.25% with a 1% lender credit back for closing costs
- 5/5 ARM @ 2.625% with a 1% lender credit back for closing costs
- 30 yr fixed jumbo at 3.25%
I like to help people, so I thought I’d mention him and his contact info for anyone reading who might be in the same fix. I don’t know any other lender offering these programs at these low rates – if you know someone, pass them along.
Dustin Gildersleeve · Mortgage Loan Originator at Mission FCU
Real Estate · NMLS #13509
Phone: 619-379-0196 · Fax: 858-777-3612
To apply – www.missionfed.com/dustin
love Mission Fed! I have banked with credit unions since 2000 and have never looked at a bank since then.
I’ve taken out all of my car loans (4x) with Mission Fed and I have been happy with the rates and service.
good to see them being able to adapt to this market.
JtR, what can they do for us jumbos that want to do consolidate and re-fi??