Can borrowers get a jumbo mortgage with less than 20% down?
It’s is possible but it is not typical to get a jumbo mortgage with less than a 20% down payment. There are a few lenders who will approve such as loan based on the condition the borrower agrees to pay private mortgage insurance. he borrower’s credit score and the amount of their down payment will determine the cost along with other variables, and it may be as high as 1% of the loan amount annually.
Among the large banks which offer below 20-percent are Citi and the Bank of New York Mellon which provide as much as 100% financing to their account holders usually in their wealth management or private banking divisions. The terms ware different from one bank to the next but they frequently require two types of collateral. Normally, 60% to 80% of the loan will be secured to the property value while the remaining 20% to 40% can be pegged to an investment account they have with the bank. In this situation, the borrower can get around putting money down as a down payment.