Mortgage Loan Types 2021

Do you want to buy a high priced home but worried you have to put 20% down? When your loan amount is over $548,250, it’s called a Jumbo loan and you have to put 20% down. But what if you don’t have that much money for a down payment?

You can get both a 1st and 2nd mortgage. Then you only need to put 10% down. Example. 20% of $548,250 is $151,750 down payment. 10% is $70,000. Bonus, your 2nd mortgage is at an extremely low interest rate and you can pay it off as soon as you’d like without a pre-payment penalty!

You don’t have to sweat about your huge downpayment. Contact me to hear more about a 1st and 2nd mortgage!