Home buyers across Wisconsin including Milwaukee, Madison, and Green Bay have new Jumbo home mortgage programs available that require very low down payments. It seemed not long ago many Jumbo loans required 20 percent or greater down payment by most lenders and banks. Today qualified home buyers can finance luxury homes with only 5% down payment in some cases. We have outlined all the loan restrictions below, please call the number above with any questions, 7 days a week. Please also review the latest Jumbo Loan FAQ’s here.
Wisconsin Jumbo Down Payments /Loan Limits:
- 95% financing (5% down) – loan limit $1,950,000
- 90% financing (10% down)- loan limits $2,950,000
- 85% and 80% options available for loans over $3mil.
- Loans can be structured with a single loan, or combo loan depending on the property state, down payment, etc.
- No PMI (mtg insurance) on all Jumbo programs.
- Applicants can choose from all the standard fully amortized terms like 15, 30 yr fix, 3, 5, 7, 10 adjustable rates. “Interest only” and pay option terms are not available.
- Approved active duty and past military Veterans should also read more about the VA Jumbo Loan on the main homepage. These high balance programs allow eligible vets to purchase with little money down.
Wisconsin Jumbo Approval Requirements:
- All the jumbo products will require borrowers to fully document salary and assets – just like standard conventional loans. This includes previous (2) years of tax returns, W2 (for regularly employed buyers) and a (3) months of assets statements.
- Owner-occupied single family/condo only. Vacation homes are also permitted to 95%. Investment home purchases require at least 20% down payment.
- All credit score requirements and extended details can be found on the Jumbo Purchase Page
All the options above are available to approved home buyers nationwide. Questions about applying? Call us at the number above or just submit the Quick Call form on this page.