This is a YouTube video titled "New Jumbo & Second Home Program #mortgagematters #firsttimehomebuyer #homeloans #mortgagebroker" created in May 2024. The content is a single-speaker presentation explaining financing options for jumbo loans and second homes, focusing on strategies to reduce down payments and secure better interest rates using a combination of primary mortgages and HELOCs.
Are you looking to get a jumbo loan or second home with less money down and better financing? If so, we've got just the thing for you. So these days, across the country, the conforming loan limit for most areas is 766,000. If your loan amounts are greater than that, you're considered in the jumbo loan territory. If you're in a million dollar plus property, usually have to put at least 20% down in today's market to just get an interest rate on a jumbo loan, well, that's a large down payment on a big purchase price. What we can do instead is we do a primary mortgage for 766,000 to keep you within the conforming loan limit. Better interest rates, we can do a HELOC to piggyback and bridge the gap. And then you bring just 10% down and still buy your jumbo property on second homes. Those interest rates are much, much worse these days. They used to be a few years back. Unless you put a large down payment. If you put 30, 40% down on the second home, well now you get really good interest rates. But that's a large down payment on a second property. So what we can do, 60% primary mortgage, a 30% HELOC, you bring 10% down and you get the better interest rate.
