Jumbo Loans IN Scottsdale
Again, on the loan theme, I visited with a National Lender and he says there are Jumbo Loans in Scottsdale with a 5% downpayment…..I know, you are thinking…..Right? What is the catch?
Well, according to a national lender, they are offering 5% down loans, up to 1M, to professionals, with a 5% downpayment, 15 and 30 year fixed, no PMI.
What defines a professional? According to their standards, a professional is a Physician, Attorney, Dentist, CPA. They also provide a 150K LOC to the same professionals.
They will loan up to 1.25M with a 10% downpayment and up to 1.5M with a 20% downpayment.
One snag that was pointed out is that the appraisal cannot show to be in a declining market. However, if it is, higher downpayment can overcome this issue.
In the Scottsdale area, in the >$500,000 price range, the market has not completely stabilized and may yet show some downward trends until complete recovery is in place.
Just as a disclaimer, Jeff McDowell is a licensed Realtor in the state of Arizona and does not hold any licenses related to mortgages or loans. The information supplied here was provided by a National Lender, believed to be accurate and credible. Any person interested in securing a loan as described will be directed to the Lender. Jeff McDowell or affiliates makes no representation or warranty as to the validity of this information.