Over the past few months, we’ve all seen a pick-up in activity with homebuyers and also an increase in the pricing on homes. Historically, jumbo loans for homes at higher prices have required 25 percent down payments just to purchase the house, but now Academy Mortgage is seeing reduced down payments for the higher price points:
- Just a 5 percent down payment is required on a sales price up to $520,000 with no PMI! This is great for self-employed borrowers who want to hang on to their cash, but also allows them a no PMI option.
- Only 10 percent down up to $700,000 purchase price, with no PMI!
- Only 20 percent down for LOAN amounts up to $1,000,000! Most companies are requiring 25-30 percent down for this price range, so this helps save your buyer $100,000 out of pocket.
We know these high sales prices don’t happen every week (wouldn’t that be nice though), but when they do, know that these products are out there for your higher end buyers. We are able to offer these financing options, so they can rest easy knowing a large down payment isn’t required and they can hang on to their cash for the holidays.
If you’re thinking that luxury home you’ve been dreaming of just got a little more affordable and are ready to pre-qualify or for more information, visit www.AcademyMortgage.com or call 404-574-2600.
Equal Housing Lender. (c)2012 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.