Low Down Payment Home Loans are Back for Buyers of San Francisco Luxury Real Estate Listings

Low Down Payment Jumbo Home Loans for San Francisco Real Estate Listings are Back!

For the last couple of years, if you wanted to buy a million dollar home in San Francisco, you needed to come up with 20% down payment plus to get a home loan for the purchase. Actually, anyone wanting a loan amount above the current super-conforming limit of $729k needed to have a full down payment. Not anymore. It is again possible to purchase a luxury San Francisco home with 10% down payment. Okay, okay, maybe a million dollar home in San Francisco is not exactly a castle but it can be a gorgeous, spacious home or condo in a nice neighborhood like Bernal Heights, Noe Valley, Inner Sunset…

You can buy a home that costs up to $1,088,000 with 10% down payment. Right now, the historically low interest rates are very attractive – about 4.875% for a 5/1 ARM (5-Year Fixed Rate Loan). We’re told that this is a very selective loan program only offered by a handful of local San Francisco mortgage companies. We got the scoop from Team Z @ Guarantee Mortgage (Nastasha Lovas, Dean Rizzi, Stephen Barber, CJ Kerls, Pete Elting, Sergei Andruha, Phillip Cannon, and Jane Glendinning).

If you are buying a luxury home or condo in San Francisco (plus/minus $1,000,000), you may want to check this out because the difference between putting $200,000 and $100,000 into your down payment is substantial. For those of you with high income and great credit, it could be a good fit to maximize your tax savings and minimize your risk. (Keep more money in your reserve account or towards retirement savings, etc.) Okay, I am NOT a CPA so please consult with your tax advisor.