Jumbo purchase approved with 10 percent down, no mortgage insurance

Loan officer: Alex Greer. Property type: Single-family residence in Santa Clara. Appraisal value: $1.65 million. Loan type: Jumbo 30-year fixed. Loan amount: $1.485 million. Rate: 4.625 percent. Backstory: With Bay Area rents at record highs, the average resident is using a large percentage of monthly income on rent, which leaves little for savings and almost nothing for a home purchase.

This makes it nearly impossible to save enough money for a traditional 20 percent down payment that most big banks require on a jumbo purchase.

Fortunately, the first-time home buyers in this particular situation were referred to Alex Greer at The Mortgage Outlet by their Realtor. The Mortgage Outlet has specifically tailored jumbo loans for purchases that they have cultivated for more than 26 years serving the Bay Area.

Greer informed the borrowers of the many different options available to them for their purchase including an aggressively priced, 10 percent down payment, no mortgage insurance jumbo loan.

With this information, the borrowers were excited that they could stop paying someone else’s mortgage and start paying their own.

The borrowers forged ahead and were able to find a singlefamily residence in Santa Clara. The purchase loan was submitted and, 12 days later, the loan was clear to close and the borrower was on the way to becoming a homeowner.