Brian Manning here you know, I was hanging in my garage doing some work, and I just remembered I hadn’t talked to you guys about jumbo mortgages for a while. So I just want to tell you a couple quick items that you should pay attention to.
So if you have someone that’s buying a house that wanna go for a purchase price up to 1.5 million dollars we can actually finance 90% of that so. Minimum down payment up to a purchase price of 1.5 million, 10% down. If you have someone who’s going to buy a house up to 3 million dollars, the down payment is only 15%. So again, 10% down up to 1.5 million, 15% down up to 3 mill. Couple cool things to know. First time home buyer is allowed with only 10% down so if you have someone buying their first house up to 1.5 mill, no problem. First time home buyer okay.
The second thing to know is regardless of the loan program whether it’s 10% down or 15% down we don’t have any monthly PMI’s so that’s a really great feature as well. We do all of the underwriting in house here. I can get answers for you relatively quickly. I would say closing process right now on general loans, easily 30 days, start to finish including the appraisal.
I’d love to help you in any way I can. Any questions, let me know. Have a wonderful day, I’ll talk to you soon.