Mortgages with minimal deposits?

[Anonymous]

Does anyone have recent experience with how tough it is to get a super-jumbo loan with a smaller (<20%) deposit? We can make the monthly payments, but don't have the 20% on hand and don't expect we'll get it from the sale of our current home. Possible these days? Thanks!

[Anonymous]

What do you mean by super-jumbo loan?

[Anonymous]

Maybe the term is just jumbo? (Been a while since we looked for a mortgage) That's over 600K, right? We'll likely be looking for something just over $1m.

[Anonymous]

Okay, jumbo is over $625k. I wasn't sure if super-jumbo was something else!

It's possible, yes, but it depends on things like your credit and exactly how much less than 20% you want to put down (i.e., 5% versus 15%+). We were approved for less than 20% down (about 15%) on a two-trust loan...one would be for the $625k at a decent rate, and the second loan is for the difference between what we could put down and the remainder of the outstanding price. That trust was at a higher rate, of course.

[Anonymous]

We'd do two-trust, but would prefer to be in the 5-10% down range. Both have credit in the excellent range.

[Anonymous]

We did it - two trust loan with 10% down. Definitely doable -- we have similar income and great credit.

[Anonymous]

Those who did - which lenders didi you use?