Episode 60, Segment 4: Jumbo Loans & 5% Down Program
Did you know that there is a program which allows you to put just 5% down on a home up to $700,000? Listen to John Schutze & Mark Hairston of Supreme Lending discuss the program with local Remax real estate agent Mark Minchew.
"What I'm seeing as a mortgage banker, 5 years ago you didn't see too many jumbo loans," John says. "If they put 20-30% down, they probably did a conventional loan. There weren't as many jumbo loans percentage-wiseas there are today, but with how high housing prices are now, we're running into them all the time."
"We've been looking at different options to help folks who want to put a little less down but still live in areas like Westlake where they can send their kids to school at Westlake High School," John says. "So one of our neat programs is being able to offer 5% down for homes up to $700,000, and that's been a really popular program for us lately."
Mark shared the story of a buyer who had a homestead in Houston and a condo in San Francisco and wanted to buy in Austin. They were struggling to buy a $500,000 house in Austin but turned around and sold his condo and Houston home, then put minimum down on a homestead here, and used a 1031 tax exchange to buy seven duplexes with a larger tax writeoff on his homestead!"
Jumbo loans have a maximum of $417,000, so the 5% down program can be incredibly beneficial for those seeking a home in the more expensive Austin markets. To learn more about jumbo loans, email or call Mark Hairston at (512) 362-5605.
If you're interested in purchasing a home in Westlake or anywhere else in the Austin area, reach out to Mark Minchew of Remax Austin Skyline through his website or by calling (512) 328-8333.