Financing Vacation Home with 10% Down on Jumbo Loan

[Dado Vucak]

Hey BP -

I'm looking for some guidance and advice when it comes to seeking out lenders who will accept a 10% down payment for a second home/vacation home where the loan amount happens to be greater than the maximum amount for a conventional conforming loan of $510,400. 

Is this even possible? I know a number of you out there have used this strategy but I'm curious if loan amount was greater than that $510k figure requiring a jumbo loan, and if so, we're you able to do less than 20% down?

I've done my research, I know that I need to look at smaller banks and credit unions with portfolio loans. I've called about 15-20 different banks and CUs (primarily local but a couple we're outside my local area) and every single one has had a similar message. Second mortgages on vacation homes over the $510k will require a jumbo loan, which as a result, will require a 20%+ down payment. 

For what it's worth, I had one CU actually tell me that they had an in house product they offered prior to COVID but have since retracted that from their product offering. 

Anyone here ever dealt with this before? I can't imagine I'm the first person to run into this roadblock. I'm sure there's ways around it - just looking for some guidance.

Thanks!