A jumbo mortgage loan is a home loan whose amount exceeds the limit set by Fannie Mae and Freddie Mac. In Florida, that limit is pegged at $424,100. If you take out a home loan that exceeds that it will be regarded as a jumbo mortgage.
Jumbo mortgages are great. They allow borrowers to purchase high-end properties that they otherwise wouldn’t afford with conforming loans. So if you are thinking of purchasing a property in a high-cost county like Monroe or Collier, you may want to consider taking a jumbo mortgage. Our jumbo mortgage experts here at Moreira team will help you qualify for the full amount. Give us a call, and we will attend to your jumbo mortgage needs promptly.
Here is a list of the essential things to know about jumbo mortgages in Florida:
Loan limit: the jumbo limit for Florida is $424,100, except for Monroe County where it is $529,000.
Down payment: most lenders usually ask for 20% down, but you can still get the loan with 10% or even 5% down, particularly for purchase of residential property.
Mortgage insurance: lenders usually require borrowers to pay monthly mortgage insurance. But you can reduce the premium significantly by increasing the down payment.
Qualification: nowadays qualification standards for jumbo loans are not all that stringent. With a 680 credit score, 43% debt-to-income ratio, and proof of consistent income you will almost certainly qualify for a jumbo mortgage.
Types: your options depend on the lender’s packages. But generally, there are adjustable-rate loans (most have a maximum period of 10 years) and fixed-rate loans of 15, 20 and 30-year terms.
Do you think you qualify for a jumbo mortgage? Give us a call, and we will help you get the best Florida jumbo loan rates. Our experienced crew can shop for you a loan with lower interest rates than conventional and even government-backed loans.
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