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 $766,550. If you take out a home loan that exceeds that, it will be considered a jumbo mortgage.

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Jumbo Mortgage in Ohio

Jumbo mortgages are great because they allow borrowers to purchase high-end properties that they otherwise wouldn’t afford with a conventional loan. Our jumbo mortgage experts here at Moreira Team will help you qualify for the full amount. Give us a call, and we will take care of your jumbo mortgage needs.

Today's Ohio Mortgage Rates

30 Yr. Fixed 7.125% APR 7.656%
15 Yr. Fixed 6.500% APR 7.021%
30 Yr. Fixed FHA 6.500% APR 7.474%
30 Yr. Fixed VA 6.500% APR 6.959%
Mortgage Rates as of April, 22 2024 See All Rates | See Rate Assumptions

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Here is a list of some essential things to know about jumbo mortgages in Ohio:

Loan limit: the jumbo loan limit for Ohio is $766,550

Down payment: most lenders usually ask for 20% down, but you can still get a loan with 10% down, particularly for the purchase of a 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: 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 need a jumbo loan? think you can 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 your loan in order to get you a lower interest rate than conventional and even government-backed loans.