Yes, it is true! Jumbo Loans, Great Rates, High LTV’s, In-House in Florida
Great News for Florida Real Estate Agents-I am now offering Jumbo Loans with High LTV’s and great rates in house. That’s right! We underwrite and close in-house.
The Jumbo market is still alive and well in Florida, believe it or not. Some of you know this.
What is a Jumbo Loan? Good question and a good place to start. A Jumbo Loan is anything over the Fannie/Freddie conforming loan limit, currently $417,000.
If someone was buying a home for $521,250 and putting 20% down, their loan amount would be $417,000 and they would not need a Jumbo Loan product. If however, they were buying a home for $522,000 and only had 20% to put down, their loan amount would be$417,600 and they would need a Jumbo Loan product. More realistically, this is for your $550,000 and up buyer, $700,000, $1,000,000 etc, if they are looking for a great 20% down loan.
Since so many of the few remaining Jumbo Loan procucts want 30 to 40% down, even at lower loan amounts, this will be very appealing and you will look like a hero. And the rates are in the 4’s and 5’s.
I can go to 80% LTV up to a loan size of 1,000,000. This would mean a purchase price of $1,250,000! In-House underwriting means we order the appraisal and a 2 to 3 day underwriting turnaround with a 1 day review! You have to love it. Not too shabby.
Loan amounts from over 1 million to $1.5 million would require 25% down and loan amounts above this to $2 million require 30% down. These are still the best deals out there.
Other requirements are at least a 700 middle credit score, documented income, and 9 months reserves. However, if you are buying a million dollar home, these items should be okay.
I can Rate and Term, and Cash-Out refinance also. If you know of someone with a big mortgage and a bigger house, get them in touch with me. I bet I can lower their rate!
But wait-There’s more! I can do Jumbo Loans on Second Homes also! The LTV’s are a little lower but not bad.
And, I can do Foreign Nationals in house as well up to 65% LTV. Look for an upcoming blog on this soon.
Andy Brown, “Not just another mortgage guy…”
407-472-3443
www.OnlineFloridaMortgage.com
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