The housing sector in Florida has maintained its strong indicators of improvement. Based on that information, certain banks and lenders have loosened their requirements to qualify for a mortgage and make lower down payments possible even for Jumbo loans.
A Jumbo loan is a mortgage amount that surpasses the conforming loan limits of $424,100, a recently increased limit in 2017. Some areas across the country are considered high cost and may exceed this limit.
Since a Jumbo Loan is always higher than a conforming loan, you'd think that the down payment percentage is also higher. That is simply not always the case. There's 95% financing available to buyers in Miami, West Palm Beach, Naples, Sarasota, Tampa, Orlando, Destin, etc. Furthermore, if you're a homeowner seeking to refinance, the higher loan to values are very appealing.
Here is an overview of the most recent qualifying criteria to get a jumbo mortgage in Florida: This includes both Jumbo purchase and rate-term refinance transactions nationwide.
Loan Application Requirements:
Income: Salaried borrowers need to provide 2 Year's W2's and 2 months of pay stubs. Self-employed borrowers must provide two years of tax returns. Another option for self-employed applicants who want to avoid submitting tax returns is to provide 12 months of bank statements with income-related deposits sourced.
Liquid assets: (2) months of savings, checking, retirement accounts statements, etc.
Credit : 700+ credit scores are best, however a 680 or above middle score may be approved too if the buyer is has a down payment over 10% and/or sufficient amount of liquid reserves.
If the subject property is a second home, down payment amount may go up another 5%
Only 5% down payment: up to $1,500,000 with a 740+ middle credit score. Options for borrowers are a 1st and 2nd mortgage (80/15/5) up to $1.5 million in a property valued at $1,578,000.
Each loan does not have any private mortgage insurance requirement.
Home buyers searching for luxury homes in more expensive cities in Florida will find these loan products perfect to either reduce their down payment or use low documentation. Much like conforming mortgages, jumbo loan borrowers have the option to obtain a fixed-rate or an adjustable-rate on a 5/1, 7/1 or 10/1 terms. The more risk means rates will likely be a little higher than a conforming mortgage.
Below are some of the added advantages of getting a Jumbo loan.
Quick pre-approval process – takes only 15 min. To begin just contact us below.
Eligible properties include Single Family Homes, Townhomes and approved Condo projects
Non-warrantable condos are acceptable too * (but not on the low doc program)
Same day loan pre-approvals depending on loan product
Financing available up to $10,000,000
No monthly private mortgage insurance (PMI) option
NO origination fee option for traditionally documented home loans.
A Jumbo Mortgage Loan Advisor can help you in the sunshine state of Florida as well as California, Colorado and Texas. To estimate your payment, ask a mortgage expert at http://www.JMLAdvisor.com.
Proudly serving Florida: Miami; Coral Gables, Key Biscayne, Pine Crest and Fort Lauderdale. West Palm Beach, Delray Beach, and Jupiter. Naples, Bonita Springs, Sarasota, Manasota Key, and Longboat Key. Tampa; Bayshore, Davis Islands, Orlando; Windermere, Winter Park, Islesworth, Dr. Philips and Lake Nona.