Jumbo Down Payment and Documentation Options in Florida

Mortgage and Lending with Omni Fund, Inc. 1048392

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.

Comments (8)

Kristin Johnston - REALTOR®
RE/MAX Realty Center 262-567-2455 - Waukesha, WI
Giving Back With Each Home Sold!

Good information I am sure your phone will be ringing from your post!

Mar 08, 2017 07:44 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Welcome to Active Rain and congratulations on your first blog post. This is a good place to meet and interact with awesome professionals. This is great info for high end buyers in Florida.

Mar 08, 2017 08:39 AM
William Cook
Omni Fund, Inc. - Austin, TX
Your Mortgage Lending Expert

Yes, I hope it can help some people. As you know the joy of seeing someone's face or response after a smooth closing means the world.

And wow. Your responses are very quick after posting.


Mar 08, 2017 08:43 AM
Frank Harper
Idaho Family Real Estate - Boise, ID
Broker/Owner, Realtor, GRI, SFR.

Welcome to ActiveRain! Congrats on your first blog post and keep up the good work!

Mar 08, 2017 04:10 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I wanted to be one of the first to welcome you to our ActiveRain Community. Please continue blogging Jumbo Mortgage Loan Advisor because I know you will love the benefits.Sharing will also be a benefit, I assure you!

Mar 08, 2017 07:04 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Welcome to ActiveRain Jumbo Mortgage Loan Advisor.

This is The Best place to learn, share and build relationships with like-minded professionals.

Mar 08, 2017 10:55 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

No PMI with just 5% down on about $1.5M home... interesting products for Jumbo loan.

Good Luck.

Mar 08, 2017 10:56 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.

Mar 09, 2017 11:26 AM