Florida Jumbo Mortgage Loans

Any loan that is above $ 417,000 is considered to be a jumbo mortgage loan. FNMA loan limits do change yearly so this number is subject to change.

It may be hard to believe but jumbo mortgage rates are very low in most cases. On a 5/1 arm rates in the low 4% range are readily available.

Jumbo mortgages are available for purchase or refinance. On a purchase the borrower will need to put 30% down or more in order to qualify for financing. The use of the banks money can make more sense then to use cash and stocks.

Contrary to popular belief the process of obtaining Jumbo Mortgage Financing is very easy to do. It generally takes 30-45 days for a loan to close. It can take longer if the Loan Officer or Mortgage Broker is not experienced with the jumbo mortgage underwriting process.

In general the most competitive jumbo mortgage rates will be on loan amounts between $417,000 and $850,000. The loan sizes that are offered vary from state to state and from lender to lender. Rates above $ 850,000 tend to be a little higher.

The loan to value that is offered on jumbo mortgages is dependent upon the loan amount, occupancy status, and property type. In general loan amounts below $850,000 will require a down payment of 30%. On the other end of the spectrum you will find that $3,000,000 jumbo mortgage loans will require 50% down payment.

Jumbo Mortgage loans typically require the borrower to have a 660 credit scores if the borrower is a W-2 employee and a 700 credit score if the borrower is self employed. Today’s jumbo mortgages require full income verification.

Cash out refinances are available to qualified borrowers. The loan amount will determine what percentage of the value is eligible for cash out. For loan amounts up to $ 850,000 cash out is allowed up to 65% of the equity. This percentage is reduced to 50% as you move towards the $ 3,000,000 loan size.

Jumbo Mortgage Loans are available for both primary residences as well as second homes. Borrowers can expect higher rates and more conservative loan to values on second homes compared to owner occupied residences. The more the risk the higher the rate.

Find out more about Florida Jumbo Mortgage Programs and if you would qualify. Group One Mortgage specializes in Jumbo Mortgage loans through the State of Florida