Florida Jumbo Loan
Jumbo loans are typically categorized as mortgage loans that exceed the standard conventional loan limit of $417,000. So, if you are interested in purchasing or refinancing a high-end home in sunny Florida, a jumbo mortgage is a must have for your financial arsenal. You’ll be pleasantly surprised at how competitive the rates and terms are for these loan programs, as long as you go to the right source. The bottom line is that…
You need to borrow a lot of money from the bank, and at a low interest rate!
Please keep in mind that borrowing more money, in the form of a jumbo loan, typically means you’ll have to have a minimum credit score around the 700 range and at decent down payment of at least 20%. Here is a sample of the typical requirements for a jumbo loan in Florida (on a single family home that will be owner-occupied):
$417,000 to $1,000,000
Requires a 20% down payment and 700 minimum credit score
$1,000,000 to $1,500,000*
Requires a 25% down payment and 720 minimum credit score
$1,500,000 to $2,000,000*
Requires a 30% down payment and 720 minimum credit score
*Please keep in mind that loan amounts over $1,000,000 will typically require 2 appraisals to establish the value of the property. All loans are subject to credit review and approval.