Florida Jumbo Loan

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.

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About the Author

Jason Gonzalez

Jason is a lifelong student of the mortgage industry that prides himself on his innovative ability to consistently find the best deals for his clients. With well over a decade of industry knowledge and experience, you can trust that he will help guide you in the right direction for your home financing needs. What separates Jason from everyone else is the fact that he cares so much about the people he helps, driving him to go above and beyond to make the dream of homeownership possible for all.

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