A Florida jumbo loan is a mortgage where the loan amount is over the conforming limit. Because such a large amount is being borrowed lenders often charge slightly higher interest rates for these loans. Conforming loan limit varies based on your location, and is higher in areas of the country with higher housing prices.
In most Florida locations this limit is $548,250 – some higher costs locations like Monroe County – Key West is even higher. This standard is set by the two governmental backed agencies of Fannie Mae and Freddie Mac. Together they set the limit on the maximum value of any individual mortgage they will purchase from a lender, bank or broker. When Freddie Mac and Fannie Mae max loan limits don’t cover the full amount, it is commonly known as a “jumbo loan”
The current jumbo mortgage starts at loan amounts greater than $548,250. The average interest rates on jumbo mortgages are typically higher than for conforming mortgages because they are considered higher risk. This is because if a jumbo mortgage loan defaults, it may be harder to sell a luxury residence versus a standard priced house. High-cost properties can be more vulnerable to market highs and lows. This is one of the main reasons most banks and lenders prefer to have a higher down payment (20%) from jumbo loan seekers. However, qualified applicants can now get 95% financing in select cases.
If you are a home buyer looking for the lowest down payment Jumbo loan, at the lowest interest rate, be sure to contact us. We are available to assist you 7 days a week. Buyers can visit Jumbo Mortgage Source here for more info.
Below we have listed our current Jumbo LTV / Credit requirements for Full Documentation loans:
New Update: 2021 – some higher loan-to-value options may be temporarily discontinued due to recent economic challenges, please contact us for the latest requirements.
- 95% LTV – up to $2,000,000 with 700+ credit score. (740 score needed for loan amounts above $1.5m) Buyers can choose 1 loan or a 1st and 2nd mortgage combo up to $2.0m. Both Jumbo options have no monthly PMI – mortgage insurance.
- 90% LTV – up to $3,000,000 with 720+ credit score.
- 85% LTV – up to $3,500,000 with 740+ credit score.
In addition to the full documentation options listed above, we also offer some nice non-conventional loan options listed below.
Bank Statement program for self-employed borrowers:
- No tax returns, IRS 4506, or P&L statements needed. Income verification is done by reviewing bank statements.
- Owner-occupied primary homes and 2nd homes. Investment homes permitted only with a greater 20% down.
- 680 credit score required for all programs.
- Owner Occupied primary homes – Loan amounts up to $625,000 with 20% down – 80% LTV
- Owner Occupied primary homes – Loan amounts up to $1,000,000 with 25% down payment – 75% LTV
- Investment/ Rental home – Loan amounts up to $625,000 with 30% down payment – 70% LTV
- Investment/ Rental home – Loan amounts up to $1,000,000 with 35% down payment – 65% LTV
- Available for Purchase, Rate/Term Refinance and Cash Out Refinance.
2 Year Bank Statement program for self-employed borrowers.
- 2 years of bank statements needed.
- A minimum credit score of 580
- Minimum 6 months of savings/reserves.
- Primary owners occupied, 2nd homes, condo, townhome, SFR only – NO investment home purchases.
- Loan Amount up to $750,000 with 9 months saving reserves.
- Loan Amounts up to $1,000,000 with 12 months of saving reserves.
- 30 year fixed rate terms.
- Available for Purchase, Rate-Term Refinance and Cash-Out Refinance.
Foreclosure & Short Sale Program
- 1 day out of Foreclosure or short sale ok – NO foreclosure or short sale waiting period.
- Min 580 credit score needed.
- 24 months bank statements needed.
- 30 year fixed, no pre-payment penalty.
- Must be a U.S. resident.
- Owner-occupied and second homes only. Single-family, condo, townhome all ok.
- Up to 80% loan to value for loan amounts up to $750,000 ( 20% down payment)
- Up to 75% loan to value for loan amounts up to $1,000,000 (25% down payment)
- Up to 65% loan to value for loan amounts over $1,000,000 (35% down payment)
Foreign Nationals – Non-US Citizens
- Loan amounts from $100,000 – $3,000,000
- Min of 12 months of verified savings/reserves required.
- 2nd homes and Investment homes only. 1 unit properties only.
- Home purchase, rate/term refinance and cash-out refinance allowed.
- Minimum of (3) strong credit references from country residing.
- No credit score needed.
- Up to 65% loan to value. Min 35% down payment required.
Visit www.JumboMortgageSource.com for more info on all programs.
Alachua, Altamonte Springs, Anna Maria, Atlantic Beach, Aventura FL, Avon Park, Bal Harbour, Bartow, Bay Harbor Islands, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Brooksville, Cape Canaveral, Cape Coral, Casselberry, Celebration, Chipley, Cinco Bayou, Clearwater, Clewiston, Cocoa, Cocoa Beach, Coconut Creek, Coral Gables, Coral Springs, Crystal River, Dania Beach, Davie, Daytona Beach, Deerfield Beach, DeFuniak Springs, DeLand, Delray Beach, Deltona, Destin, Dunedin, Eagle Lake, Edgewater, Edgewood, Eustis, Fort Lauderdale, Fort Meade, Fort Myers, Fort Pierce, Fort Walton Beach, Fruitland Park, Gainesville, Greenacres, Green Cove Springs, Gulf Breeze, Gulfport, Haines City, Hallandale Beach, Hawthorne, Hialeah, Highland Beach, Hollywood FL, Holly Hill, Holmes Beach, Homestead, Hypoluxo, Indialantic, Jacksonville, Juno Beach, Jupiter, Key Biscayne, Key West, Key Largo, Kissimmee, LaBelle, Lady Lake, Lake Alfred, Lakeland, Lake Mary, Lake Park, Lake Wales, Lake Worth, Lantana, Largo, Lauderhill, Leesburg, Lighthouse Point, Longboat Key, Longwood, Maitland, Marco Island, Margate, Melbourne, Miami, Milton, Minneola, Miramar, Mount Dora, Naples, Neptune Beach, New Port Richey, New Smyrna Beach, Niceville, North Port, Oakland Park, Ocala, Ocean Ridge, Ocoee, Okeechobee, Oldsmar, Orange Park, Orlando, Ormond Beach, Oviedo, Palatka, Palm Bay, Palm Beach, Palm Coast, Palmetto, Panama City, Panama City Beach, Pembroke Pines, Pensacola, Pinecrest, Pinellas Park, Plant City, Plantation, Pompano Beach, Ponce Inlet, Port Orange, Port St. Lucie, Punta Gorda, Rockledge, Royal Palm Beach, St. Augustine, St. Augustine Beach, St. Cloud, St. Pete Beach, St. Petersburg, Safety Harbor, Sanford, Sanibel, Sarasota, Satellite Beach, Seaside, Sebastian, Stuart, Surfside, Tallahassee, Tamarac, Tampa, Tarpon Springs, Tavares, Temple Terrace, Titusville, Treasure Island, Valparaiso, Venice, Vero Beach, Wellington, West Melbourne, West Palm Beach, Weston, Wilton Manors, Winter Garden, Winter Haven, Winter Park, Winter Springs. Jumbo Loan Financing 95%