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Depending on the price range you are shopping for, you might be in the market for a jumbo loan. While many buyers assume that these are only for the most expensive homes, you may actually be surprised just how much properties in Florida require jumbo loans for financing.
A jumbo loan is any loan which falls above the conventional loan limits set by Fannie Mae and Freddie Mac. For Broward, Miami-Dade, & Palm Beach those limits must exceed the following:
Zillow currently lists the average home value in Broward at $314,100 so many homes in the area are available through conventional financing, but many require a jumbo loan instead.
On the whole, applying for a jumbo loan is pretty simple and straightforward. It is not so different than the application process required for a conventional loan. The qualification requirements however are a little more strict.
You may require a higher credit score for a jumbo loan than you would for a conventional loan.
The debt-to-income ratio requirement also is generally more stringent.
Down payment requirement may be higher than the minimum allowed on a conventional loan.
While great interest rates and terms for jumbo loans in Florida do exist, you need to work with the right mortgage company in order to locate those great opportunities.
Premier Lending Corp can help you to find a jumbo loan which is flexible and affordable to accommodate your requirements.
We also can walk you through pre-approval process. This can help streamline the entire home buying process, ensuring that you are able to move into a beautiful Florida home with a jumbo loan which serves your needs now and over the years to come.
Ready to get started applying for a jumbo home loan? Give us a call today at 954-840-8811, and we will schedule your consultation.Get Pre-Approved Today!
Premier Lending Corp is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.