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JUMBO LOANS

Jumbo Loans 101: Understanding Large Mortgage Options for High-Cost Properties

Down Payment

10 %

Call for eligibly
specification

Minimum Credit Score

VARIES

Call for exceptions

Maximum Loan Amount

$ 3M

For most FL single family homes

Seller Contributions

6 %

% of price depends
on LTV

DTI MAX

Below 45 %

Call for eligibly
specification

Loan Options

Jumbo Loans, or otherwise known as a Non-Conforming Loan, because the bank doesn’t have to follow Fannie or Freddie Mac Guidelines. This is perfect as you plan to purchase that dream home. In 2017, the loan size for a Jumbo Loan for single unit homes is $453,100 to $3M, but can go higher for pricier markets. There is still perception that jumbo loans have high interest rates and pose a higher risk. Well, it used to be the case but not any longer, with multiple government reforms they became less risky for the banks and interest rates are very close to the conforming rates. If you have been dreaming about that million-dollar home, I’ll help you make it happen. Features of Jumbo loans:
  • Over comforting limits
  • Higher debt to income ration
  • Flexible rates and terms
  • Usually minimum 10% down payment required
  • No PMI