Florida Jumbo Loan Requirements: For those Florida home buyers seeking higher loan amounts (over $510,400) a Jumbo mortgage may be the right answer. Jumbo loan guidelines have continued to relax over the last few years. As home values continue to rise, mortgage companies are experimenting with loosening up lending standards on jumbo loans as a way to increase their volume.
In fact, select lenders are now offering Jumbo loans with only 5% down payment in Florida and other states. In most locations, jumbo loans are mortgage amounts $510,400 and higher; in some of the most expensive high costs markets, jumbo loans are $726K or more.
Most of the Jumbo loans today will require full documentation. This means being able to properly document all income, assets among other things. Fixed and 3,5,7,10 year adjustable rate terms are still available with Jumbo loans in 2020.
Many jumbo loan options today do not require monthly PMI to be paid. There are also financing options for vacation homes, 2nd homes, and investment property purchases. However, any property that is NOT a primary home will require a larger down payment. 95% Jumbo financing is only available for owner-occupied homes – up to $2,000,000 loan amounts. Loan amount greater than $2.0m may also require a larger down payment of 10% down. See the latest requirements and Jumbo loan guidelines here.
Most of the higher LTV (90%, 95%) Jumbo loans today will require 700 credit score to be considered for financing.
Some self-employed Jumbo applicants may have trouble documenting income, etc. For those borrowers, a non-conventional loan may be better suited. Most of the non-conventional loan program today allow for reduced documentation, flexible fixed rate and ARM terms. Like above, they allow for the purchase of second homes and investment homes. These are the highest risk loan due to the higher loan amounts and reduced documentation. As a result, borrowers can expect to pay a higher down payment and interest rate.
Homeowners that already have a Jumbo loan and want to refinance via “rate/term” or “cash out” please contact us to discuss the latest requirements. We offer Jumbo refinance options for primary, secondary and investment properties
Happy to serve Miami Dade, Brickell, Coconut Grove, Tampa, Jacksonville, West Palm Beach, Naples, Sarasota, Boca, Daytona, Orlando, St. Petersburg, please contact us with questions.
Is this jumbo program also available in Georgia, Atlanta to be specific.
For sure, 90% and 95% options are available for all 50 states!
Are there options to get around paying mortgage insurance? I know some lenders can break up the loans into two separate to avoid the mortgage insurance costs?
Yes, in most cases when the buyers down payment is less than 20%, the loan structure will be broken up to avoid PMI. This can be done by 80% first mortgage and 15% second, in the case of 5% down. Or 80-10 option when the down payment is 10%. In some cases, there are also single loan 95% or 90% options that do not require PMI. What option will be best for you will depend on many factors like property location, loan amount and qualifying characteristics.
Is this just fix rate loans with principal and interest payments?
Thank you for your question. All common fix rate and adjustable rate terms available with the normal principal and interest payment. Jumbo interest only amortization is available on a limited base for those applicants with higher payment reserves. Negative amortization is not available.
I would like to talk to someone about a jumbo loan in Clearwater. Thank you