Florida Jumbo Loan Requirements

Florida Jumbo Loan Requirements

Florida Jumbo Loan Requirements

If you are a Florida home buyer seeking a higher loan amount of more than $453,100, a jumbo loan mortgage could be a good idea. The Florida jumbo loan requirements have been relaxing over the past few years. Home values are continuing to increase, so mortgage companies have been loosening up their jumbo loan requirement in order to get more clients.

Some of these lenders are actually offering a 5% down payment for Florida properties. Most locations have the jumbo loan mortgage amounts at $453,100 and above. Some of the really high cost real estate markets support jumbo loans of $679,000 and above.

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Florida Jumbo Loan Requirements

The Jumbo loans may have relaxed on some requirement, but they still require all of the paperwork. You must document all of your income, and assets, and some other details. Fixed rates and 3 year, 5 year, 7 year, and 10 year adjustable rates are available with Jumbo loans in 2018.

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Here’s a few exciting facts about Jumbo Loans in Florida:

  • Likely your Florida jumbo loan requirements will not include PMI.
  • You can get a jumbo loan on your primary residence, but also a vacation home, second home or investment property.
  • The properties that are not owner-occupied will probably need more for a jumbo loan down payment.
  • For your primary residence, 5% down payments are available for a face value up to $2 million.
  • Over $2 million jumbo loans might need 10% down payments.
  • Jumbo loans can be secured with a credit rating as low as 620, but for the 5% and 10% down jumbo loans you will probably need a credit score of 700.
  • If you have a jumbo loan already, you can refinance.

Good to Go Mortgages specializes in Jumbo loans in Florida: St. Petersburg, Miami Dade, Orlando, Brickell, Daytona, Coconut Grove, Boca, Tampa, Sarasota, Jacksonville, Naples, and West Palm Beach.

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