Low Down Jumbo Loans – Florida

Low Down Jumbo Loans – Florida

Current Low Down Jumbo Loans

Florida Jumbo Loans & Credit Requirements

In the past while, the conforming loan limits have been increased to cope with liquidity fears in mortgage markets because of the subprime meltdown. The result is the lowering of mortgage interest rates and high balance financing.

This is the current low down jumbo loans information available for Florida. Lenders do change their requirements frequently. Be sure to prequalify for your low down jumbo loans.

The low down jumbo loans programs have been exceptionally popular with professionals, such as doctors and attorneys since they have limited savings, but well documented high income levels.

See Today’s Rates

5% Low Down Jumbo Loans

  • $453,100 to $2 million limit
  • Primary and secondary properties only
  • Credit score of 700 required up to $1.5 million
  • Credit score of 740 required for $1.5 million to $2 million
  • No requirement for monthly mortgage insurance payments (PMI)

10% Low Down Jumbo Loans

  • $453,100 to $3 million limit
  • Credit score of 660 required for less than $1.5 million
  • Credit score of 720 for over $1.5 million
  • No requirement for monthly mortgage insurance payments (PMI)

15% Low Down Jumbo Loans

  • $453,100 to $3.5 million limit
  • Credit score of 660 required for less than $2 million
  • Credit score of 700 for over $2 million
  • No requirement for monthly mortgage insurance payments (PMI)

These financing limits are not based on the price you paid for the house. They are based on your final loan amount.

Low Down Jumbo Loans Prequalify Today

Payment Reserves

After you have made your down payment the lender may ask that you have some reserved cash available. These reserves are multiples of your monthly payment amount. They are designed to show the lender you could make the payments, even if your income were disrupted.

  • Less than $750,000 often requires no cash reserves
  • Over $750,000 some reserves are needed. Usually 3 to 12 months worth of payments, depending on our total loan amount and your credit profile.
  • You can use non-liquid accounts like an IRA or 401K to satisfy the requirement minimums. Many lenders want half in more liquid accounts, like checking or savings.

Good to Go Mortgage works with Low Down Jumbo Loans every day. We solve difficult mortgage puzzles for those who are interested in luxury real estate.

You deserve to live in the house of your dreams.

Low Down Jumbo Loans Prequalify Today

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