Refinance Jumbo Loan Florida

Refinance Jumbo Loan Florida

Refinance Jumbo Loan Florida

A jumbo mortgage is a loan that exceeds the mortgage loan limits that are not covered by Fannie Mae and Freddie Mac. Since these two agencies purchase the majority of residential mortgages from lenders and banks in the United States, they set the parameters in regard to how much money can be borrowed through a mortgage loan. Any mortgage loan amount above these parameters is considered to be a jumbo mortgage. Loans over the $417,000 limit set for conventional loans are considered jumbo loans.

While jumbo mortgage parameters may change from year to year and may be slightly modified in certain parts of the United States, these loans are currently reserved for those who need to borrow anywhere from $417,000 to $4,000,000. In parts of the United States where housing is typically more costly, however, the bottom end is set at $729,750.

Jumbo loans require 85% loan-to-value up to 1 million dollar no mortgage insurance and 80% loan-to-value up to 1.5 million.

• Eligible loan terms include fixed terms (10, 15, 20, 25 and 30) and adjustable rates (5/1, 7/1, 10/1/)
• Interest Only on 30 year fixed or 10/1 ARM (10 year I/O period)
• Up to $4 million loan amounts
• 85% LTV to $1 million on condos
• 80% LTV to $1 million on second homes
• No mortgage insurance
• Up to 48/58 DTI (vs 35/45 at most lenders)
• Self-employed okay
• Cash out
  
• Income sources include W2, self-employed and liquid assets
• Liquid assets may be used for income qualification. May be used for both self-employed and W2 borrowers.
• No seasoning requirements for Cash Out
• Jr. Liens can be paid off as Rate/Term with 6 months seasoning on the lien
• Close in the name of an LLC or Corporation
• No Prepayment Penalty
• Florida jumbo refinance mortgage
  

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
  
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Current mortgage statement
• Name and phone number of home owner's insurance
  

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