Jumbo Mortgage Florida

Jumbo Mortgage Florida

To qualify for a jumbo mortgage your debt-to-income ratios should be a maximum of 58% and the minimum down payment or loan-to-value will depend on your credit score. The minimum jumbo mortgage down payment is 15%. The minimum credit score for a jumbo mortgage is 620 but to get the higher loan-to-value will require a 720 credit score. Jumbo loans will have higher interest rates compared to a conforming loan.

Jumbo Mortgage Florida

• 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 Mortgage Rates
  

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)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

Call us at 888-958-5382

We look forward to working with you.

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Call us 888.958.5382

We look forward to working with you.