Naples Jumbo Mortgage
If you are considering buying a home in Naples Florida, chances are that you are aware that the prices of homes are higher than many other areas of the country. For many, this is their first introduction to what is commonly referred to as a jumbo or super jumbo mortgage. When you are searching for a Naples jumbo mortgage, you need to have the facts on your side.
What is a jumbo mortgage?
Fannie Mae underwrites what are called “conforming” loans. A conforming loan in Naples, Florida is considered a loan amount of less than $417,000. Any loan amount in excess of this amount is considered a jumbo mortgage and is not eligible to be sold to Fannie Mae or Freddie Mac. Collier county is considered a “high cost” area and coforming loan amounts have been increased to $448,500 for primary residence only. This is a short term increase and will expire.
Wide variety of programs
What most people are not aware of is that there are several different programs available to finance your Naples home loan. In fact, there are Naples jumbo mortgages that offer terms that are very favorable to those who are searching for a high-end home. Some of the available programs include:
- Interest only – Instead of paying interest and principal on your loan, you may qualify for a Naples jumbo home loan that offers an interest only payment. This can be very helpful when you a first buying your home and may have tax benefits.
- Fixed rate loans – Even if your loan is a jumbo loan, your Naples loan can be set up as a fixed rate loan. While the rates may be as much as one percent higher than a traditional mortgage, 15 and 30 year Naples jumbo loans are available.
- Adjustable rates – If you want to be able to take advantage of a lower interest rate for your Naples jumbo mortgage, you may prefer an adjustable rate mortgage. These loans have a floating rate which will adjust on an annual or semi-annual basis or a fixed term period like 60 months.
Down payments matter
One of the things that many people do not know about a Naples jumbo program is that the down payments are not as high as you might think. In fact, loans up to $1 million still only require 20 percent down and loans up to $2 million only require 25 percent down. This makes your home even more affordable.
You have worked hard to save money and buy the home of your dreams. Just because you need a jumbo home loan does not mean that you should have a hard time finding a mortgage. Core Mortgage Financial can help you find the right Naples jumbo mortgage that will help meet your individual needs.
Call our Naples loan originator today at 239-431-5889 ! You can also APPLY ONLINE !
Disclaimer: This article is for informational purposes only. Rates, programs, guidelines are subject to change without notice. NMLS #849597