Good jumbo mortgages can be hard to find, but the Core Mortgage Team has vast expertise in providing jumbo loans and super jumbo loans for residents throughout Florida. In fact, we’re considered a leader in the jumbo loan market!
We have a wide variety of portfolio lenders with very unique and aggressive loan programs. Our fees and rates are extremely low to give our borrowers the best possible deal in the marketplace. We cater towards primary residences, second homes and investment properties.
Our motto is “Exceeding Your Expectations” on every jumbo mortgage we complete!
The Core Mortgage Team’s loan products include:
- Foreign National Financing
- 20% down payment up to a loan amount of 2M
- 30% down payment up to a loan amount of 3M
- Mortgages up to 5M
- Interest Only Loans
- 15 Year, 20 Year & 30 Year Fixed Loans
- 1 Year, 3 Year, 5 Year & 7 Year ARMs
What are Jumbo and Super Jumbo Loans?
A loan is considered “jumbo” if it exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. That limit is currently $417,000 in the contiguous United States for a one-unit property, but goes up to $625,500 in “high cost” areas.
Different limits apply to property in Alaska, Hawaii, Guam and the U.S. Virgin Islands, as well as to multi-unit properties. The conforming loan limit is subject to change annually.
Although lenders differ based on their own internal investment criteria, “super jumbo” residential mortgages or loans are generally greater than $650,000.
Loans of $417,000 and under are usually closed by lenders and sold to Fannie Mae or Freddie Mac. But neither of these two government-sponsored entities will buy loans exceeding their limits from lenders. Jumbo loans require the backing of non-government investors.
Consequently, these loans have higher interest rates, and are considered risky to lenders because they can’t recoup the full capital of their loan right away.
Who Qualifies for Jumbo Loans?
If you’re planning to buy expensive property, a jumbo or super jumbo loan is a viable option. Here are a few of the typical requirements:
- Debt-to-income: Lenders want to be sure that borrowers can pay the loan principal, taxes, interest and insurance each month. The lower their overall debt payments (mortgage payment plus credit cards and other debt) are to their income, the better. 43% is a good rule of thumb.
- Credit: Most jumbo mortgage lenders will generally look for high credit scores of at least 680 to 720 (out of 850).
- Down payment: Down payment requirements will vary by lender, but most will require larger down payments to mitigate their risk. However, it’s definitely possible to find lower down payment options.
There is a mortgage loan out there for every type and size of home, even those that cost more than $1 million. The Core Mortgage Team can help you find the ones with the very best rates and terms. We know where to look.
Our specialists in jumbo mortgages are standing by 24/7 to answer your questions. Call us at (855) 554-CORE or (239) 431-5889 to find out how we can help.
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