Jumbo and super jumbo mortgages offer prospective homeowners in Estero a way to purchase or refinance higher priced homes that exceed the conforming loan limit set by Fannie Mae and Freddie Mac. Core Mortgage Financial can originate VA jumbo mortgages up to $1,000,000. The VA does not guarantee any loans above the $453,100. The veteran has a small down payment above the $453,100 max loan limits for Lee County, Florida.
Core Mortgage Financial can do a standard loan with 5% down up to $850,000. Our investors can finance 90% of the loan transaction up to $1,500,000. Credit scores down to 620 and 55% max debt to income ratio.
Core Mortgage Financial is a leader in the jumbo loan market and has vast expertise in providing jumbo loans and super jumbo loans for residents throughout Florida!
Jumbo and super jumbo loans can be terrific options for borrowers with high credit scores, manageable debt-to-income ratios, and at least a 5% down payment.
Jumbo and Super Jumbo Mortgage Highlights
Jumbo mortgages are available for primary residences, second or vacation homes, and investment properties, and are also available in a variety of terms:
- Foreign National Financing up to 2M
- Financing up to 95% loan to value on mortgages up to 850k
- Financing up to 90% loan to value on mortgages up to 1.5M
- Financing up to 80% loan to value on mortgages up to 2M
- Mortgages up to 7M
- Interest Only Loans
- Loans without private mortgage insurance (PMI)
- Fixed and adjustable rate mortgage (ARM) options
- NO income NO asset investor
Who Qualifies for Jumbo Loans?
Since higher loan amounts pose more risk to a lender, the guidelines for qualification are more stringent.
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: An average credit score of 680 is typically needed to qualify for a jumbo mortgage. However, lenders set their own credit score requirements, and some may require higher credit scores for approval.
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.
Core Mortgage Financial is here to help you find the loans with the very best rates and terms and easily navigate the jumbo loan approval and closing process.
Our specialists in jumbo mortgages are standing by 24/7 to answer your questions. Call us at (855) 554-CORE or (239) 514-2674 or use our online form to to find out more about Estero jumbo and super jumbo mortgages.
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