Good jumbo mortgages can be hard to find, but the Core Mortgage Financial 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
- 5% down payment up to a loan amount of 1.5M
- 10% down payment up to a loan amounts to 2-3M
- Jumbo mortgages without PMI
- Hedge Fund / private investor solutions
- Mortgages up to 7M
- Interest Only Loans
- 15 Year, 20 Year & 30 Year Fixed Loans
- 1 Year, 3 Year, 5 Year & 7 Year ARMs
- NO Income/ Investor 20% down payment
- credit down to 620 middle credit score
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 $453,100 in the contiguous United States for a one-unit property, but can go above 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 $850,000.
Loans of $453,100 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 may higher interest rates, due to being considered risky to lenders because they can’t recoup the full capital of their loan right away. Some investors that specialize in High Net worth and low loan to value ratios have adjusted their interest rates well below the standard Jumbo products.
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. We do have investors that go as high as 55% debt to income ratio.
- Credit: Most jumbo mortgage lenders will generally look for high credit scores of at least 620 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. Core Mortgage 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) 514-2674 to find out how we can help.
Helpful Terms Defined:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.
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