Jumbo Loans in Fort Lauderdale, Florida

Jumbo Loans in Fort Lauderdale with 10% and 5% Down Payment

An oceanfront condo as a second home, a luxury estate in one of Florida’s posh neighborhoods and multi-unit investment properties are all excellent opportunities. However, financing these large projects can be difficult.

Regular conventional loans in Fort Lauderdale are not sufficient in covering the entire cost of the unit. In these cases, jumbo loans in Fort Lauderdale can provide the required financing when conventional loans can’t.

Florida State Investment Group is your local mortgage lender in Fort Lauderdale, Florida with access to various loan products including jumbo mortgages. We can offer effective financing solutions that exceed the conforming limits that bound conventional loans.

Here at FSMG, we specialize in both 30/15-year fixed rated and ARM jumbo loans. Along with that, we offer our expertise in conforming and conventional loans piggybacked with second mortgages or HELOC. Talk to one of our professional loan officers to find out more.

What are Jumbo Loans?

Jumbo loans in Fort Lauderdale and other Florida areas are those mortgages that surpass existing conventional loan limits. In Florida, these loans refer to those that exceed $453,100 for a single-family home and condos around the state (Monroe County $528,000).

Other than that, jumbo loans in Fort Lauderdale are available for primary residences, second homes, and investment properties. Also, they are available with a variety of terms to suit individual applications.

Jumbo loans around the US are often securitized by financial institutions such as Fannie Mae and Freddie Mac. These institutions buy the bulk of United States’ residential loans from lending agencies and resell them.

Typically, jumbo loans require a low debt to income ratio, higher credit scores, and relatively larger down payments. This is due to the high value of the loan.

What are the down payment options for a jumbo loan in Florida?

As mentioned previously, jumbo loans usually call for larger down payments. Usually, jumbo loans for primary residences, condos, and second homes come with a 10% down payment. This is considerably more than a 3% minimum down payment for a conforming or conventional loan.

However, we work with multiple lenders that have varying down payment needs. There are options for jumbo loans with down payments as small as 5%. However, the borrower would have to have a credit score above 700.

What are other jumbo loan requirements?

The requirements for qualifying for a jumbo loan in Fort Lauderdale are not unlike qualifying for other conventional mortgages. The same credit, income, and asset information is required for the loan application.

Credit Documentation

Your credit history has a big impact on your loan application. A score of 680 or above is a threshold requirement for qualification. However, this may vary. Ask your loan officer for more details.

Financial History

This includes the details of your debt-to-income ratio, which is 50% for jumbo loans. Bankruptcies, short sales, and foreclosures in the last 12 months can be considered.

Property Appraisal

This means that the purchase price for the property you’re purchasing should meet the appraisal. There might be a requirement for two appraisals for a jumbo loan.

How do you qualify for a jumbo loan in Florida?

We suggest that you talk to one of our loan officers to discuss your options and your eligibility for a jumbo loan in Fort Lauderdale and other Florida areas. However, here is how you qualify for a jumbo loan:

Pre-Qualification

Getting pre-qualified is the first step towards getting qualified for a loan. This is the first step and involves you providing your lender with financial information, including your income, assets, and debt. The lenders will undertake an evaluation process to figure out if you are eligible to receive the jumbo loan or not.

Pre-Approval

Once you’re pre-qualified, you will have to get pre-approved. This includes a complete credit history check and verification of the assets you own and the income you earn. If your case meets all the requirements, you will be granted a pre-approval letter. The letter validates your credit history and identifies you as a serious buyer interested in purchasing a property. It also qualifies you to work with most real estate agents in Florida.

What Our Clients Are Saying

Lana Mihova
Lana Mihova
16:22 13 Feb 20
Stephen McWilliam was an amazing person to deal with. Our deal was pretty complicated on all aspects and he was so professional, he got it done !!! Thank you so much for all the hard work you put into this deal!!!
Brian Mosher
Brian Mosher
15:02 13 Jan 20
Steve did a wonderful job securing a mortgage for me based on the parameters I gave and seeing everything through to completion. No hiccups for me along the way in a process that can be very painful if not managed well.
Shannon Dameron
Shannon Dameron
01:34 12 Jan 20
Steve and the team at Florida State Mortgage Group are exceptional. I was looking for a townhouse for my family when Steve and his team were referred to me. Florida State Mortgage Group showed me I could easily afford a single family home. Steve handled everything from providing a list of homes, securing the home loan, insurance options and closing. I’ve referred Florida State Mortgage Group to friends and family. Each person has experienced the same level of knowledge and quality of service. 5 STARS
Florida Guy
Florida Guy
19:08 11 Jan 20
I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.
Peter Brines
Peter Brines
02:27 07 Dec 19
It was a real pleasure working with Steve. Extremely knowledgeable and professional. Would recommend this company all day long.
Olga Alderson
Olga Alderson
01:02 05 Dec 19
Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He\'s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.
elizabeth mcbride
elizabeth mcbride
01:16 21 Oct 19
The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.

Talk to one of Florida State Mortgage Group’s Loan Officers to Discuss your Application for a Jumbo Loan in Fort Lauderdale or other Florida Locations

Give us a call today at (954) 359-3000 to find out what options are available to you, or click the button below to get started.

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