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

Queenie Sidhu
Queenie Sidhu
02:04 15 Nov 19
A great experience. Steve and FSMG was very professional and helpful throughout the process. Providing the details and comfort to know my loan was on track for a smooth closing. I would recommend everyone that wants an easy and solid process of buying a home and getting financing to go with FSMG.
Hilary Slack
Hilary Slack
06:24 12 Nov 19
Very professional, fast, efficient and honest. Steve explained everything in detail and delivered as it was presented from the beginning.
Castro Sybil
Castro Sybil
01:54 23 Oct 19
Fast, knowledgeable, professional, and ability to get “impossible” things done. Excellent sense of urgency and able to push things through. Very articulate and always available to communicate. Very pleased.
Helena Rhynes
Helena Rhynes
01:23 22 Oct 19
We had an absolutely great experience with Steve during the whole process of purchasing our home and getting mortgage. Steve was very informative on different financial aspects and was always happy to share his knowledge, experience and expertise.
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.
albert pike
albert pike
01:37 18 Oct 19
Steve and his team were fantastic throughout the mortgage process. I highly recommend Florida State Mortgage Group.
Judy Brown
Judy Brown
01:00 17 Oct 19
Absolute miracle worker. Thank you Steve! Highly recommended, utmost professional.
Chris Dykes
Chris Dykes
00:55 14 Oct 19
It was a pleasant experience. I would be happy to refer clients when the occasion arises.
Jewel Orlando
Jewel Orlando
01:09 12 Oct 19
If your looking for a highly professional, easy to work with and lightning fast mortgage team, then Florida State Mortgage is for you. I wouldn\'t go anywhere else for my mortgage needs. Hugh B. Davie, Florida.
Diane Day
Diane Day
06:57 11 Oct 19
Steve was the best on the purchase of our new house!! I refinanced with him again twice because I knew he’d get the job done!! Thank you again for all your hard work over the years with us!! Highly recommend Steve!! Jason and Johany Williams. Weston,Fl
Michelle Vantine
Michelle Vantine
17:20 08 Jul 19
I worked with Betty to buy my first house here in South Florida and I could not be happier! She was amazing. She was always available to answer my questions and she was very patient. She was extremely knowledgeable, even getting me approved for a HUGE tax exemption I will receive annually . She always had all the paper work ready on time and explained everything in detail. I could not image a better agent. I'm SO glad we made the decision to work with her. Thanks Betty!
Jarrett Van Tine
Jarrett Van Tine
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Jarrett Van Tine
Jarrett Van Tine
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Sean Zamora
Sean Zamora
18:28 05 Feb 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.
Scott Yankton
Scott Yankton
17:42 04 Feb 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.
Jennifer Cane
Jennifer Cane
02:05 23 Aug 18
They actually made obtaining my home loan fun and enjoyable on my part. The process was painless at all I expected it to be. They explained the process well to new buyers (like us) and at the same time keep me in the loop the entire time during the process. They really helped the process go smoothly. Got immediately a perfect home in an easiest and hassle-free way, Thank you so much!
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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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