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.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.
We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.
Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.