Jumbo Loans in Fort Lauderdale, Florida

Jumbo Loans in Fort Lauderdale with 10% 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.

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

AUWAL ADAMU HUSSAIN
AUWAL ADAMU HUSSAIN
15:26 28 Sep 23
I can't thank Steve at Florida State Realty Group enough for helping me purchase my Fort Lauderdale condo. He made the entire process smooth and efficient. Highly recommended!
Nkechi Godwill
Nkechi Godwill
15:13 28 Sep 23
Betty at Florida State Mortgage Group is a true professional. She helped me invest in a great property in Fort Lauderdale. Her expertise and dedication are top-notch. I couldn't be happier.
Art King
Art King
15:30 27 Sep 23
Once our regular bank delayed our loan application, we became exceptionally nervous. We were in jeopardy of not only losing our new home but our deposit. We are eternally grateful that we were referred to Steve McWilliam. We had initially Googled Fort Lauderdale Mortgage Broker and he was the number one mortgage broker but we had already started the process with our local bank which was a horrible experience and mistake. We can highly recommend Steve as he delivered above and beyond what we had expected.
Harry Kreisberger
Harry Kreisberger
20:07 15 Sep 23
Stephen is an expert in this bussiness.Excellent attention, fast respond to all our questions.
Scott Mason
Scott Mason
02:17 22 Oct 22
Steve and his team did a fantastic job with my loan and I would highly recommend! They are extremely knowledgeable and professional and will certainly use them again! I have had a few other friends use Steve and they all have positive things to say. 5 stars!
Isabel Echeverry
Isabel Echeverry
13:54 08 Oct 22
Stephen and Betty over delivered not only my needs in securing a loan to purchase my dream house but we’re profferesional and courteous every step of the way. I am blessed to have had met them. Thank you GOD
James Basile
James Basile
03:11 20 Nov 21
From my first call to Steve Mc William to the second we closed, it was the best service ever. I felt as if I were their only customer. Everything was top notch and professional.
Stephen Brathwaite
Stephen Brathwaite
15:59 19 Nov 21
J C
J C
21:36 13 Nov 21
Mr McWilliam was extremely thorough and informative. He even provided excellent advice on some other non related mortgage questions I had. He listened carefully to my goals and provided me with the best product for my financial situation. I have never met any one so thorough. Thank you.
Crystal Torres
Crystal Torres
14:04 12 Nov 21
angelo cedeno
angelo cedeno
21:26 08 Nov 21
Linda Rosen
Linda Rosen
19:27 18 Jan 21
Steve did a great job on our refi. Thanks for making it happen.
Crystal Torres
Crystal Torres
12:15 30 Jul 20
Steve and his team at Florida State Mortgage Group, Inc. went above and beyond to help me get my mortgage for our families new home. Steve is very professional, experienced, and the company offers excellent customer service. I highly recommend anyone in the need of a mortgage to contact Florida State Mortgage Group, Inc.
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!!!
Erica Bethe Levin
Erica Bethe Levin
16:21 22 Jan 20
Working with Steve and Florida State Mortgage Group was singlehandedly the best and most seamless part of buying our home. I could not recommend them more highly.
Charlie Crusher
Charlie Crusher
14:45 14 Jan 20
Stephen went above and beyond to help me in my situation. Thank You 👍
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.
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!
Justin Pyka
Justin Pyka
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!
Ganel Appolon
Ganel Appolon
00:59 26 Feb 19
you guys are doing a great job keep it up.
Mike Heller
Mike Heller
17:15 20 Feb 19
Natalie Rodriguez
Natalie Rodriguez
20:59 12 Feb 19
We had a great experience with Florida State Mortgage Group. Would recommend them and will use them again in the future.
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.
Mike McGraw
Mike McGraw
03:25 03 Feb 19
Knowledgeable, Professional and results oriented!!
Hugh Bruder
Hugh Bruder
19:22 02 Feb 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
Madison Cantrell
Madison Cantrell
00:53 30 May 18
They were a pleasure to work with and they helped us get through the financing of our first home in Florida. Highly recommended!
Peter Parkson
Peter Parkson
07:26 22 Feb 18
They helped me get a loan for my first-home purchase. At first I wasn't sure what to expect working with them, but they quickly put those worries to rest! They were very patient with us every step with professionalism.
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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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