Do you need to borrow more money than is possible with a conventional conforming loan to buy your Florida dream home?
A simple solution exists, which is to apply for a jumbo mortgage.
What is a Jumbo Loan?
A jumbo mortgage is also known as a non-conforming home loan.
It is simply any mortgage that allows you to borrow an amount in excess of the Fannie Mae and Freddie Mac conforming loan limits.
Like a conforming loan, a jumbo loan is a type of conventional loan. That means that there is no backing from a government agency.
Do You Need a Jumbo Mortgage in Florida?
Conforming loan limits depend on the county in which you are purchasing a home. But for the majority of counties nationwide, these are the conforming loan limits:
These also are the conforming loan limits for Palm Beach County, Florida, which is where we are headquartered.
Our Jumbo Loan Features
- Min. FICO 660
- Up to 89.99% LTV
- 15 & 30 Year Fixed up to $3mm
- Cash out up to 89.99% LTV
- Manual UW for over $2mm
- DU Approve/Ineligible
- No Mortgage Insurance required
- Primary, Second Home and Investment properties are allowed
- Purchase, Rate/Term Refinance and Cash Out Refinance
- Delayed financing is available up to 180 days
- No Overlays on Reserves, Credit and Tradelines – per DU
- Income as per DU
Who is Eligible to Buy a Home With a Non-Conforming Loan in FL?
Is it more challenging to qualify for a jumbo loan than a conforming loan? It does not have to be, although the requirements are more strict. It is not a complicated process, and the basic requirements are a lot like those for a conforming loan.
When you apply for a jumbo loan, we will consider your:
- Credit score.
- Debt-to-income (DTI) ratio.
- Cash reserves.
- Employment history and status.
- Down payment ability.
You should be able to afford at down payment of at least 15%, and you should have at least six months of cash reserves.
You might need two appraisals to complete the jumbo loan process.
Do you need to be a repeat homebuyer? No. Even as a first time homebuyer in FL, you can qualify for this type of home loan.
Apply for a Jumbo Mortgage in West Palm Beach, North Palm Beach, or Beyond
America’s Mortgage Solutions can help you figure out if you need a jumbo loan to buy a home in West Palm Beach, North Palm Beach, or elsewhere in Florida.
We can then walk you through the steps of the application process and connect you with a competitive loan.
To get started now, please call (561) 316-6800 to schedule your consultation.