Find Out
if a Jumbo Loan Is
Suited for You!
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $647,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Get a Jumbo Loan with as little as 3.5% down. Must have at least a 720 Fico score and 24 months reserve for this ultra low down payment program. Apply below for more details. Same day pre-approval
Qualifying for a Jumbo Loan
Underwriting criteria for jumbo loans, a property loan in Florida are stricter
because the loans are larger and riskier for lenders:
Credit Score
To qualify for a jumbo loan, lenders may require a specific FICO score, Please contact us today to learn more.
Debt-to-Income Ratio
Lenders will also consider your debt-to-income ratio (DTI) to ensure you don’t become over-leveraged, though they may be more flexible if you have plentiful cash reserves. Some lenders require a specific DTI, Contact us today to learn more.
Cash Reserves
You’re more likely to be approved for a jumbo loan if you have ample cash in the bank. It’s not uncommon for lenders to ask jumbo loan borrowers to show they have enough cash reserves.
Documentation
To prove your financial health, you’ll need extensive documentation, perhaps more than for a conforming loan. You should be prepared to hand over your complete tax returns, W-2s, and 1099s when applying, in addition to bank statements and information on any investment accounts.
Appraisals
Some lenders may require a second home appraisal for the property you’re planning to purchase.