This guide covers the best Jumbo Florida mortgage lenders. for prime and non-QM loans. The Florida housing market is hot and from the look of thing. There is more demand for housing than inventory. FHA and Conventional mortgages have maximum loan limits on government and conventional loans in Florida.
Homebuyers in the market for higher-end homes and home loans that exceed $766,550 need to consider Jumbo loans. Both Fannie Mae and Freddie Mac have maximum loan limit caps on conventional loans.
Gustan Cho Associates now offers NON-QM Jumbo Mortgages with credit scores down to 500 FICO and debt to income ratio up to 55%. Gustan Cho Associates also has non-QM jumbo bank statement loans for self-employed borrowers with no income tax returns required. Special jumbo mortgages and super jumbo loans are very popular in the state of Florida as well as the rest of the U.S. In this article, we will discuss and cover qualifying for Jumbo Loans with our bank statement loan programs with no income tax returns.
How To Find The Best Jumbo Florida Mortgage Lenders For Non-QM Loans
The best method how to find the best jumbo Florida mortgage lenders for non-QM loans is through word of mouth. The best jumbo Florida mortgage lenders for non-QM loans have lenient down payment requirements, competitive rates, a wide variety of mortgage loan options, and mortgage underwriters make exceptions. The best jumbo Florida mortgage lenders for Non-QM loans will make exceptions and go outside the box. The lender will have a let’s try to make the deal work and closed attitude and business model. In the following paragraphs, we can guide you on how to find the best jumbo Florida mortgage lenders for non-QM (Non-Qualified Mortgage) loans. Speak With Our Loan Officer for Non-Qm Loans
Research Online
Start by searching for jumbo Florida mortgage lenders that offer non-QM loans. Use search engines and explore websites that specialize in mortgage lending.
Check Reviews and Ratings
Look for reviews and ratings of lenders from reputable sources such as the Better Business Bureau, Trustpilot, or Zillow. This can give you an idea of other borrowers’ experiences with the lender.
Consult with a Mortgage Broker
Mortgage brokers can often connect you with lenders that offer non-QM loans. They have access to a network of lenders and can help you find the best options based on your specific financial situation.
Attend Seminars or Workshops
Sometimes, mortgage lenders host seminars or workshops where you can learn about their products and services. This could be a good opportunity to gather information and ask questions directly to the lenders.
Compare Rates and Terms
Once you’ve identified a few potential lenders, compare their interest rates, terms, fees, and eligibility criteria. This will help you determine which lender offers the most competitive deal for your needs.
Ask for Recommendations
Reach out to friends, family members, or colleagues who have recently purchased a home in Florida. They may be able to recommend a lender based on their own experiences.
Consider Local Credit Unions
Sometimes, local credit unions offer non-QM loans with favorable terms. It’s worth exploring this option as well. Getting a mortgage from a credit union can vary in difficulty depending on several factors, including your credit score, income, debt-to-income ratio, employment history, and the specific lending policies of the credit union. Here are some factors that can influence the difficulty:
Credit unions typically have their own criteria for determining creditworthiness. A higher credit score generally makes it easier to qualify for a mortgage with favorable terms.
Credit unions will assess your income and compare it to your existing debt obligations. A lower debt-to-income ratio indicates better financial health and may improve your chances of getting approved. Stable employment history is often preferred by lenders, including credit unions. They may want to see consistent income over a certain period to ensure you can afford mortgage payments. The amount you can put down as a down payment can also affect your ability to secure a mortgage. A larger down payment can sometimes mitigate other risk factors and make you a more attractive borrower. The property you’re purchasing will also undergo appraisal to determine its value. If the appraisal comes in lower than expected, it can affect the loan approval process.
Credit Union Policies
Each credit union may have its own lending policies and criteria. Some credit unions may be more lenient or have special programs for first-time homebuyers or certain demographics. Overall, credit unions are known for their personalized service and flexibility, which can sometimes make it easier to secure a mortgage compared to traditional banks. However, it’s essential to do your research, understand the requirements, and be prepared with necessary documentation to increase your chances of approval.
Evaluate Customer Service
Good customer service is crucial when dealing with a mortgage lender. Pay attention to how responsive and helpful the lender’s representatives are when you reach out to them with inquiries. Remember to thoroughly review the terms and conditions of any loan offer before committing to ensure it aligns with your financial goals and capabilities. Additionally, consider consulting with a financial advisor or real estate professional for personalized advice.
Types of Jumbo Mortgages
Jumbo mortgages are considered riskier by Florida mortgage lenders. Unlike standard homes, not everyone can afford higher-end homes. In the event the homeowner of the higher-end home defaults and the home goes into foreclosure, it will take lenders substantially more time in liquidating the property. With super jumbo loan mortgages, lenders do not verify the borrower’s income the traditional way like they verify conventional or FHA loans. We utilize adjusted growth income as well as cash flows from the borrower’s business, asset-based, and/or annuitizing the cash.
How Can Jumbo Florida Lenders Get You Keys To Luxury Home?
Gustan Cho Associates have dozens of wholesale lending relationships with jumbo wholesale lenders. We specialize in originating and funding traditional and non-QM jumbo loans. Gustan Cho Associates offers 90% LTV traditional jumbo mortgages with credit scores down to 660 FICO and debt to income ratio up to 50% DTI. Both 30 year fixed rate mortgages and adjustable mortgage rate mortgages are available. Any mortgage with higher than a $776,550 loan amount is a jumbo loan. Jumbo loans are also referred to as non-conforming loans.
The maximum loan amount surpasses the $20 million dollar mark. Fixed-rate mortgages up to 80% loan-to-value are available for Jumbo Mortgages up $3,000,000. Any Jumbo higher will be underwritten on a case by case scenario and will have lower loan-to-value caps.
In general, Florida Jumbo Lenders normally require a 700 FICO credit score. The debt to income ratio on jumbo loans normally cannot exceed 43% DTI. Reserves are generally required. However, Gustan Cho Associates offers a 10% down payment jumbo loan program with a minimum credit score of 660 and 50% DTI. Click here to apply now. This is a traditional jumbo loan program and not a non-QM jumbo loan.
Jumbo Mortgage Rates
There are various super jumbo mortgage loan programs. The higher the super jumbo loan amount is, the lower the loan to value requirements are. Again, lenders think the higher the risk, the higher the rewards. Jumbo loans are at higher risk due to the liquidation issue if the property goes into foreclosure. It takes a lot longer to sell a higher-end home than a standard average home where most families can afford. Due to the higher risk factors associated with jumbo mortgages, the mortgage rates are higher. The more down payment, the less the jumbo mortgage rates will be. The higher the credit score of the borrower, the lower the rates will be.
Jumbo Loan Requirements By Jumbo Florida Mortgage Lenders
Jumbo Florida mortgage lenders specializing In Bank Statement Mortgage Loans are keeping busy due to the high demand for jumbo mortgages. Jumbo mortgage requirements are as follows:
- 10% down payment or 90% loan to value jumbo mortgages are available for borrowers with over 660 FICO credit scores
- NON-QM Loans are available
- Jumbo Bank Statement Mortgage Loans are available
- $2 Million or less, 90% loan-to-value
- Jumbo Mortgages between $2 to $3 million, 70% to 75% loan-to-value
- Jumbo Loans between $3 to $3.5 million, 65% to 70% loan-to-value
- Jumbo Home Loans between $3.5 to $4.0 million, 60% to 70% loan-to-value
- Jumbo Loans between $4 to $5 million, 55% to 65% loan-to-value
All Jumbo Mortgages over $3 million are underwritten on a case by case basis.
Jumbo Loans For Second Homes
85% loan to value on jumbo mortgage for second homes up to $1 million. 75% loan to value on jumbo loans for second homes for loan sizes of $1 million to $1.5 million. Super jumbo loans are loan sizes of $1.5 million to $3 million-plus require 70% to 75% loan to value. Super jumbo mortgages of over $3 million is available and terms are case by case. Speak With Our Loan Officer for Jumbo Loans
Cash Out Jumbo Refinance Mortgages
Cash-Out Jumbo Mortgage Loan Requirements are as follows:
- 90% loan-to-value up to $1.5 million loan size
- Over $1.5 million loan size, the loan to value is 80%
- The maximum cash-out limit on second homes is $1,000,000.
Homebuyers who need more information on Jumbo or Super Jumbo mortgages, please contact us at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com.
This BLOG On Jumbo Florida Mortgage Lenders Was UPDATED on March 2nd, 2024
