Super Jumbo Loans
If you’re a home seeker looking for a super jumbo loan for a luxury home of your dreams, you have found yourself at the right website, at the right time! I specialize in super jumbo loans that not all other banks or Florida mortgage lenders cannot finance. I am available to offer super jumbo loans – yes, even jumbo mortgage loans above the $2 million dollar mortgage amount. Even better, I can help you obtain a mortgage loan of this size in all 50 states.
Super Jumbo Loans are Asset Based
With super jumbo loan mortgages, we do not verify the borrower’s income the traditional way like we 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 Florida Mortgage Lenders Get You Keys To Your Dream Luxury Home?
We are florida mortgage lenders that specialize in purchasing super jumbo loans, refinancing super jumbo loans, and/or construction jumbo loans.
Our starter rates begin below the 3.0% mortgage rate and the minimum loan amount is $500,000 and the maximum loan amount surpasses the $20 million dollar mark. For loan under $2 million, we offer 15 year fixed rate super jumbo loans, as well as 30 year fixed rate super jumbo loans. We also offer adjustable rate mortgages; 3/1 ARM, 5/1 ARM, 7/1 ARM, and 10/1 ARM. The minimum credit score required for super jumbo loan mortgage borrowers is a FICO score of at least 680. We also require cash reserves of 10% of the jumbo loan amount.
So how do the rates work? How can you qualify or get started with Florida mortgage lenders like myself?
There are various Super Jumbo Mortgage Loan Programs and the higher the Super Jumbo Loan amount is, the lower the loan to value requirements are.
If you are getting a super jumbo loan on your primary home, the loan to value requirements are as follows:
- 1. If you are seeking a super jumbo loan amount of $2 million dollars or less, 80% loan to value.
- 2. If you are seeking a super jumbo loan amount between $2 and $3 million, 70% to 75% loan to value.
- 3. If you are seeking a super jumbo loan amount between $3 million to $3.5 million, 65% to 70% loan to value.
- 4. If you are seeking a super jumbo loan amount between $3.5 million to $4 million, 60% to 70% loan to value.
- 5. If you are seeking a super jumbo loan amount between $4 million and $5 million, 55%-65% loan to value.
- 6. If you are seeking a super jumbo loan amount above $5 million, it is underwritten on a case by case basis.
If you are seeking a super jumbo loan for a second or vacation home, the loan to value requirements are as follows.
- 1. If you are seeking a mortgage loan for up to $1 million, then 85% loan to value is what is required.
- 2. If you are seeking a jumbo loan between $1 million and $1.5 million, then the loan to value requirements are 75%.
- 3. If your super jumbo loan is between $1.5 million and $3 million, then the loan to value requirements are 70% to 75%.
On cashout refinances, the following apply:
- 1. If you are seeking a cashout refinance from $1 to $1.5 million, 70% loan to value is what is required.
- 2. If you are seeking a cashout refinance over $1.5 million, 65% loan to value is what it would be required.
The maximum cashout limit on second homes is $350,000.