Jumbo Florida Mortgage Lenders Specializing In Bank Statement Loans

This BLOG On Jumbo Florida Mortgage Lenders Specializing In Bank Statement Loans Was UPDATED On June 23, 2017

The Florida housing market is hot and from the look of things, there are more demand for housing than inventory.

  • FHA Loans and Conventional Mortgages have maximum loan limits in Florida.
  • Home buyers in the market for higher end homes and home loans that exceed $434,100 need to consider Jumbo Loans.
  • Both Fannie Mae and Freddie Mac have maximum loan limit caps on home loans.
  • Special Jumbo Mortgages and Super Jumbo Loans is very popular in the state of Florida as well as the rest of the U.S.

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 Mortgage Lenders Get You Keys To Luxury Home?

The Gustan Cho Team are Jumbo Florida mortgage lenders that specialize in purchasing whether jumbo or super jumbo loans, refinancing super jumbo loans, and/or construction jumbo loans.

  • Both 30 year fixed rate mortgages and adjustment mortgage rate mortgages are available.
  • Minimum loan amount is $500,000 and the maximum loan amount surpasses the $20 million dollar mark.
  • Fixed rate mortgages are available for Jumbo Mortgages under $2,000,000.
  • Florida Jumbo Lenders normally require a 680 FICO credit score and debt to income ratio not to exceed 43% DTI. Reserves are generally required.

Jumbo Mortgage Rates

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.

  • Again, lenders think the higher the risk, the higher the rewards. Jumbo Loans are 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 Jumbo Rates will be. 

Jumbo Loan Requirements

Jumbo Florida Mortgage Lenders Specializing In Bank Statement Mortgage Loans are keeping busy due to the high demand of Jumbo Mortgages.

Jumbo Mortgage Requirements are as follows:

  • 10% down payment or 90% Loan To Value Jumbo Mortgages are available for borrowers with over 700 FICO credit scores
  • NON-QM Loans are available 
  • Jumbo Bank Statement Mortgage Loans are available
  • $2 Million or less, 80% 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 $5 million is 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 available and terms are case by case.

Cash Out Jumbo Refinance Mortgages

Cash Out Jumbo Mortgage Loan Requirements are as follows:

  • 70% Loan To Value up to $1.5 million loan size
  • Over $1.5 million loan size, the loan to value is 65%

The maximum cash-out limit on second homes is $350,000.

Home Buyers who need more information on Jumbo or Super Jumbo mortgages, please contact us at 800-900-8569 or email us at gcho@gustancho.com.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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