Jumbo Florida Mortgage Lenders Specializing In Bank Statement Loans

Gustan Cho Associates are mortgage brokers licensed in 48 states

This Article Is About Jumbo Florida Mortgage Lenders Specializing In Bank Statement Loans

The Florida housing market is hot and from the look of things.

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 $548,250 need to consider Jumbo loans. Both Fannie Mae and Freddie Mac have maximum loan limit caps on conventional loans. 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.

Types Of Jumbo Mortgages

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. GCA Mortgage 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 $548,250 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 are available for Jumbo Mortgages under $3,000,000.

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. This is a traditional jumbo loan program and not a non-QM jumbo loan. Gustan Cho Associates now offers NON-QM Jumbo Mortgages with credit scores down to 500 FICO and debt to income ratio up to 55%. GCA Mortgage also has non-QM jumbo bank statement loans for self-employed borrowers with no income tax returns required.

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 Loan Requirements versus 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 $5 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.

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 $1,000,000.

Home Buyers who need more information on Jumbo or Super Jumbo mortgages, please contact us at 262-716-8151 or text us for a faster response. Or email us at [email protected]

This BLOG On Jumbo Florida Mortgage Lenders Was UPDATED On August 21st, 2021