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Jumbo Mortgages Florida / Jumbo Loans Florida
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This is an example of a home they probably requires a super jumbo mortgage but I also specialize in jumbo mortgages which are loans in the range of $417,000 to $650,000 range. Above this you will be in the super-jumbo category. $650,001 and up to 3 million. I can help you anywhere in Florida but have broken the state down by cities to address the pros and cons of getting a jumbo mortgage in these area.
Jumbo Mortgages West Palm Beach
Jumbo mortgages are a little bit different than your conventional mortgages in that most of the customers are self employed individuals or even corporations. (Not too many customers receive W-2's to service these types of homes) Jumbo mortgages will always require more money down than your typical conventional loan because the homes are less marketable. e.g The pool of borrowers considering these homes is a fraction of the size of other market places.
Many institutions will only entertain a deal with a super high end customer if they establish a banking relationship with the bank. They want to see the reserves held in there bank to make sure that payment is going to be made.
Also I see many more seller seconds with these types of homes. Typical seller are well off as well so they can afford to hold a second as an investment.
Recently we have made great strides as far as what I can offer on these deals.
Owner occupied on these deals can go as high as 90% financing but obviously the more money down the better terms. There are a host of banks that will lend on primary residences as well as second home but not on investment properties.
Investment property financing on these deals can go as high as 70% all the way up to one million on a single family residence. I have very limited sources when it comes to investment properties of this size.
Rates on these type of loans are very attractive right now. I can get you into a great 5/1 ARM with a rate in the 4's right NOW!
Since there is not a secondary market for Jumbo and Super Jumbo Loans many lenders will not offer a 30 year fixed or even a 15 year fixed. The popular choices are 3/1 Adjustables, 5/1 ARMS, 7/1 ARMS as well as the same fixed periods with an interest only feature which lowers the monthly obligation about 12 percent. (Mind you no principle is applied to the balance.)
Rates on these type of loans are very attractive right now. I can get you into a great 5/1 ARM with a rate in the 4's right NOW!
NOW THE REALLY BIG BOYS
Just for fun I am throwing in some links of the really rich and famous across Florida. These properties were mostly paid with cash but it is fun to see how some of the outragiously wealthy people live in Florida.
$24.9 million dollar 25 room mansion in Boca Raton, Florida
$25 Million dollar Palm Beach Estate with 1.5 acres of direct Ocean coastline
$27 Million in Miami Beach: A Thai-style penthouse at the Setai that includes beautiful works of art and custom woodwork
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