Jumbo Mortgages Florida -
Florida Jumbo Mortgages
If you are in need of Jumbo Financing on Residential Real Estate in Florida,
you have come to the right place.
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.
I am happy to say that I have great 85% financing for jumbo mortgages without mortgage insurance.
90% Financing on a Jumbo Mortgage in some cases if you have impeccable credit and good debt ratios !
Jumbo Mortgages in Florida. Florida Jumbo mortgages are a little bit different mortgage loan than you’re your typical conventional mortgage because there is more at risk for the bank. I guarantee you in today’s mortgage marketplace underwriting will be very thorough. With a Florida Jumbo mortgage there is more money lent, more risk for the bank.
A Jumbo mortgage starts when the loan amount is above $417,000. Anything above $417,000, we go to a matrix which breaks down what we can lend based on loan to value and credit score. Loans over one million are in the Super-Jumbo category.
When placing a jumbo mortgage client we see that the borrower profile is usually different. Many Jumbo mortgage clients are self- employed individuals who own corporations. Jumbo mortgage customers in Florida typically do not receive a W-2's and get benefits, they own the S-Corp or C-Corp and give benefits.
Jumbo mortgages will usually require more money down than your typical conventional loan because the homes are less marketable. The pool of borrowers considering these homes is a fraction of the size of other mortgage loan products.
On the Super-Jumbo side, 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 loans. Typical sellers in the mortgage market place are well off 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.
Jumbo Mortgages West Palm Beach
If you are an owner occupied borrower financing on these deals can go as high as 90% financing. Obviously the more money you put down in the transaction the better terms. There are a host of banks that will lend on primary residences as well as second home but much less on investment properties in the jumbo category.
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! If you are an impeccable borrower putting 20% down we can get you a fixed rate mortgage in the low 4’s
Rates on these types of loans are very attractive right now so don’t let financing hold you back if you are in the Jumbo mortgage category.
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 outrageously 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