Jumbo Mortgage Loans - Boca Raton, Florida
If you are need of a Jumbo Mortgage for Residential Real Estate in Boca Raton Florida,
You have come to the right place.
Preston Ware - 20 Years Experience
NMLS License # 216170
My Direct Line (561) 329-0075
Boca Raton, Florida is a good example of a town that is going to have more Jumbo mortgages in 2014. Boca Raton had about a 20% increase in home prices in 2013 so many would be million dollar homes will become million dollar homes and listings in 2014.
There are also a lot of amazing condominium communities in Boca Raton such as the Highland Beach area which cater to the jumbo mortgage customer.
My bank has six different sources that we use to underwrite Jumbo Mortgages! If you are considering an owner occupied single family home or condo the guidelines are actually quite good. Jumbo mortgages deal with loan amounts over $417,000. $418,000 to $650,000 is a Jumbo mortgage loan size, when we venture into Super Jumbo this includes much higher loan amounts with relatively few restrictions.
1.) I can do 80% financing with a 720 credit score on either a single family residence or a condominium up to a $1,500,000 threshold when you are going to live in the property. (primary residence) That is actually better than conforming guidelines for condos which usually stop short at 75% financing and a limited review of the condo questionnaire.
2.) I can do 75% financing up to $2,000,000 with a 720 middle credit score and 70% financing over $2,000,000 with a 720 middle credit score.
3.) Keep in mind when you are shopping in the jumbo market that you will need to show at least 12 months of reserves for Principal, Interest, Taxes and Insurance.
4.) If you are second home shopping in Florida be prepared to put more money into the transaction if it is a house. If it is a condo consider you maximum loan amount $650,000. I am fortunate to say that I can offer that, many sources don't like to write loans of any type for jumbo second home condos.
Jumbo Pricing is excellent right now!
- If you have a 720 middle credit score you can do 80% financing and receive a fixed rate in the low four's
- I have a 90% option as well with mortgage insurance
- I have an 85% option with no mortgage insurance but needs a 740 score
- Adjustable rate pricing is incredible right now. You can look at a 5/1 ARM or a 7/1 ARM and get your rate into the 3% range.
- Fixed Rate Pricing is in the low 4's.
Here is the Reason Why we will see more Jumbo Mortgages in 2014
According to researchers at DataQuick.com, a Real Estate News web site, the number of homes sold at more than $1 million dollar threshold, rose nationally by 37% in the first half of 2013.
Dataquick is a real estate news site similar to Zillow or Trulia. If you look around you will see a lot of valuable information and statistical averages there. Much more detail than you would find on Zillow or Trulia which may explain why they took so long getting the data published.
It appears higher end, luxury home buyers have been buoyed by record-breaking Wall St. returns and tax breaks so it’s not surprising that jumbo customers are ready to come out and make some other type of investments as in the Florida Real Estate Market. Other factors helping the situation are that home prices have stabilized and we are seeing one of the worst winters of all time.
Luxury homes, waterfront homes, and Jumbo mortgage customers are certainly a niche market in South Florida and Boca Raton. The mind set of the luxury home buyer and luxury home jumbo mortgage customer is Florida is completely different than other categories of Real Estate and Financing.
Quite often the customer is a business owner and the second most important thing to them is time management. The first, of course, is getting or finding a good price and a good interest rate on the real estate they are about to purchase. Just like a corporate relocation customer, I will work with you any time of day when you are on the run or even on weekends. Ask that from your local guy at Wells Fargo or Chase.
Jumbo customers purchasing from Fort Lauderdale to Palm Beach Island who need to go searching should consider talking with Marc Jablon and the Jablonteam , www.jablonteam.com stationed out of Boca Raton, Florida. Neighboring Delray Beach
Marc is an excellent Real Estate Agent who understands the luxury home market in South Florida. For example, he recently sold a million dollar home in Delray Beach,($1,200,000 to be exact) Pelican Harbour, right on the cusp of the Boca Raton, Delray Beach line at 99.75% of asking price. Not only did he do a great job for his seller but he did a huge favor to everybody else in that neighborhood setting the bar for future listings!
When people purchase a luxury real estate in Broward and Palm Beach counties they aren’t just buying a amazing house, they are reinforcing a preferred way of life which comes to less than 5%-10% of the population. Successful people usually regard themselves as standouts because, usually they are self-employed individuals and the ones calling the shots !
It’s hard to find the luxury South Florida home buyer who wouldn’t choose a distinctive property over one that, even though luxurious, isn’t special in some way. That’s why we carefully identify the points that make a luxury home in Fort Lauderdale unique—then tell that story!
Generally Jumbo customers need to have a 720 middle credit score to be considered for the best terms. I do have one source that allows for credit scores as low as 660 but loan to value may get cut back. Please call for details.
Here is a good video from 2011 talking about Boca Raton before the 20% appreciation