Jumbo Loans Florida: How Do You Get One?

Need a Jumbo Loan in Florida? GetApprovedLenders.com processes jumbo & super jumbo loans weekly and will help guide you through the process until you get approved.

Need a Jumbo Loan in Florida?

Buying a luxury building, waterfront or multi-million dollar condo in Florida! The sunshine state is the best place to invest in real estate. Whether it’s to live, invest, rent out… the opportunities are endless here. What happens when you need a big mortgage loan for a higher priced property?

At that point, you need a Jumbo loan or Super Jumbo loan mortgage.

A mortgage is generally considered a Jumbo Loan when it goes past the conforming limit, $548,250 in most U.S counties, set by Fannie Mae and Freddie Mac. Super Jumbo Loans usually include mortgage amounts over $1 million. When considering high priced luxury or real estate commercial investments, these loan programs become the favorable choice.

Get Approved Lenders deals with jumbo mortgages, and super jumbo mortgages every week. In the Miami market and up the Florida coast, it’s easy to see condos that sell for $2,$ 3, $4 even $20million USD and up.

They know what banks, what lenders are even capable then your standard “No Frills” bank at the corner only interested in making “safe” FHA loans and don’t want to touch these higher ticket items.

How can you qualify for a jumbo loan in Florida?

1. Check your Credit Score in your Online Bank or Credit Karma. Although Credit Score for a Mortgage Loan will be different from the one displayed (it’s calculated using different formulas), but you will have a general idea. Mid – to upper 700s could qualify you for the better interest rates available on the market.

2. Be ready for the Down payment. While many conventional loans don’t require a big down payment, the more money you put down, the better your chances of qualifying for a lower interest rate. You can get a Conventional Loan with as low as 3.5% down, but in order to avoid paying Mortgage Insurance, you’ll need at least 20%.

3. Approximate your Debt-to-Income Ratio

4. Your credit score is one factor in determining your eligibility for a conventional mortgage, but lenders will also look at your debt-to-income ratio. Lenders typically want to see that your total monthly debts are no more than 36% of your monthly gross income. Lenders may stretch their required DTI to 43% or higher if you have very strong credit scores, large savings set aside, or are making a down payment of at least 20%.

5. Fill out our Application online to get Pre-approved! They will check your Credit Score, Debt-to-income ratio and see what you qualify for.

6. Get ready to go Home shopping!

GetApprovedLenders.com processes jumbo & super jumbo loans weekly and will help guide you through the process.

Additional information is provided at: GetApprovedLenders.com

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