Think you might need a jumbo loan? Normally a conforming loan has a limit of $417,000.00 depending on the economic demographic of the area. In Florida, where we do loans, any loan amount over $417,000.00 is considered a Jumbo loan product. The standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac. Most buyers purchasing between $500,000.00 and $3,000,000.00 think a little different. The owner is looking for the least amount of monthly payments and usually putting 20% to 50% down and statistically sells the house within ten years.
Jumbo Loan Terms
The terms tend to be a little different for jumbo loans. Interest rates have been low for a long time but a quarter to half a percent lower interest rate can make a big difference in payment on a large loan. Many buyers will check to see what an adjustable rate loan will start at. We offer 5/1, 7/1, adjustable rate programs where the initial rate is locked in for a number of years in addition to 15 and 30-year fully amortized loans.
Why not get a second quote to make sure your bank or investment company is really giving you the best deal? Here is what we offer:
- Competitive rates
- We can pay some closing cost
- 5% down loans to $1.5 million
- 10% down to $2.5 Million
- Hard money or less than perfect credit loans
- Refinance with cash out
- Low adjustable rate loans