10% Down Payment Florida Jumbo Mortgage Loan, Best Jumbo Mortgage 30 Year Fixed Rates
What is a Florida Jumbo Mortgage Loan?
A loan that is above conventional conforming loan limits is called a jumbo loan. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $453,100 then neither of the two government-sponsored entities will purchase that loan. Typically, both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other lenders, freeing up liquidity to lend more mortgages.
To sum it up, a jumbo loan is one with an amount more than $453,100. First Florida Financial Group offers jumbo loans with a lower amount for a down payment.
What are the Loan requirements for getting a 10% down Florida Jumbo Mortgage loan?
- Minimum credit score of 680.
- Maximum DTI 43%.
- Purchases, Rate/Term Refinances, Cash Out Refinances.
- First Time Home-buyers permitted.
- Florida properties only, Existing single-family homes and townhomes.
- No prior foreclosure, short sale or bankruptcy last 4 years
- Adjustable Rate Mortgage (3/1, 5/1, 7/1, 10/1 ARM) or fix rate 15, 20, 30-year terms with no PMI.
- Single loan and 80-15 or 80-10 combo “piggyback” loan options available.
We offer the best Florida Jumbo Mortgage Rates, 30 Year Fixed Jumbo Rates & Adjustable Jumbo Mortgage Rates Available.
Have you been turned down for a Florida Jumbo Mortgage Loan Because;
- Don't have enough credit report tradelines.
- First time home buyer.
- Credit scores a little too low.
- Prior Foreclosure or Bankruptcy or loan modifications.
- Prior mortgage late payments.
Can you get a Florida jumbo mortgage 10% down payment?Not to worry we close these types of loans all the time, we know the Mortgage Business and can Close Easy, Complex and Tough Deals. We do this by utilizing our years of experience and "Outside The Box Thinking" to get buyers pre-approved for the maximum loan amount possible while keeping their down payment and closing costs as low as possible.
Yes, you can for primary residence purchases!
Do you have to pay mortgage insurance on a 10% down Florida jumbo mortgage?
That depends on the jumble product some require it and some don't.
If you don't meet the strict jumbo underwriting guidelines we can solve this by doing a conforming loan up to $453,100 and then provide you with a Second Mortgage for the difference and this also eliminates the mortgage Insurance for Jumbo Mortgage Loans.
We offer loans for the entire state of Florida and all of the following cities;
Monroe County and Dade County Florida Cities; Big Pine Key, Islamorada, Key Colony Beach, Key Largo, Key West, Long Key, Marathon, Marathon Shores, Sugarloaf Shores, Summerland Key, and Tavernier
Collier County Florida Cities; Marco Island, Naples Golden Gate,
Lee County Florida Cities: Alva, Boca Grande, Bonita Springs, Buckingham, Captiva, Cape Coral, Fort Myers, Fort Myers Beach, Lehigh Acres, Sanibel.
Jacksonville, Tampa, Saint Petersburg, Hialeah, Orlando, Fort Lauderdale, Tallahassee, Hollywood, Pembroke Pines, Miami, Palm Beach, West Palm Beach, Boca Raton, Miramar, Sarasota, Gainesville, Bradenton
Got A Question?
Thanks and we look forward to working with you on your mortgage needs!
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