5% Down Florida Jumbo Mortgage Financing Loans & The Best Jumbo Mortgage Loan Rates

We know the Florida Jumbo Mortgage Financing Loan Business and Can Finance Easy, Complex and Tough Deals, with The Lowest Down Payments and Best Rates Possible!


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 the loan unless it's a Fannie Mae Jumbo Conventional High Balance Mortgage Loan. Both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other lenders, freeing up liquidity to lend more mortgages.


What is a Fannie Mae Jumbo Conventional High Balance Mortgage Loan?

A Fannie Mae Jumbo high balance mortgage loan allows home buyers and borrowers wanting to refinance their current mortgage and get a 30 year fixed rate conventional loan which is insured by Fannie Mae which allows you to avoid the strict underwriting requirements of a Jumbo mortgage.


What are the advantages of a Fannie Mae Jumbo Conventional High Balance Mortgage Loan?

  • 680 credit score versus 720 or higher.
  • Little or no reserves requirements versus 6 to 18 months.
  • 4-year bankruptcy waiting period versus 5 years or more.
  • 4-year short sale waiting period versus 5 years or more.
  • First time home buyers are allowed.
  • No minimum credit report tradeline requirements.
  • 30 year fixed rates versus an adjustable rate mortgage.
  • Underwriting requirements are less restrictive than a Florida jumbo mortgage loan.

What are the Jumbo loan requirements for getting a 5% down jumbo Florida Mortgage?

  • 680 minimum credit score.
  • 4 months reserves (borrower’s own funds can be retirement account funds).
  • Florida properties only, condos, single-family homes and townhomes.
  • 5 year waiting period for prior foreclosures, short sales, and bankruptcies.
  • 43% maximum DTI.
  • The property must be a Primary residence for 95% financing.
  • Minimum down payment of 5% (must be borrower’s own funds).
  • 95% LTV/CLTV on loan amounts up to $850,000 on a 1 unit, owner-occupied purchase or rate and term refinance.
  • Adjustable Rate Mortgage only, no 30 year fixed rates.
  • Single loan and 80-15 or 80-10 combo “piggyback” loan options available.


What if you don't qualify for a Florida jumbo mortgage but you qualify for a jumbo conforming conventional loan?

If you don't meet the strict jumbo underwriting requirements then we can solve this by doing a Fannie Mae Jumbo high balance mortgage loan up to a $679,650 loan amount and if necessary we can do a Second Mortgage loan.

Can you get a Florida jumbo mortgage with a 5% down payment?

Yes, you can for a primary residence purchases!

Do you have to pay mortgage insurance on a 5% down Florida jumbo mortgage?

Yes, mortgage insurance is required for our 5% down Florida jumbo mortgage Loans!


Can you get a Jumbo mortgage with 1-year tax returns as income?

Yes, you can for primary residences with 20% down payment and a 700 credit score!

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.

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. 

          

 

We offer loans for the entire state of Florida and all of the following cities;
Monroe 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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