Florida Fannie Mae Jumbo Conventional High Balance Mortgage Loan Amounts up to $679,650
What is a Fannie Mae Jumbo Conventional High Balance Mortgage Loan?
The New 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 and allows you to avoid the strict underwriting requirements of a Florida Jumbo mortgage.
Fannie Mae Jumbo Conventional High Balance Mortgage Loan Down Payment Requirements
- 20% Down Payment on owner-occupied single-family and 2 unit properties with 680 credit score.
- 10% Down with a 700 credit score and we'll add a 10% piggie-back second mortgage.
- 20% Down Payment on owner-occupied single-family second homes with 680 credit score
- 5% of the down payment must be buyers own funds the remaining can be a gift.
Maximum Purchase Price for 10% Down Payment
You can purchase a home for up to $938,000 put 10% down ($93,800) and we will add a 10% piggie-back second mortgage for ($93,800), which gets you to the 20% down payment requirement.
Fannie Mae Jumbo Conventional High Balance Mortgage Loan Refinance Requirements
- 80% loan to value on an owner-occupied single-family rate and term refi with 680 credit score.
- 75% loan to value on an owner-occupied and 2 unit properties, rate and term refi with 680 credit score.
- 75% loan to value on a second home single-family cash out refi with 700 credit score.
Advantages of a Fannie Mae Jumbo Conventional High Balance Mortgage Loan VS a Jumbo Mortgage
- 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 jumbo mortgage loan.
A non-jumbo high-balance mortgage loan is defined as a conventional mortgage where the loan amount exceeds the
conforming loan limits published yearly by the Federal Housing Finance Agency (FHFA), The current conforming
loan limits are $453,100 in most Florida counties.
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
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Thanks and we look forward to working with you on your mortgage needs!
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