What To Know About Jumbo Loans In Florida

As homeowners and real estate investors look for a leg up in the hyper-competitive FL, CA, and TX real estate markets, getting the right financing for your luxury properties can prove challenging through conventional channels. With set limits in place to protect first-time buyers from taking on too much financial risk, you may feel that your options are limited. However, with the help of jumbo loans in Florida, investors can go above the predetermined loan limits to find the right avenues to finance their luxury properties.

 

The Federal Housing Finance Agency determines the set limits for the different types of mortgages people can take for their real estate needs. However, specific non-conforming loans can help potentially get around these limits. Jumbo loans can sidestep these government-sanctioned limits. The value of jumbo loans in Florida can vary from county to county, so you need to find out what you need before diving into the luxury real estate market.

 

A jumbo mortgage loan differs from conventional loans because it cannot be purchased, guaranteed, or securitized by federal agencies like Fannie Mae or Freddie Mac. These loans are designed for properties valued above $500,000 or more. Loans of this size require more rigorous credit score requirements and help ensure you get the jumbo mortgage you need.

Credit Score Requirements For Jumbo Loans

When looking to secure jumbo loans in Florida, California, or Texas, knowing what kind of credit score you need for approval remains critical. The minimum credit score for jumbo loans differs significantly from the requirements for traditional loans. Since these jumbo loans deal with such large sums of money, to get approved for one, you need a combination of an excellent credit score and exceptionally low debt-to-income ratios. We’ll help you get your financial situation in order before you start the application process.

Most non-conforming loans have unique limits and circumstances; a jumbo mortgage must fall within the Consumer Financial Protection Bureau’s definition of a qualified mortgage. Loan House’s experienced team can help you get your finances to prove you have the capacity to make the payments and get approved for the jumbo loan.

An excellent credit score for jumbo loans isn’t the only thing you need to get approval. Additionally, you need to have established cash reserves to prove you are not at high risk of defaulting on this hefty loan. With the proper documentation in place, we can help you prove your fiscal responsibility to the lenders and get you on the road to your new luxury property in no time.

In addition to helping our clients get their jumbo loans in Florida, California, and Texas, we also provide first-time homebuyers and seasoned real estate investors with the following services:

 

In FL, CA, and TX, the thriving and competitive luxury real estate market means that you need a leg up to get the properties you want included in your portfolio. With our help, we can help you secure jumbo loans in Florida that will help you get the luxury properties you are after.

Contact the Loan House team to schedule your next appointment and learn more about how to help you secure the jumbo loan you need for your dream properties today!