Florida Jumbo Loans
A Jumbo loan is a mortgage loan with an amount larger than conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO) which sets the conforming loan limit size annually. For most areas of Florida, the maximum loan size for a comforming mortgage is $417,000 for a single unit property; after, all loans are considered to be Jumbo loans.
Jumbo mortgage loans are not eligible to be insured by FHA, purchased, or securitized by Fannie Mae and Freddie Mac, as they are considered non-conforming.
Jumbo mortgage loans are often securitized by institutions other than Fannie Mae or Freddie Mac. These mortgage loans carry a greater credit risk than those issued by Fannie Mae or Freddie Mac, and therefore, come with higher interest rates. However, in recent years the spread in interest rates between jumbo and conventional mortgages has been reduced.
When it comes to Jumbo mortgage loans, the larger the loan is, the tougher the lending requirements will be. Each lender has different requirements. At Solutions First Mortgage Inc., having access to several lenders, gives us a better opportunity to help you shop for the best mortgage loan for you, with just one credit pull. Lender loan limits vary from $1 million to $3 million. Loan to value (LTV) limits range from 65% to 80%. Some lenders limits are fixed, where as others have mixed flexibility. Remember, the higher the lender risk, the higher the interest rate may be.
Our service has been designed to remove the stress and misunderstandings commonly associated with buying a property.
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