Finding Florida Jumbo Mortgage Lenders: Specializing in Bank Statement Loans

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Finding Florida Jumbo Mortgage Lenders: Specializing in Bank Statement Loans

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Finding Florida Jumbo Mortgage Lenders Who Are Specializing in Bank Statement Loans

Bill Burg updated his BLOG on Finding Florida Jumbo Mortgage Lenders Who are Specializing in Bank Statement Loans on November 15th, 2017

 

The Florida housing market is a hot as the Summer Sun and by all indicators, the demand for housing in greater than the current supply.

 

  • The standard guideline for Conventional and FHA Loans limits the maximum amount that can be loaned in Florida.
  • Potential home buyers that are looking for home that exceed $434,100 need to consider a lender that specializes in Jumbo Loans.
  • Also, Fannie Mae and Freddie Mac are limited on the maximum loan amount allowed on their home loans in the State of Florida.
  • The increase in home prices and amount that customers can afford have made Special Jumbo Mortgages and Super Jumbo Loans more common and in the state of Florida as well as the certain regions of the U.S.

 

Types of Jumbo Mortgage and Jumbo Loan Rates Florida

Typically, Jumbo Mortgages are considered slightly riskier by most Florida Mortgage Lenders and therefore have a little higher rate.  Do Shop around, an experienced loan officer can help you find the best rate for your Jumbo Mortgage Loan.

How they are different:

  • Compared to standard homes, most home buyer will not qualify for a higher priced home. Therefore, they do fit in the standard norm of the lending institutions.
  • If a higher end home goes into default or the home goes into foreclosure, it will typically take more time to sell the home as there are fewer protentional buyers.  Also, there is more risk and potential more assets that could be lost in reselling the property.
  • In the even more specialized Super Jumbo loan mortgages, lenders do not use traditional methods to verify the lenders income.  That also makes it more specialized and it usually performed by an experienced Senior Mortgage Loan Officers.
  • A Mortgage Loan Officer will utilize adjusted growth income and potential cash flows from the borrower’s business. These specialized loans can also be asset based, and/or can annuitizing the cash or assets.

 

The Good News: Jumbo and Super Jumbo Florida Mortgage Lenders Can Get You Keys to a Luxury Home or Luxury Condominium

At Mortgagelendingplace.com and USA Mortgage we are Jumbo Florida mortgage lenders and specialize in Jumbo or Super Jumbo loans.  We are all specialist in refinancing Jumbo and Super Jumbo loans, and/or construction Jumbo loans.  We also are available to answer your questions on what type of loan is best in your situation.

Some of the Home Loans that are offered are:

  • 30-year fixed rate mortgages and adjustment mortgage (ARM) are available if it is best suited to your situation.
  • Typically, a Minimum loan amount is $500,000 and a maximum loan amount is in the $20 million-dollar range.
  • If the Jumbo Mortgage does not exceed $2,000,000 a Fixed rate mortgages is available for qualified buyers in Florida
  • A 680 FICO score is typically required for a Florida Jumbo Lender. They also must have a DTI or debt to income ratio under 43%.  In most cases, a reserve is typically required.

 

Jumbo and Super Jumbo Loan Rates Florida

There are a variety of specialized Super Jumbo Mortgage Loan Programs.  Typically, larger the Super Jumbo Loan, the lower the Loan to Value ratios that are required.  Again, see an experienced Senior Mortgage Loan Officer.  The larger the loan, the more important the choice in finding the best possible loan terms and conditions.

  • Typically, lenders have the mentality that a larger loan adds higher risk. Jumbo Loans are higher risk due to the harder it is to sell and larger amount that could be lost, if the property goes into bankruptcy or foreclosure.
  • It takes a lot more of time and potential cost involved to sell a high-end home than a standard home in a typical area or subdivision.
  • Due to a higher risk attached to a Jumbo Mortgages, the mortgage rates are typically slightly higher. Again, the trick is to have an experienced Mortgage Loan Officer help you find the best rate that matches your individual situation.
  • The higher the down payment, better options for a Jumbo Mortgage and potentially a better interest Rate.
  • Obviously, the higher your credit score, the lower the potential Jumbo Rate.

 

 

 

Jumbo Loan Rates Florida and Requirements

 

Experienced Mortgage Loan Officers who also specialized in Jumbo and Super Mortgage who also specialize in Bank Statement Mortgage Loans are extremely busy this time of year with the increased demand of the multiple types of Jumbo Mortgages.

 

The minimum requirements for Jumbo Mortgage are as:

  • If you have over a 700 FICO Score you can put 10% down payment or 90% Loan to Value on a Jumbo Mortgage.
  • NON-QM Loansor non-traditional government secured loans are available 
  • If you qualify, a Bank Statement Mortgage Loans can be approved.
  • An 80% LTV or Loan to Value for $2 Million Jumbo Loan or less, may be available.
  • A Jumbo Mortgages loan between $2 to $3 million, you may qualify to a 70% to 75% LTV or Loan to Value assessment.
  • A Jumbo Mortgage Loans between $3 to $3.5 million, you may quality for a 65% to 70% LTV or Loan to Value assessment.
  • A Jumbo Mortgage Home Loans between $3.5 to $4.0 million, you may qualify for a 60% to 70% LTV or Loan to Value assessment.
  • A Jumbo Mortgage Home Loans between $4 to $5 million, you may qualify for a 55% to 65% LTV or Loan to Value assessment.
  • Any Jumbo Mortgages that is loaned over $5 million is assessed and underwritten on an individual basis.

 

Jumbo Loans for a Vacation Home or Second Homes or in Florida:  Orlando, Here We Come

 

  • A Jumbo Loan Mortgage for second homes up to $1 million can qualify for an 85% LTV or Loan to Value assessment.
  • A Jumbo Loan Mortgage on a Second homes ranging from $1 million to $1.5 million can qualify for a 75% LTV or Loan to Value assessment.
  • Super Jumbo Loans Mortgage ranging between $1.5 million to $3 million or more requires a 70% to 75% LTV or Loan to Value assessment.
  • Super Jumbo Mortgages of over $3 million are available on an individual basis.

 

 

Cash Out Jumbo Refinance Mortgages:  Use the Equity in Your Home $$$

 

Cash Out Jumbo Mortgage Minimum Loan Requirements are as follows:

  • You can qualify for a 70% LTV or Loan to Value on loan no higher than $1.5 million loan size.
  • Over $1.5 million Jumbo mortgage home loan, the LTV or loan to value is capped at 65%.
  • The maximum Cash-out limit is $350,000 on a loan for a second house.

 

 

We specialize in helping mortgage loan borrowers who can qualify for a Jumbo or Super mortgage.  If you are thinking about purchasing a new home, and need guidance and what the best possible options on a Jumbo or Super Jumbo Mortgage, contact Bill at 941-444-0010 or text Bill Burg on his cell phone for a faster response.  You can also email us at contact@mortgagelendingplace.com or even start your application at mortgagelendingplace.com.

Bill Burg is a 3-time Author in teaching other about the Financial and Real Estate Business.  He is an experienced Senior Mortgage Loan Officer with USA Mortgage that specialize in Jumbo and Super Jumbo loans.  USA Mortgage is one of the few banks that has a business model of success without adding Bank Overlays.  Overall, he has invested the last 14 years helping hundreds of families and investors achieve the dream of home ownership.

Bill Burg at Mortgagelendingplace.com and USA Mortgage NMLS# 1647508

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