Jumbo Loans and High Balance Conventional Loans are showing some real strength right now
Conforming loan limits go all the way up to $806,500
High Balance Conforming limits are available in higher cost counties of Florida like Palm Beach and Broward and Monroe . In lower cost counties this option is not available. We check’em as we go
Anything above that is considered a Jumbo mortgage which we have up to 5 million
Understanding Jumbo Mortgages
Jumbo mortgages represent a distinct category of home financing designed for loan amounts that exceed $806,500. While they share similarities with conventional mortgages, they come with unique requirements due to the higher risk involved for lenders.
Because these loans are larger, underwriting standards are typically more stringent. Borrowers may need a higher credit score and additional reserves in the bank to demonstrate financial stability. This is because, in the event of default, the lender faces a greater potential loss.
Typical Jumbo Guidelines:
- Minimum 680 median credit score
- Verified income documentation
- 10–12 months of reserves after closing
Despite tighter guidelines, Jumbo loans can offer impressive flexibility for qualified borrowers. For example, our Prime Jumbo Program allows financing up to 96.5% loan-to-value (LTV) on amounts as high as $5 million. For clients seeking even larger loans, we work with investors who can provide financing up to $8 million.
Here is a Jumbo video from a few years ago but we still work with the same great lender with the same great pricing and service
In 2020, many hedge funds stopped offering the Jumbo mortgage because there was plenty of uncertainty due to the economic affects of the corona-virus.
In 2021, my favorite lender and also the largest wholesale lender in the country came out with a great jumbo at excellent pricing.
In 2022, mortgage interest rates have jumped substantially but the interest only option is now available and we have more options when it comes to getting an adjustable rate mortgage again.
Ask us about Non-Prime Options such as the Bank Statement Loan or the DSCR Loan. These are great options if you cannot prove sufficient income with tax returns and pay-stubs because your business had a lot of expenses that were written off. The DSCR loan for Inestors allows us to qualify borrowers on the merit of the cash flow of the property, the borrower's credit score and the loan to vallue of the property. No tax returns required
