Jumbo loans are loans greater than $417,000. You are required to have very strong credit in order to qualify and make a larger down payment. The underwriting can be a little bit more stricter than a traditional loan since these loans are typically portfolio loans.
Here you can see the Conventional loan limits for each County in Florida. They can vary from county to county and change each year. Two appraisals may be required on Jumbo loans depending on the property and can be determined on a case by case basis. You will need a higher credit score and larger down payment in most cases to qualify for financing and a two year history of income. Jumbo loans are portfolio loans which are not sold to Fannie Mae which is why there is usually stricter underwriting to the financing.
Please contact us with any questions about Jumbo financing. It's best to have 25% down and at least a 740 credit score to gain an approval. There are some situations depending on loan amounts to qualify with less money down and lower credit score as well. Please call to discuss your situation at 904.513.8000.
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10033 Sawgrass Drive W #118 Ponte Vedra Beach Florida 32082
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