Jumbo Home Loans
Jumbo Home Loans in Florida
A jumbo home mortgage is a type of loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are not backed by Fannie Mae or Freddie Mac, making them a bit riskier for lenders. Because of this, jumbo loans often come with stricter credit requirements and higher interest rates. They're typically used for purchasing high-value properties and are a popular choice for buyers looking to invest in luxury real estate.
Jumbo Loan Down Payment and Credit Score Requirements
Lenders typically prefer to see a higher credit score for jumbo loans This is because jumbo loans exceed the limits set by government-sponsored entities, making them riskier for lenders. As a result, maintaining a strong credit profile can improve your chances of securing favorable terms on these types of loans.
When looking into a jumbo home loan, keep in mind that the down payment generally hovers around 10 percent, or more, based on your credit scores. A higher credit score might enable you to secure a lower down payment, while a lower may require a larger initial investment. It's crucial to assess your financial situation before making a choice.
Jumbo mortgages are designed for homebuyers seeking loan amounts that exceed maximum limits set by FNMA (Fannie Mae). These loans provide financing for higher-priced properties, allowing buyers to access the funds they need to purchase their dream home. If you're considering a jumbo mortgage, it's essential to understand the requirements and options available to you.
Documents Needed for Jumbo Home Loans
Your loan approval depends 100% on the documentation that you provide at the time of application. You will need to give accurate information on:
Employment
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Complete Income Tax Returns for past 2-years
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W-2 & 1099 Statements for past 2-yearsPay-Check Stubs for past 2-months
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Self-Employed Income Tax Returns and YTD Profit & Loss Statements for past 3-years for self-employed borrowers
Savings
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Complete bank statements for all accounts for past 3-months
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Recent account statements for retirement, 401k, Mutual Funds, Money Market, Stocks, etc.
Credit
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Recent bills & statements indicating account numbers and minimum payments
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Landlord's name, address, telephone number, or 12- months cancelled rent checks
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Recent utility bills to supplement thin credit
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Bankruptcy & Discharge Papers if applicable12-months cancelled checks written by someone you co-signed for to get a mortgage, car, or credit card, this indicates that you are not the one making the payments.
Personal
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Drivers LicenseSocial Security Card
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Any Divorce, Palimony or Alimony or Child Support papers
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Green Card or Work Permit if applicable
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Any homeownership papers
Refinancing or Own Rental Property
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Note & Deed from any Current LoanProperty Tax Bill
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Hazard Homeowners Insurance PolicyA Payment Coupon for Current Mortgage
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Rental Agreements for a Multi-Unit Property