What is a Jumbo Loan?
Jumbo Loans are designed to help people finance homes over the loan limit of $766,550 set in place by Fannie Mae and Freddie Mac for people buying a home in Naples and other cities in Collier County Florida. Because of the high value of the loans and the increased risk financing these properties carries, getting a Jumbo loan is sometimes more difficult than a Conventional loan. It’s very important to work with a lender who is familiar with how to work with Jumbo Mortgages who will get the job done right the first time!
Who is eligible for a Jumbo Loan?
Florida Mortgage Solutions wants to help you finance your luxury home loan with ease. If you are looking for a high value home, it is crucial to get a home loan pre-approval to know how much you can afford and make sure you will be able to secure financing.
Jumbo loans have stricter eligibility requirements compared to conforming loans. To qualify for a jumbo loan, you typically need a higher credit score, a lower debt-to-income ratio, and a larger down payment. Lenders may also require additional documentation, such as income verification and asset statements.
What are the benefits of a Jumbo Loan?
Jumbo loans typically require a higher down payment, have strict credit criteria, and carry a higher interest rate than traditional or government loans. We have access to several different lenders to make sure we are matching you with the best terms possible.
Why should you get a Jumbo Loan?
If you're in the market for a home that qualifies for a jumbo loan, this program may be a perfect fit for your needs. Jumbo loans can enable you to buy a larger or more expensive property than you would be able to finance with a conventional loan. They can help you avoid the hassle of taking out multiple loans or having to use your savings to finance a large down payment. These factors can help you qualify for lower interest rates and better terms, which can save you money over the life of the loan.
It is important to carefully evaluate your options and speak with SW FLORIDA MORTGAGE SOLUTIONS, INC to determine if a Jumbo loan is right for you. Contact us today!