A Miami Jumbo Home Loan
Just as when you shop for your dream home can be a bit challenging, you can say the same when entering into the financing of your new home. Many homeowners become overwhelmed when faced with having to secure financing for their new home purchase. Add to this, contractual time limits causing you to secure your financing quickly.
According to wikipedia, “In the United States, A jumbo home loan is a home loan for an amount that exceeds conforming loan limits established by regulation. The jumbo loan limit is $417,000 in most of the United States. The limit on jumbo loans is $625,500 in the highest-cost areas.” Traditionally, the interest rates on jumbo mortgages are higher than for conforming mortgages. Most recently, however, jumbo loans carried lower interest rates than conforming loans.
Qualifying for a Jumbo Home Mortgage Loan
The underwriting process for jumbo mortgages is similar to that of a conforming mortgage, except that jumbo lenders sometimes require 2 appraisals instead of just 1. Moreover, since they are often considered luxury properties and carry higher risks, lenders prefer to have a higher down payment. Additionally, lenders may require two appraisals on a jumbo mortgage loan.
In order to qualify for a jumbos home loan, borrowers must typically meet three minimum requirements:
Down payment requirements differ in many cases. Jumbo loans generally require higher down payments — depending on the lender, the minimum down payment could be 15%, 20% or 30% for home purchases.
Lenders want to make certain your debt-to-income ratio, or the percentage of monthly income you spend on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support, will leave you at a comfortable level, not overextending yourself.
Your credit score also plays an important role as you qualify for a jumbo home loan. Many lenders require a credit score of 700 or higher, a debt-to-income ratio of 43% or less, and 6 to 12 months’ worth of reserves.However, remember, the higher your credit score, the better the terms you will receive on your Miami jumbo loan. In this case, too, the stronger your initial down payment, the better your lending terms will be.
Why Work with Mario Quintero
Think you qualify for a Miami jumbo home loan? Then shop for a jumbo mortgage with the help of Mario Quintero of STC Loans. You must secure mortgage financing to purchase your dream home. Because of this, as a trusted Miami realtor and efficient Miami mortgage broker, Mario will help your dream home become a reality.
Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker. Don’t attempt to negotiate on the purchase of your home on your own. Mario helps you reach the best price through his extensive negotiating skills.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
Call me today at 305-598-1600 or contact me here.