If you are shopping for a home in the upper price range in Florida, you might need to borrow more money than you can with a conforming loan. This situation would have you applying for a non-conforming loan, also known as a jumbo loan.
Many borrowers ask questions about jumbo mortgages. Below, we answer a few that we receive frequently.
Frequently Asked Questions About Jumbo Loans
- Q: Are jumbo loans harder to qualify for? A: No, qualifying for a Jumbo loan is not harder than for a conforming loan with us as we offer flexible alternatives from Full Doc to Bank Statements, DSCR and No Income loans depending on the occupancy type. In conclusion, as long as you have a healthy credit score and down payment it should not be difficult to qualify for a jumbo mortgage.
- Q: How long does a jumbo loan take to close? A: Generally speaking, jumbo loans do not close at different rates than conforming loans. You can expect the process to be just as fast in many cases.
- Q: What is the benefit of a jumbo loan? A: The advantage of a jumbo mortgage is that it makes it possible to borrow above the conforming loan limits. Without that ability, you might not be able to purchase your dream home. But with a jumbo loan, you can afford more home.
- Q: Can I put 10% down on a jumbo loan? What about 5%? A: The minimum down payment amount for a jumbo mortgage is usually 10%. But the exact down payment requirement depends on your borrower profile. We can only answer this question for each customer individually. You will need to share your financial information with us during your consultation to find out what your down payment will be and how much you can borrow.
Apply For a Jumbo Loan in Miami or Beyond
Now you have answers to a few frequently asked questions about jumbo loans. If you have additional questions, you can contact us at (786) 220-1100 to schedule a consultation. We can help you decide whether a jumbo mortgage will fit your needs as you are shopping for a home in Miami or anywhere in Florida.