Jumbo Loans

If you would like to purchase property in Miami-Dade county which surpasses Fannie Mae and Freddie Mac’s conforming loan limits, you will need to apply for a jumbo loan. As of 2018, the loan limit is $453,100.

What Are the Jumbo Loan Requirements for Miami?

Because jumbo loans are larger and riskier for lenders, the requirements to qualify for them tend to be more stringent.

Your credit score should be 660 or higher.

It is possible to get approved for a Miami jumbo loan with a slightly lower score, but you will get the best offers with a higher score.

You should be prepared to make a down payment of anywhere from 10-20%.

Closing costs for jumbo loans are typically higher than they are for conventional loans as well.

If possible, try to apply with a debt-to-income ratio which is 45% or lower.

Own considerable assets? This requirement may not apply to you.

You need reserves to apply for a jumbo loan.

At a minimum, most lenders look for at least 6 months of reserve cash.

Miami Jumbo Loan Rates

Many borrowers may be concerned that jumbo mortgage rates in Miami will be excessive compared to conventional loan rates.

This is a common misconception about jumbo loans. There certainly are lenders out there that charge very high interest rates for jumbo loans, but at Lending Bankers Mortgage our Jumbo rates are comparable to what you would find for conventional loans.

One benefit of applying for a jumbo loan is that chances are good that you will not have to purchase private mortgage insurance (PMI). PMI is usually only required when you are making a lower down payment.

Apply for a Jumbo Loan in Miami With Lending Bankers Mortgage LLC

When you are applying for a Miami jumbo loan, you will need to be prepared for a lengthier application process. The stricter requirements may necessitate more documentation. For this reason, applying for a jumbo loan on your own can be a challenge.

Thankfully, you are not on your own. Lending Bankers Mortgage is here to help. As your Miami jumbo loan partners, we can connect you with competitive mortgage offers from more than 130 area banks and lenders. We also can help speed up the application process and make sure that you provide exactly the documentation you need to get a jumbo loan with affordable rates and terms. Call (786) 220-1100 to get started now.

OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
Ernesto Osuna
Ernesto Osuna
23:47 22 Oct 19
I am very grateful and satisfied for all the work done by Kelly and Gustavo in approving the loan for my home. Excellent attention, very quick answers and always attentive to clarify your doubts
Clara Sellier
Clara Sellier
18:06 06 Oct 19
My clients experience could not have been better. David and his team far exceeded our expectations. They locked in at the lowest rate possible and when rates dropped again, they repeated the whole process and found my clients an even lower rate. The buying process for Foreign National, Investors , Debt Consolidation and financial solutions is exceptional, easy and the team is simply the best! Lendingbankers is a leader in facilitating options to help reach your financing goals.read more
harel bitton
harel bitton
20:09 11 Sep 19
Exceptional service !! Super reliable ,fast , honest brokers I ever dealt with over my 10 years as an agent . Literally this guys Finance EVERYTHING!
soraya McCollum
soraya McCollum
19:43 11 Sep 19
It was a great experience working with Lending Bankers . Mr David was great through all the process always available , very committed to provide us what we needed. Very high recommended!!
Lizzy Spaccarotella
Lizzy Spaccarotella
22:12 13 Aug 19
I had the best experience working with Claudia Castano, she was the loan officer and our office acted as the closing agent on a transaction. We really work as a team, she made the process easy and we closed the transaction on time as she promised. The buyer was super happy. We look forward to work with Claudia again!read more
Erika Spaccarotella
Erika Spaccarotella
23:34 12 Aug 19
I finally got my dream home thanks to Claudia Castano from Lending Bankers. I thought I’ll never get a loan but she helped me with the all process, THANK YOU CLAUDIA for all ur help! You are the best!read more
Merlin Friesen
Merlin Friesen
01:44 26 May 19
We had a great experience working with Gustavo and Lending Bankers. They provided a good no pressure approach and were very focused on providing what we wanted.Highly recommended !
Avisha Kassir
Avisha Kassir
15:41 04 Apr 19
Alex helped me purchase my first investment multifamily in Miami and very thankful for the awesome service I received! Super easy to work with, efficient and helped every step of the way and even came to closing which was awesome!! Highly recommend Alex! Can't wait to purchase my next 2 unit!!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
sanja
sanja
18:35 21 Feb 19
I dont have words to discribe our amazing experience with Gustavo, that is part of this company. So professional, so responsive, so full with knowledge and always there when we needed. I can not be thankful enough to Gustavo for everything he did and for the smoothest closing ever. Thank you Gustavo for everything. You are the best read more
Aldo Enderica
Aldo Enderica
15:47 04 Jan 19
Amazing team! Had a great experience working with them on a hard to place loan. They never let their foot off the pedal and kept going until the end and as a result had an extremely smooth closing.
Next Reviews Write a review
English English Portuguese Portuguese Spanish Spanish