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.

Alon Ben-David
Alon B.
12:12 16 Sep 21
Working with Claudia was the most comfortable, smooth and pleasant experience, for the third time.She is professional, detailed, caring and available when ever you and/ or your project needs here... attention.read more
ARMET ING
ARMET I.
20:20 13 Sep 21
David and Gabriel did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much. FAUSTO
Karol Laakso
Karol L.
00:23 11 Sep 21
Good and easy to deal with David and Gabriel, excellent service, professional and efficient. Always maintained contact through calls or text message. I knew every detail what was occurring with my... clients loan and the process. Thank youread more
Orna Ben-David
Orna B.
15:18 10 Sep 21
Maria Lopez-Pulido
Maria L.
16:33 08 Sep 21
The Lending Bankers team saved my clients transaction. We reached out in a moment of crisis due to errors made by another bank and helped my clients get a great loan in record time. They were... responsive and walked my clients through the entire process.read more
Alfredo Ronco
Alfredo R.
23:19 31 Aug 21
Nos atendieron David y Gabriel, y ambos demostraron profesionalismo, respeto, cercanía y comprensión. Nos consiguieron una excelente tasa y un buen crédito. La operación fue muy accidentada por culpa... del vendedor y un Broker que nunca se preocupó por nosotros. Sin embargo David y Gabriel siempre se pusieron a nuestra disposición para allanar los caminos. Solo agradecerles!! Los recomiendo 100%.read more
William Maguire
William M.
15:52 25 Aug 21
5 stars. Responsive and professional!!!
Jessica Ricks
Jessica R.
04:36 25 Aug 21
These guys are incredible! They pulled off a jumbo loan for me in record time. I was working with another lender and getting bad vibes. A couple weeks before closing I decided to reach out to David... Otero and David Comisso and not only did they get me a lower rate, a better appraisal but they were incredibly transparent and responsive the whole time. A true team. I am SO grateful!!read more
Luiz Caldeira
Luiz C.
23:51 24 Aug 21
I totally recommend Lending Bankers Mortgage and in particular Claudia Castaño who was my loan agent. She was extremely professional, pro-active and helped me every step of the way. The approval... process went very smoothly and the closing was fast and accommodating to my busy schedule. I have refinanced before and this has been hands down my best experience. Thank you!!!read more
Jeff Snipes
Jeff S.
06:51 21 Aug 21
Claudia is blessed with great talent. Claudia is a professional real estate agent and loan officer that has a full suite of products to assist you with your real estate needs. Claudia assisted us... with a home purchase and made things possible when nobody else could have. Claudia gave my family hope when the enemy wanted us to have none. Claudia is a wonderful professional woman and is more than worthy of your consideration. Claudia, we are so thankful to call you our friend and we are really blessed you came into our life. Thank You & God Bless You!!!read more
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