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 2023, the loan limit is $726,200.
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 620 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.