10% Down Payment Jumbo Mortgage Loan & Best Jumbo Loan 30 Year Fixed Rates
What is a 10% down payment Jumbo Mortgage Loan?
A 10% down payment Jumbo Mortgage loan is above the conventional conforming loan limits. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $453,100 then neither of the two government-sponsored entities will purchase that loan. Typically, both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other lenders, freeing up liquidity to lend more mortgages.
To sum it up, a jumbo loan is one with an amount more than $453,100. First Florida Financial Group offers jumbo loans with a lower amount for a down payment.
10% Down Payment Jumbo Mortgage Financing Loan Down Payment Options
- 10% Down on Owner-Occupied, Single Family and Condos.
- 10% Down Payment on Second Homes.
- 5% Down Payment for owner-occupied Jumbo Loans.
- 10% Down Payment on Jumbo Condo Loans.
- Zero Down on VA Jumbo Loans.
- Bank Statements as Income Jumbo Loans.
What are the requirements for getting a 10 percent down payment Jumbo loan?
- Minimum credit score of 620.
- Maximum DTI 50%.
- First Time Home-buyers permitted.
- Florida properties only.
- No prior short sales or bankruptcy last 4 years
What if you don’t qualify for a Jumbo Mortgage?
If you don’t meet the strict jumbo mortgage underwriting requirements then we can solve this by doing a Fannie Mae Jumbo high balance mortgage loan up to a $679,650 loan amount and if necessary we can do a Second Mortgage loan.
What is a Fannie Mae Jumbo Loan?
A Fannie Mae Jumbo Loan loan allows home buyers to purchase their dream home or refinance your current mortgage and get a 30 year fixed rate conventional loan which is insured by Fannie Mae which allows you to avoid the strict underwriting requirements of a Jumbo mortgage.
Has Your Jumbo Loan Application Been Turned Down or Your Concerned You May Not Qualify for a Jumbo Mortgage Because?
- Don’t have enough Credit Report tradelines.
- First time home buyer.
- Credit Scores are a little Too Low, not to worry we can do a Rapid Rescore.
- Prior Foreclosure or Bankruptcy or Loan Modifications.
- Prior Mortgage Late Payments.
- Don’t have Enough Reserves.
- Debt to Income Ratio is too High.
Not to worry our Loan Officers overcome these problems all the time, we know the Florida Mortgage Business and can Close Easy, Complex and Tough Deals. We do this by utilizing our “Outside The Box Thinking” to get you pre-qualified for the maximum loan amount possible while keeping your down payment and closing costs as low as possible. Don’t just take our word for it, check out our prior client reviews!
Can you get a Florida Jumbo Mortgage with a 10% Down Payment?
Yes, you can for primary residence purchases!
Do you have to pay mortgage insurance on a 10% Down Florida Jumbo Mortgage Loan?
Yes, mortgage insurance is required for our 10% down Florida Jumbo Mortgage Loans!