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10 percent down payment florida Jumbo Mortgage

10 Percent Down Payment Jumbo Mortgage Financing Loan & Best Jumbo Mortgage 30 Year Fixed Rates

10 Percent Down Payment Jumbo Mortgage Financing Loan Down Payment Options

What is a 10 percent down payment Jumbo Mortgage Loan?

A loan that is above conventional conforming loan limits is called a jumbo loan. 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.

What are the requirements for getting a 10 percent down payment Jumbo loan?

  • Minimum credit score of 680.
  • Maximum DTI 43%.
  • First Time Home-buyers permitted.
  • Florida properties only.
  • No prior foreclosure, short sale or bankruptcy last 4 years

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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?

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?

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!

Click here for today’s Jumbo Mortgage Rates

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!

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