Florida Fannie Mae Jumbo Mortgage Conventional High Balance Mortgage Loan Amounts up to $679,650
What is a Fannie Mae Jumbo Conventional High Balance Mortgage Loan?
The New Fannie Mae Jumbo high balance mortgage loan allows home buyers and borrowers wanting to refinance their current mortgage and get a 30 year fixed rate conventional loan which is insured by Fannie Mae and allows you to avoid the strict underwriting requirements of a Florida Jumbo mortgage.
Fannie Mae Jumbo Conventional High Balance Mortgage Loan Down Payment Requirements
- 10% down payment with a 680 credit score.
- 10% down payment on second homes with a 680 credit score.
- Down payment and closing costs can be gifted.
Advantages of a Fannie Mae Jumbo Conventional High Balance Mortgage Loan VS a Jumbo Mortgage
- 680 credit score versus 720 or higher.
- Little or no reserves requirements versus 6 to 18 months.
- 4-year bankruptcy waiting period versus 5 years or more.
- 4-year short sale waiting period versus 5 years or more.
- First time home buyers are allowed.
- No minimum credit report tradeline requirements.
- 30 year fixed rates versus an adjustable rate mortgage.
- Underwriting requirements are less restrictive than a jumbo mortgage loan.
Fannie Mae Jumbo Conventional High Balance Mortgage Loan Refinance Requirements
- 90% loan to value on an owner-occupied single-family rate and term refi with 680 credit score.
- 80% loan to value on an owner-occupied and 2 unit properties, rate and term refi with 680 credit score.
- 80% loan to value on a second home single-family cash out refinance with a 680 credit score.
A non-Fannie Mae Jumbo high-balance mortgage loan is defined as a conventional mortgage where the loan amount exceeds the conforming loan limits published yearly by the Federal Housing Finance Agency (FHFA), The current conforming loan limits are $453,100 in most Florida counties.
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?
No, mortgage insurance is Not required for our 10% down Florida jumbo mortgage Loans!