Florida Jumbo Mortgage Refinance Rates, Jumbo 30 Year Fixed Rates
What is a Florida Jumbo Mortgage Refinance Loan?
A jumbo mortgage refinance loan provides financing for loan amounts higher than the maximum conforming loan limits set by Fannie Mae and Freddie Mac. 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. A conforming first mortgage along with a home equity line of credit can provide greater payment flexibility. Both are available for purchase and refinance loans (including cash-out refinances).
Jumbo Mortgage Refinance Rates
Most of the time, jumbo mortgage refinance rates are somewhat higher than rates on comparable Fannie & Freddie insured loans. That’s because Fannie Mae & Freddie Mac guarantee their loans for lenders, which helps keep the mortgage rates low. Jumbo mortgage loans don’t have that kind of backing, so lenders assume all the risk themselves.
Florida Jumbo Home Loan Mortgage Refinance Options
- 95 percent loan to value with a 680 Credit Score.
- 90 percent loan to value with a 620 Credit Score.
- 80 percent loan to value on Second Homes.
- 90 percent loan to value on Jumbo Condo Loans.
- VA Jumbo Refinance Loans Amounts up to $1,094,625
What are the Jumbo Refinance Loan Requirements?
- 680 minimum credit score.
- 4 months reserves (cannot be gifted funds).
- Florida properties only on condos, single-family homes, and townhomes.
- 4 to 5 year waiting period for prior foreclosures, short sales, and bankruptcies.
- 43% maximum DTI.
What if you don’t qualify for a Florida Jumbo Loan?
If you don’t meet the strict jumbo loan underwriting requirements then we can solve this by doing a Fannie Mae high balance mortgage loan for loan amounts up to $679,650.
What is a Fannie Mae Conventional High Balance Mortgage Loan?
A Fannie Mae high balance mortgage loan allows home buyers and borrowers wanting to finance the purchase or refinance the current mortgage of their primary residence or second home 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 loan.
Has Your Jumbo Refinance Loan Been Turned Down or Your Concerned You May Not Qualify for a Jumbo Loan 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.
- Jumbo Mortgage Rates are 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, read our prior client reviews!