Miami Condo Loan
What is a Jumbo Miami Condo 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 $806,500, 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.
Miami Condo Loan Down Payment Requirements
- 5% Down Payment & 95% loan to value for owner-occupied.
- 10% Down Payment & 90% loan on second homes.
- 25% Down Payment Investment Condo Loans.
Loan requirements for getting a 5% Down Miami Condo Mortgage?
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- 680 minimum credit score.
- Florida properties only.
- No prior foreclosure or bankruptcy last 4 years.
Comparing Current Miami Jumbo Mortgage Rates
Finding the lowest Florida mortgage rate is very important, that’s why we’ve already searched them for you, getting the lowest interest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best 5 percent down payment jumbo loan interest rate is a big deal.
Can you get a Jumbo Miami Condo Loan with a 5% Down Payment?
Yes, you can for primary residence purchases!
Do you have to pay mortgage insurance on a 5% Down Miami Condo Mortgage?
No mortgage insurance is not required on our 5% Down Miami Condo Loan!
What is a Miami Warrantable Condo?
The term “Warrantable Condo” means a condominium complex that meets Fannie Mae’s condo underwriting requirements.
Can you get a Miami Condo loan when it’s not listed on the Fannie Mae Condo approved list?
Yes, you can!
Can you get Miami Condo Loan if the condo complex association doesn’t have 10% budgeted to fund their reserves account?
Yes, you can!
Can you get a Miami condo loan on a non-warrantable Florida condo?
Yes, you can just because a Florida condominium is Non-Warrantable doesn’t mean you won’t be able to get a condo mortgage loan.
Can you get a Miami condo loan with less than 25% or 30% down payment?
Yes, you can.
Why Should You Choose Us For Your Home Loan?
- We work for You & Not the Bank. When working with us your not “stuck” with ONE bank’s restrictive set of underwriting guidelines which can put caps on your debt to income ratio or require a lot of mortgage reserves! We always seek out the best lender to suit your specific situation and find lenders with the Best Rates! We don’t keep bankers hours so we always answer your phone calls and text messages in the evening and on the weekends…. because we don’t get paid a salary…. we only get paid when your loan closes and most of the time we get paid by the lender and not by you!
- Great Jumbo Mortgage Rates.
- Our “Outside The Box Thinking” gets home loans approved and closed every day through a variety of unique loan products! One-Year Tax Returns, Cross Collateralizing Properties, Assets as Income, Bank Statement as Income and No Income Verification Investment Loans. Along with our years of experience and understanding tax returns, knowing what expenses to add back in and how to stretch your funds to pay off debts to reduce your DTI and if necessary we can try to increase your credit score, then do a rapid credit re-score.
- Get Pre-Qualified fast and close in 30 days or less.