JUMBO LOANS WITH 5% DOWN PAYMENT AND RATES STARTING IN THE 4’S
At 1st Florida lending Corp. We offer 95% LTV Jumbo loans with rates starting in the 4’sMany home buyers are unaware they can obtain Jumbo financing without a 20% down payment. The 95% LTV down options not only apply to Jumbo purchase transactions but can also to some Jumbo refinance loans. A jumbo home mortgage is a loan that exceeds the conforming (conventional) loan limits standardized by Fannie Mae & Freddie Mac (the government-sponsored agencies that purchase loans from lenders and banks) Jumbo loans are ideal for home buyers looking for higher priced luxury homes. These loans are designed to simplify home buying in pricey markets by covering the full cost of the loan, so there is no need for borrowers to drain their cash reserves. Jumbo Loans are like conventional mortgages in that we offer both fixed and adjustable programs. The interest rates start in the 4’s but are higher if you choose the 95% LTV due to the added risk. FREQUENTLY ASKED QUESTIONS Question: CanIpurchaseacondowiththeJumboloan.Answer: Yes, most condos are eligible for Jumbo financing. Question: Can Doctors and Physicians use the 95% financing option? G. Lipton – West Palm Beach, FL. Answer: Yes any home buyer that meets the qualification guidelines is welcome to apply regardless of occupation. Question: Can I get a fixed rate term? I really don’t want to get an adjustable rate . Answer: Yes, the Jumbo programs offer both the fixed rate and adjustable (ARM) rate 5/1, 7/1 or 30 fixed. Question: I’m a veteran, can I get a VA Jumbo Loan? Answer: Yes, VA has high balance jumbo loans up to 1.5 million. Question: Does the Jumbo program have a penalty or paying off the loan early? Answer: No, you can pay off your loan anytime you like without a pre-payment penalty.Question: What kind of savings do I need to have in order to get approved? Answer: It really depends on the loan amount and credit. For example, a loan amount under $1,000,000 you should plan on at least 3-4 months of mortgage payment reserves after your down payment is made. For higher loan amounts you may be required to have 12 months payment reserves. Non-liquid retirement account like 401K, IRA or savings accounts can be utilized to satisfy reserve requirements.To find out more information about our JUMBO LOAN PROGRAM. Please call us us at 407-300-2558 or click the button below to request a quick quote with rates and terms.