At 1st Florida lending Corp. We offer low rates starting in the 2’s for Jumbo primary home purchases (see highlights below)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) Our 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.
HIGHLIGHTSFull Doc using Income from Tax Returns•Loan amounts up to $5,000,000•95% LTV / up to $5,000,000 •80% LTV cash out up to $2,000,000•Gifts -OK with after 3% of borrowers down payment•For loans over $510,400•Minimum credit score 660 •Primary, 2nd home and investment•No MI & Pre- Payment Penalty - Rates in the 2’sInvestment (non-owner occupied) •Maximum loan amount $5,000,000•Request quote w rates / terms options)•No MI & Pre- Payment Penalty •Low reserves •No MI - Rates in the 4’sSelf-Employed using Bank Statements •90% LTV up to $5,000,000•Attractive LTV’s and rates for Purchases & Refi’s•No MI & Pre- Payment Penalty - Rates in the 4’s with buy down options to the 3’s
FREQUENTLY ASKED QUESTIONS Question: CanIpurchaseacondowiththeJumboloan.Answer: Yes, most condos are eligible for Jumbo financing. Question: Can Doctors and Physicians use the 95% financing option? 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 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 of $1,000,000 depending on the program may require that you provide proof of reserves to show underwriting that you have the ability to pay the mortgage payment, insurance and taxes for that time period in the event of a financial set back. For higher loan amounts you may be required to prove additional reserves. Saving accounts, 401K or IRA may be utilized as proof to satisfy the reserve requirements.