How to Purchase your First Home with a Jumbo Loan
Nationwide Home Loans is a Licensed Mortgage Lender in South Florida. With years of extensive industry experience, we continue to offer the best loans – at the best rates – for all new and existing property owners. In fact, NHL also continues to receive stellar industry ratings and customer reviews. With a seasoned and dedicated team, our goal is always to meet your home loan, financing or refinancing needs across the board. As an industry leader in Jumbo Loans in Fort Lauderdale, we can help you with everything you need to purchase your first home. This includes timely online applications, along with connecting you to the top lenders and loans for expedited approval.
What are Jumbo Loans?
Jumbo home loans in Fort Lauderdale helps home buyers and investors that are interested in expensive properties. In fact, these loans – and rates – are higher than those set by Freddie Mac and Fannie Mae. Currently, the loan limits range between $400,000 and $625,000. This is perfect for buyers that need assistance with purchasing new expensive homes. However, jumbo loans may also be available for properties that fall into the mid-range areas. You would need to speak with one of our dedicated lending professionals to access more information and essential advice.
Fort Lauderdale continues to expand and grow with new residential and commercial establishments. If you are planning to purchase a new home – or need refinancing – we are simply the best in the business. In fact, Nationwide Mortgage Rates can truly get you into the home of your dreams. As a seasoned and reputable company, we are proud to service Fort Lauderdale homeowners with the best in home mortgage loans and financing options.
Fort Lauderdale Jumbo Loans – What to Know?
If you are considering purchasing a home, you may be eligible for jumbo loans in Fort Lauderdale. The price of the home, however, must exceed the conforming limit of $424,000 – which is set by Fannie Mae or Freddie Mac. Here are some of the requirements needed in order to qualify for jumbo loans:
- You must have a minimum credit score of 680. A lower credit score may be accepted if a larger down payment is put down.
- A minimum down payment of 20% (sometimes can be lower).
- Debt to income ration cannot exceed 43% (some lenders do deviate from this percentage).
- Applicants must have all pertinent and necessary paperwork; proof of income, proof of liquid assets, paperwork on existing/other loans, evidence of non-liquid assets, etc.
If you meet these requirements, then we help you choose the right jumbo loans lender. In fact, our lenders at NHL will help you from beginning to end. We will also stick by your side throughout the entire process to answer any questions or concerns. There may be some additional requirements needed –but we are there for you as always.
Is It Hard to Qualify for Jumbo Loans?
Over the years, it has become a bit more difficult to qualify for jumbo loans. In fact, prior to 2007-8 – countless applicants were approved for jumbo loans across Florida and the country. This was due to lenders finding creative ways to extend financing. However, the economic downturn years ago left the industry with numerous foreclosed properties. With this in mind, strict guidelines are in place to qualify for jumbo loans in 2017.
At Nationwide, we work hard to help you get approved for jumbo loans in Fort Lauderdale. Even if you do not meet the criteria set above – we will see if exceptions or other lending avenues are available. This is how much we are committed to turning your home ownership dreams into realities.
For more information, simply contact us or visit our website today. We offer complimentary loan consultations –as well as plenty of helpful resources and loan finder apps at our site. Our highly-dedicated team will help you with everything from filing online or paper-based apps – to finding the right lender with the best rates and flexible repayment plans.