If you need financing for a large or luxury property in Florida, then you may find that the value falls outside of conforming loans set by Freddie Mac and Fannie Mae, meaning that you’ll need to take another mortgage option. Non-conforming loans, most popularly known as Hollywood jumbo loans, can get you into the home of your dreams.
With the option to get financing on high-value properties, you could get that exclusive home in Hollywood that you’ve been looking at. With Nationwide Home Loans, you’ll be able to talk to the most experienced lenders in Florida.
If you’re ready to take the next step, it’s time to talk to our Hollywood jumbo loans team today.
How Much Does a Home Need to Be Worth to Qualify for Hollywood Jumbo Loans?
Minimum home value for jumbo loans can vary from state to state and from lender to lender. At Nationwide Home loans, we can offer Hollywood jumbo loans on homes that are valued over $453,100.
There are special requirements for obtaining a jumbo loan, which is understandable when you consider the amount of risk that is associated with this type of mortgage.
You’ll need a strong credit score to secure a Hollywood jumbo loan. Typically, we will be able to create a loan package if you have a credit score of 680 or better. There are circumstances where we can approve loans for lower credit scores, however, a larger down payment would be required. The average down payment is around 20%. This will often be higher or lower depending on your credit score and history.
Talk to us today and we’ll get the process started with a credit investigation and initial home loan calculations.
Your debt ratio is also important. Signing for a jumbo loan is a significant financial responsibility. Your debt ratio should be no more than 33% to ensure that you are able to meet mortgage payments as well as other general living payments and other obligations. In some cases, we could be flexible with this figure, depending on your income and your credit history.
Because Hollywood jumbo loans are worth much more than standard Hollywood home loans, you will need to provide complete documentation for your liquid and non-liquid assets, as well as proof of income and evidence of any other loans that you are currently paying. We’ll help you in the early consultation stage so that you know exactly what to prepare for your loan application.
Hollywood Jumbo Loan Consultants Will Help You at Every Step
When you are looking to secure Hollywood home loans it is important that you have professionals working towards your goal. Not every lender can provide you the same amount of expertise and support that you will find at Nationwide Home Loans.
We have extensive experience with Hollywood jumbo loans and general lending in Florida. If you have questions at any time during the process, or if you need help overcoming challenges that are preventing you from securing your mortgage, then we are here to help.
If you want the best chance of not only securing the loan but also getting low-interest rates, then it is important that you can do the following:
Reduce your debt to income ratio to the lowest figure possible. The best rates will be available if less than 30% of your income is used for debt or other outgoings.
If you can make a deposit higher than 20%, then we will be able to offer the most competitive Hollywood jumbo loans in the industry. The larger the deposit, the better your rates will be, and it also means that monthly payments will be smaller, and less interest will be paid over the loan period.
Maintain a high credit score and a jumbo loan will be much easier to secure. There are some things you can do to improve your credit score in the short and mid-term, such as clearing old debt and keeping up to date with current payments.
We Will Work with You to Get the Best Hollywood Jumbo Loans
If you’re ready to buy your home, then it’s time to talk to us so that we can begin the process of arranging your Hollywood jumbo loan. With a professional team, extensive experience, and a deep understanding of Florida law and the real estate market, Nationwide Home Loans is your best choice for a jumbo loan in Florida.
Talk to us today to get one step closer to your dream home.