Can First-Time Home Buyers Get a Jumbo Loan?  

Jumbo mortgages, also known as jumbo loans in Fort Lauderdale are loans that exceed the limits set by the Federal Housing Finance Agency (FHFA). As a result, these home financing loans cannot be purchased or guaranteed by Freddie Mac or Fannie Mae. However, whether you are a first-time or seasoned homebuyer as long as you meet the requirements for qualification you can be approved for a jumbo loan.

The Importance of Jumbo Loans

Jumbo loans are specifically for home buyers and investors that are interested in buying expensive properties. Most loans fall within the limits set by Fannie Mae and Freddie Mac, ranging from $40,000 - $625,000. If you are a first-time or veteran buyer that needs financial assistance to buy a home priced above these limits, you need a jumbo loan. To learn more about this type of loan, you can contact one of our highly-dedicated specialists at NHL to discuss your loan needs.

The Fort Lauderdale home market continues to boom across several areas. With new residential and commercial establishments popping up each week, now is the perfect time to invest in a new home. Here are Nationwide Home Loans, we are an industry leader in all types of loans including, Jumbo, VA, fixed, variable rate, adjustable, etc. As always, we are committed to turning your homeownership dreams into realities.

What to Know about Jumbo Loans in Fort Lauderdale?

Jumbo Loans in Fort LauderdaleIf you are looking to buy a new home, you may be eligible for a jumbo loan in Ft. Lauderdale. For this area of the country, the price of the property must exceed the conforming limit which is $424,000. Again, the housing governing agencies – Freddie Mac and Fannie Mae set this limit. Here are the requirements and criteria that you must meet to qualify for a jumbo loan:

  • A minimum credit score of 680. You may still be eligible with a lower credit score if you make a larger down payment.
  • A 20% downpayment. Some lenders will waive this requirement if you meet other criteria.
  • Debt to income ratio of less than 43%. Again, some lenders do deviate from this percentage if you meet other requirements for approval.
  • Applicants must have all necessary paperwork for loan approval: proof of income, proof of liquid assets, paperwork on other loans, evidence of non-liquid assets, etc.

If you meet these criteria, we can help you find the right jumbo loan lenders, and our NHL team will help you from start to finish. From timely answers to questions to loan advice, we can help you if any additional requirements are needed for expedited jumbo loan approval.

How Hard is it to Qualify for a Jumbo Loan?

Getting approval for jumbo loans is not easy. Lender approved many homeowners for jumbo loans across Florida before 2007 – 2008 due to lenders helping borrowers with extended financing. However, the economic downturn left the industry with countless foreclosed properties after 2008. With this in mind, lenders implemented stricter guidelines for jumbo loan approval. These governing rules were instituted in 2017 and continue to be the approving factor for all new and existing homebuyers.

At NHL, we are here to help you get approved for a jumbo loan, and we showcase the best loans, at the best rates, with flexible repayment terms from top-rated national lenders.

However, if you are not approved for a jumbo loan, we offer a full suite of other loans you may be eligible for. With a seasoned and dedicated team, NHL is always committed to meeting your home loan, mortgage, or re-financing needs including timely applications and filings and a team that goes above and beyond to give you the best chance for approval.

Simply visit our website or give us a call to discuss your loan needs with a certified lending specialist. We also feature helpful resources and a conventional loan finder app on our site.

For more information on jumbo loans in Fort Lauderdale, contact us today or visit our website.


By |2020-03-12T12:38:21+00:00February 6th, 2019|blogs|Comments Off on Can First-Time Home Buyers Get a Jumbo Loan?