Jumbo mortgage loans are becoming more and more popular in Ft. Lauderdale. Varying by locations, the standard conforming limit is $417,000. Yet, this limit can be over $700,000 in places like Los Angeles. Following the mortgage meltdown, there were very few jumbo mortgages. Starting in 2013, lenders were more willing to offer more jumbo loans. However, with the recent boom in the luxury home market, jumbo loans are surging.
Today’s Luxury Home Market
Mortgages rates have hit recent lows, offering a clear incentive for people to purchase homes. When considering the luxury home market, the million dollar homes are surging in a variety of luxury real estate market, to include Fort Lauderdale. With entertainment, technology, and education, more and more luxury homes are being sold in the Ft. Lauderdale area. It is no surprise that Miami has an elite luxury home market, topping the charts for sales growth for homes priced at $10 million dollars and more. One report by cnbc.com notes that “Across all price categories, Florida elevated its coveted position as a top destination for the real estate elite.” With this in mind, it is important to not that these home sales have boosted jumbo mortgages. These mortgages allow home buyers to purchase the luxury homes they have dreamed of.
What are Jumbo Mortgage Loans
Jumbo mortgage loans are home loans that are over the conforming loan limit, which is established by regulations. As previously mentioned, the jumbo loan limit in a majority of the United States is $417,000 but can be over $600,000 in places like Hawaii and Los Angeles.
To qualify for a jumbo mortgage loan in Fort Lauderdale, borrowers need to have a solid employment record, cash reserves in bank accounts, a high credit score, and a low debt-to-income ratio. Also, borrowers should expect to make a down payment of about 20%, yet some lenders do make exceptions for well-qualified home buyers. For example, you may be able to find a lender that will allow you to make a down payment of 10% or 15%, if you have more cash reserves in the bank.
Nationwide Home Loans: About NHL Lending
Based in Florida, Nationwide Home Loans is a mortgage lending firm. Recognized for our customer service and reputation for closing even the most difficult loans, Nationwide Home Loans can help you with Conventional, FHA, VA, and various loan terms on fixed or adjustable rates. Let Nationwide Home Loans help you with your entire mortgage lending needs.
When you get your home loan through Nationwide Home Loans, you can expect us to help you through the entire mortgage process, from start to finish. You can also expect to have experienced staff to help walk you through all of the necessary steps. Our staff has extensive experience in the business and are dedicated to building relationships with buyers, real estate professionals, and home builders.
Your Jumbo Loan in Fort Lauderdale, FL
To make your home ownership goals a reality, let Nationwide Home Loans help you with your mortgage needs. As a full-service lender, we can offer you a variety of mortgage produces, including jumbo loans. With our mortgage capabilities, we are able to consider all of your mortgage needs and your current financial situation to help lay out your options. We can offer authoritative advice to make sure you close on your dream home with ease.
If you are ready to buy a property in Fort Lauderdale or South Florida, call Nationwide Home Loans for more information. As experts in the business we can consider your current financial situation and offer advise to get you in your dream home fast and through the mortgage process with ease. Not only can you expect to get a great rate, you can expect to get your loan closed as quickly as possible. Whether you need a jumbo mortgage loan, a VA loan, or another type of loan, we can help. We are also part of the Federal Housing Administration, providing thousands of people, with low and moderate incomes, credit and short term cash demands that can help with down payments and the closing costs associated with buying a home. Call us today at 888-995-6624