A Jumbo Loan for Your Dream Home
If you are looking to purchase a high-value home in the area, you should consider a jumbo loan. At Innovative Mortgage Services, our certified mortgage brokers work closely with clients to determine what home financing options are best-suited to their needs. If you are considering property in Port St. Lucie, Vero Beach, Stuart, Fort Pierce or the surrounding Florida areas, contact us to talk about your options. We offer jumbo loans with various terms, interest rates and down payment options to meet your goals to purchase or refinance a home.
A Non-conforming Conventional Loan
A jumbo loan is one type of conventional loan. Conventional loans are those that are provided by private lenders without backing from the federal government. They are different from non-conventional loans, which are government insured, like FHA or VA loans.
Jumbo loans are non-conforming conventional loans. They do not “conform” to the lending limits set forth by market lenders Fannie Mae and Freddie Mac, which own the large majority of conforming mortgage debt. Because jumbo mortgages are bought through investors other than Fannie Mae and Freddie Mac, they are considered a special type of conventional loan.
Qualifying for a Jumbo Loan
In Florida, jumbo loans typically are available for homes valued at $424,000 or more. Homes must undergo a property evaluation before approval is granted. These types of loans are a great option for our clients who need financing for a higher-cost home.
Jumbo loans have stricter qualifications than conforming loans and government-insured loans. Most of our clients who are approved for jumbo loans have a credit score of at least 700. We also consider debt-to-income ratio, which is usually in approval range at 45% or less.
Jumbo Loan Terms
The terms of a jumbo loan are variable dependent upon your credit and financial history. A low debt-to-income ratio and high credit score can improve the terms available to you in a jumbo loan. Traditionally, jumbo loans require a down payment of at least 20%. Increasing the down payment may also improve terms.
Jumbo loans can have fixed and adjustable interest rates with anywhere from one to 30 year mortgage terms. We work with a number of qualified lenders to provide competitive rates and flexible terms to you.
Getting Started Today
If you are looking for a home in Port St. Lucie, Vero Beach, Stuart, Fort Pierce, or surrounding communities, we are here for you. Our certified mortgage brokers have the connections in the community to process jumbo loans smoothly. From our qualified mortgage brokers and lenders to our connections with Realtors in the area, we can help at every step of the way. Contact Innovative Mortgage Services today to start the path toward home ownership with a jumbo loan.