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Jumbo Loan

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What is a Jumbo Loan?

What if you need to borrow more money than is possible using a conventional conforming loan to buy your dream home? Jumbo mortgages are property loans that exceed the conforming loan limits to buy a high-priced or luxury home. Be aware that Jumbo Loans are riskier for lenders, so the conditions tend to be more stringent.

Many borrowers may be concerned that Jumbo Loan rates in South Florida could be excessive compared to Conventional Loan rates. That is a common misconception. Some lenders charge high-interest rates for Jumbo Loans, but Us Invest Financial – Mortgages in Spanglish can find rates comparable to Conventional Loans.

If you have a high credit score and low debt-to-income ratio, a Jumbo Loan or non-conforming loan could be right for you. The Federal Housing Finance Agency (FHFA) extended the maximum conforming loan limit in 2022 for a single-family property to $647,200. In certain high-cost areas, the ceiling for conforming mortgages could reach $970,800.

If your loan exceeds the FHA mortgage limit for a single home over $647,200 in Miami, Pembroke Pines, Lauderhill, Coral Gables, Weston, or West Palm Beach, you must apply for a Jumbo mortgage.

Monroe County and the Florida Keys are the only exceptions allowing for conforming loan amounts higher than $710,700.

With a Jumbo Loan is possible you may need two appraisals to complete the application.

Looking for an upscale home or buying a property
where the cost of living is high?

Check out if you qualify!

GET AN ESTIMATE FOR A JUMBO LOAN

How to Qualify for a Jumbo Loan in Miami?

Solid credit score.

Getting approved for a Jumbo Loan in Miami-Dade, Broward, or West Palm Beach with a slightly lower score is possible, but you will get the best offers with a higher score. Banks require a credit score of 660 or more.

Please get in touch with one of Us Invest Financial if you don’t know your credit score or want to know what you can and must do to increase your credit score for free and get the best interest rates for your loan.

The consultation and the steps to improve your credit are free.

Income-to-debt ratio must be below 50% of your total income.

A 43% or lower is ideal, but if you have considerable assets, this requirement may not apply.

Every scenario is different and every customer is a world. Ask for your situation in particular by calling or filling out the application below.

Show your assets.

You must have at least six months of reserve cash to apply for a Jumbo Loan. The banks will also look for a good, steady income for the last 2 or 3 years.

Keep in mind that you will need to pay more down payment than a conforming loan when buying a property with a Jumbo Loan. Usually between 15% to 30%. Also, the closing costs for Jumbo Loans are typically higher than for conventional loans.

No Private Mortgage Insurance.

One advantage of jumbo loans is the possibility of not paying for private mortgage insurance (PMI).

PMI is required when you are making a low-down payment, like FHA Loans for example.

How convenient is a jumbo loan for you?

ASK Us Invest Financial

Is a Jumbo Loan Good for You?

Now that you know a little more about Jumbo Loans, you might consider if you will be able to handle the costs associated with a larger monthly mortgage.

If you are in the market for a bigger home, a premier property, or simply moving to an area in South Florida where the cost of living is elevated, you might be in for a Jumbo mortgage.

So, as you conduct your home search, call Us Invest Financial – Mortgages in Spanglish to help decide how high you can go for that lofty investment.

Apply Now for a Jumbo Loan in South Florida

You have questions about Jumbo Loans, and Us Invest Financial – Mortgages in Spanglish have the answers. Please call us to get the answers you need in English or Spanish or start the application process here below.

We look forward to matching you with the Loan Mortgage that fits your needs.

Do you have questions? We know you do!

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FREE Jumbo Loan Qualifier

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that huge house you want?

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Welcome to US Invest Financial- your premier Doral Mortgage Broker and much more! Securing a residential or commercial loan can be intricate, but with our expert Home Loan Expert and 2517771 NMLS Licensed Brokers, your journey to property ownership or investment is streamlined and supported. Not only do we specialize in delivering the most Reliable Financial Consultant service, but we also pride ourselves as a guiding light in the Commercial Loan Assistance space, ensuring your business ventures are supported by strategic financial advice and solutions. Our team, with its astute Qualified Mortgage Advisors, is here to illuminate your path in the often complex realms of real estate with a strategic Property Investment Guide crafted to your unique circumstances and investment aspirations. Whether seeking Residential Home Loan guidance, exploring Affordable Investment Properties, or necessitating adept Local Mortgage Solutions, we are here to amplify your financial and investment potential in Doral and beyond, propelling you towards secure and prosperous property endeavors. Begin your journey with the most adept and dedicated financial team now – Connect with The US Invest Financial today!

This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms, and conditions subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will quialify. As prohibited by federal law, we do not engage in business practices that discriminate based on race, color, religion, national origin, sex, marital status, or age because all or part of your income may be derived from any public assistance program or because you have, in good faith, exercised any right under the Consumer Credit Protection Act.