Florida Jumbo Loans

apply-now-todayFlorida jumbo loans have been the center of a lot of recent attention. As the name suggests, these loans are much larger than your average loan. In fact, the size of the average jumbo loan is significantly large than your average conforming home loan. Here is a closer look at jumbo loans.

What are they?
Florida jumbo loans are your larger than average loan, usually provided by Freddie Mac and Fannie Mae. Your average home loan rarely exceeded $200,000. In many cases, particularly where a large home or luxury condominium was involved, home loans could exceed conforming limit of $417,000. Loans which are larger than the conforming limit are known as jumbo loans.

Is there a point to Florida jumbo loans?
With the value of homes increasing every day, it has become significantly costlier to own your very own home. As such, an increasing number of home buyers applied for jumbo loans, an act which was once seen only by the rich/elite.
As stated, these loans allowed home buyers to acquire significantly larger loans and repay them in significantly longer intervals; typically 30-50 years.

What’s the Catch?
Well, you knew there had to be a catch, right? While you may borrow more than the standard limit with Florida jumbo loans, you do have to pay more. With a jumbo loan, you are likely to pay interest rates much higher than that given on the average home loan. In fact, it could be more than 1.0% of the average loan.

Florida jumbo loans truly are amazing. They let you bypass the usual limit of $417,000 so you can purchase your dream home; no matter how expensive it is. Of course, you may have to pay more in the long run but it’s worth every penny considering what you gain. If you need more information on jumbo loans, we encourage you to contact us at (877) 442-4023.

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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