Sarasota Jumbo Loans

apply-now-todayIf you have considered your mortgage options in Sarasota, then you probably have heard something about jumbo loans. Sarasota jumbo loans are mortgages that exceed the loan limit of a particular area. Many lenders and mortgage servicers may not be willing to provide you one given the amount of money involved. However, with First Nationwide Lending, You can purchase the home of your dreams by acquiring a jumbo loan that exceeds the typical loan limit of $417,000.

Bigger Than It Sounds

Sarasota jumbo loans are provided generally by both Freddie Mac and Fannie Mae. Sarasota jumbo loans will have a higher interest rates and requirements than conventional loans. The average home loan limit in Sarasota is $200,000, and most buyers do not exceed that. But if you are looking for a high end home or luxurious property, than the limit may well over exceed, which is why you can attain a jumbo loan.

Qualifying For a Sarasota Jumbo Loan

Sarasota jumbo loans do have high requirements to quality. In comparison to conventional loans, besides the debt-to-income ratio, you need to show higher:

• Credit scores
• Down payments
• Cash reserves

Before acquiring Sarasota jumbo loans ask the local lenders and get different quotes. The interest rates are higher for jumbo loans than conventional ones, but different lenders will ask for different rates.

Is it Worth It?

While Sarasota jumbo mortgage loans let you acquire larger than usual loan amounts, but on the long run, you are paying more as well. The prices of properties in Sarasota are increasing and the costs of living are going up as well. Hence, acquiring a jumbo loan with a trusted vendor like First Nationwide Lending is a safe bet. Though you are paying more eventually, but the duration of the loan is also longer, typically about 30 to 50 years. Contact us today at (877) 422-4023 to know how you can benefit from the best jumbo loan lender in Sarasota.

First Nationwide Lending offers a variety of mortgage programs, including, but not limited to: purchase mortgages, refinance mortgages, reverse mortgages, FHA home loans, jumbo mortgage loans, USDA mortgages, HARP 2.0 refinance, and VA loans.

Contact Us

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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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