Tampa Jumbo Loans

apply-now-todayAt First Nationwide Lending, we realize that many potential home buyers are unable to buy their dream home due to the size of a regular home loan. For residents of Tampa, jumbo loans are the perfect way to get your hands on that expensive dream home. But, do you qualify for this larger than life home loan?

Tampa Jumbo Loans Require Higher Credit Scores

When it comes to any home loan, you need to have a good credit score. You may be able to renegotiate your credit score requirement if you make a larger down payment. However, it’s different with a jumbo loan.

If you want to acquire a jumbo loan, you need a higher than average credit score. In most cases, lenders check to see if you have a credit score of, at least, 720. In many cases, this credit score requirement does not go much if you make a larger deposit.

Tampa Jumbo Loans Require Larger Down Payments

Contrary to popular belief, Tampa jumbo loans require a much larger down payment. In fact, most jumbo loans require at least a 15% down payment. Considering the size of the home loan you can acquire, this can be quite a substantial amount.

Tampa Jumbo Loans Carry Higher Interest Rates

One of the most important questions you can ask yourself is can you pay the higher interest rates? Contrary to popular belief, Tampa jumbo loans have a higher interest rate, usually 0.5% higher than your average home loan. As such, while it may take longer to pay off the home loan, you will be paying more for your home. Evidently, it will take longer for you to truly own your home.

For further information on these larger than life home loans, visit First Nationwide Lending’s rate quote page or contact us on (877) 442-4023.

First Nationwide Lending offers a variety of different financial programs, depending on the needs of the consumer. Our loan options make it possible for anyone, and everyone, to refinance, or purchase a home. Take advantage of our programs: purchase mortgages, refinance loans, FHA home loans, jumbo mortgage loans, HARP 2.0 mortgages, VA loans, USDA loans, and reverse mortgages.

 

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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