Getting Miami Jumbo Mortgage Loans

Getting Miami Jumbo Mortgage Loans

Miami jumbo loans are exotic loans, created for the purpose of enabling homeowners to purchase bigger, larger, more expensive homes, and being able to get financing towards them. For example, certain areas in Miami have condo’s and homes that cost more than $600,000 easily. In this situation, a Miami jumbo mortgage loan is helpful since it provides enough funds to purchase the property.

Technically speaking, most home loans nowadays are later sold to two big mortgage investors: Fannie Mae and Freddie Mac. Your mortgage lender sells “your loan,” to these institutions. By doing this, they are able to get money, which they can reinvest/now use, to give out more loans. This makes it so more and more consumers can become home owners. As a general rule of thumb, the maximum loan amount to meet Fannie and Freddie guidelines is $417,000; however each county may have higher limits.

While the underwriting process for Miami jumbo mortgages is similar to that for a conforming mortgage, the requirements normally differ.

In order to learn more about the underwriting requirements, contact First Nationwide Lending today. Our consultants will provide a personalized consultation and help you learn more about the loan process.

 


 

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