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Florida Jumbo Loans

Jumbo loans are returning to the mortgage market after almost disappearing. executive vice president of residential and consumer lending at EverBank Financial Corp. in Jacksonville, Florida. He.

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Jumbo mortgages are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans. A jumbo loan will typically have a higher interest rate, stricter underwriting rules and require a larger down payment than a standard mortgage.

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Jumbo Loans- APR calculation assumes a $500,000 loan with a 20% down payment and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees if applicable. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR.

"We still continue to see ARMs as the preferred jumbo product of choice, though fixed-rate terms are becoming more attractive," says James Campanella, residential mortgage manager at City National.

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Florida Jumbo Loans are classified as any loan amount that is greater than the existing Fannie Mae loan limit in the county the property lies within. Generally, in the state of Florida, that normally means any loans over $417,001. Jumbo loans afford very similar qualifications as a conventional loan with the exception of the down payment amount.

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Another current deal of lenders of jumbo loans in Florida is to have an ARM loan that has a fixed rate for the first 5 or 7 years and becomes variable after that, changing yearly. These jumbo loans usually have very low starting interest rates, while they are fixed, and when the loan becomes variable, rates usually increase.

What’s A Jumbo Loan? A Jumbo Loan, otherwise known as a Jumbo Mortgage is a loan that’s above the conventional loan limits.This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $484,350 then neither of the two government-sponsored entities will purchase that loan and its considered a Jumbo loan.

A Construction-to-Permanent loan allows you to shop for just one loan when building a new home. It covers the financing during the building process and then transitions into a permanent loan once construction is complete, saving you the additional time and closing costs of two separate loans.

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