• Michael Macias

    Michael Macias

    Mortgage Broker / Owner
    NMLS# 1323697

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    South Florida jumbo mortgage

    Why a Jumbo Mortgage?

    If you’re looking to buy an expensive home and need a large loan amount, a Jumbo Mortgage could be the right option for you. Jumbo Mortgages exceed the conforming limit on loans set by Fannie Mae and Freddie Mac.

    What are Conforming Limits?

    In most states, the conforming limit is around $453,100, but varies by location. Other areas that are specified to have a higher cost of living have a higher conforming limit of about $679,650. If you are looking to purchase a home and would like a loan amount greater than the conforming limit for your area, it’s likely that you will want to apply for a Jumbo Mortgage.

    Will I Have Mortgage Insurance?

    There is no private mortgage insurance (PMI) with a Jumbo Mortgage. To qualify, requirements for the borrower will be different compared to requirements of other loan types. Usually Jumbo Mortgages require a lower debt-to-income ratio, a higher credit score, and a more substantial down payment.

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    Contact Michael Macias

    Michael Macias

    9850 Stirling Road Suite 105
    Cooper City, Florida 33024
    (305) 467-7910
    NMLS# 1323697

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