Who Qualifies for a Jumbo Loan in Florida?
To qualify for a jumbo loan, borrowers must typically meet higher income and credit requirements compared to standard mortgages. Qualifications include:
- – Credit scores of 680 or higher
- – Low debt-to-income (DTI) ratio typically below 50%
- – Verifiable employment or retirement income for two years
- – Proven financial reserves which are enough to cover 6-12 months of mortgage payments
Jumbo loans are popular among high-net-worth individuals, real estate investors and those seeking historic and modern custom homes in Florida's luxury market.
Required Down Payments
Down payment requirements for Florida jumbo loans vary and start at 10% up to $3 million with very high credit scores. Otherwise, a 20% or more down payment is necessary based on the loan size, credit history and debt to income ratios. Higher down payments or lower rates through a paying a discount point are required when your DTI is over 50.