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Boca Raton Jumbo Mortgages
Jumbo Mortgages Boca Raton Florida - http://www.prestonware.com/jumbomortgagebocaratonrnrnBoca Raton, Florida is a good example of a town that is going to have more Jumbo mortgages in 2014. Boca Raton had about a 20% increase in home prices in 2013 so many would be million dollar homes will become million dollar homes and listings in 2014. rnrnThere are also a lot of amazing condominium communities in Boca Raton such as the Highland Beach area which cater to the jumbo mortgage customer.rnrnMy bank has six different sources that we use to underwrite Jumbo Mortgages! If you are considering an owner occupied single family home or condo the guidelines are actually quite good. Jumbo mortgages deal with loan amounts over $417,000. $418,000 to $650,000 is a Jumbo mortgage loan size, when we venture into Super Jumbo this includes much higher loan amounts with relatively few restrictions. rnrn 1.) I can do 80% financing with a 720 credit score on either a single family residence or a condominium up to a$1,500,000 threshold when you are going to live in the property. (Primary residence) That is actually better than conforming guidelines for condos which usually stop short at 75% financing and a limited review of the condo questionnaire. rn 2.) I can do 75% financing up to $2,000,000 with a 720 middle credit score and 70% financing over $2,000,000 with a 720 middle credit score.rn 3.) Keep in mind when you are shopping in the jumbo market that you will need to show at least 12 months of reserves for Principal, Interest, Taxes and Insurance.rn 4.) If you are second home shopping in Florida be prepared to put more money into the transaction if it is a house. If it is a condo consider you maximum loan amount $650,000. I am fortunate to say that I can offer that, many sources don't like to write loans of any type for jumbo second home condos. rnrn rnrnJumbo Pricing is excellent right now!rn• If you have a 720 middle credit score you can do 80% financing and receive a fixed rate in the low four'srn• I have a 90% option as well with mortgage insurancern• I have an 85% option with no mortgage insurance but needs a 740 scorern• Adjustable rate pricing is incredible right now. You can look at a 5/1 ARM or a 7/1 ARM and get your rate into the 3% range.rn• Fixed Rate Pricing is in the low 4's.rnHere is the Reason Why we will see more Jumbo Mortgages in 2014rnrnAccording to researchers at DataQuick.com, a Real Estate News web site, the number of homes sold at more than $1 million dollar threshold, rose nationally by 37% in the first half of 2013.rnrnPreston Ware - Florida Mortgage Bankerrnwww.prestonware.comrn561-329-0075
- Posted on: 2014-03-09 10:47:04
- Classified ad views: 2
- Item ID: 1192247