Rising values of homes in New York and Florida may create challenges for borrowers in need of financing to complete the purchase of a new home or refinance the mortgage on an existing one. MortgageDepot has the solution with our jumbo loan program. Our jumbo loans in New York and Florida give borrowers flexibility with loan amounts exceeding the lending limits of conforming loans, which can be substantially lower than what may be needed by buyers and homeowners.
What are jumbo loans?
A jumbo loan derives its name from the fact that it has substantially higher lending limits than found in conforming loans. For example, we offer borrowers in New York and Florida the opportunity to borrower up to $2.5 million with a jumbo loan. Our experienced loan specialists in New York and Florida work closely with clients to find the loan product with the lowest interest rates to fit each borrower’s particular circumstances.
Terms of our jumbo loans
Because we work with an extensive network of lenders, we offer jumbo loans that include the following terms:
- 30-year mortgage products.
- Acceptable credit scores for borrowers as low as 700.
- Financing available primary residences as well as for second homes.
- Depending upon the credit score and loan-to-value ratio, up to $500,000 cash-out is available when financing a primary residence.
Borrowers must meet eligibility guidelines for our jumbo loan program, including completion of an appraisal of the property to support the particular lender’s loan-to-value criteria.
Speak to the mortgage professionals
Because we are an independent mortgage brokerage with access to a network of lenders throughout the country, we offer loan programs to suit the needs and financial situation of all borrowers. Our jumbo loans in New York and Florida represent only one of the many types of mortgage products our loan specialists have available to offer.
We take pride in being one of the premier multi-state mortgage brokers focusing on borrowers from culturally diverse communities. Learn more about our jumbo loan program and all of the other financing options we have available by going to MortgageDepot.com to be put in touch with one of our loan officers.
Contact one of our loan consultants to learn more about this program.
Have questions or need help?
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