For purchase or refinance, the year 2022 Conforming Limit in Florida is $647,200 and goes up to $710,700 for high-cost counties for one-unit properties. Jumbo Loan amounts are those loan amounts that are higher than these.
Jumbo loans have a variety of Non QM & Alt-Doc solutions too, like assets based or cash flow underwriting. You have an option for interest-only monthly payments.
Jumbo Loan documentation can be stricter than other loan types. These stricter guidelines may be escaped by doing two loans: a First TD loan at or below the conforming limit and a Second TD loan closing at the same time as the First.
For purchasing Jumbo loans in Florida, you get to pay a 20% down payment of the buying price. The exceptions can be getting a second mortgage. For example, get a 75% first mortgage and a 15% second mortgage. Monster Mike Mortgage assists you with finding the best beneficial deals for your luxurious properties.
Maybe You Need a Super Jumbo loan amount? The Monster on your side has Super Jumbo Loan Amounts up to $30,000,000 - THAT'S 30 MILLION DOLLARS!
Other exception type underwriting include: Pledged Assets; Cross Collateralization; DSCR; Bridge-to-Sale; 12-month bank statement qualifying; Cash-Flow maximizer, Interest Only Monthly Payments (IO); etc.
Call on MonsterMike to brainstorm which options are best for you)).
Jumbo loan financing is available for most property types, including condos, single-family detached houses, PUD, second homes and investments. Comercial Properties have Jumbo and Super Jumbo Options too!
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