Buying high-value real estate in Kentucky or Florida sometimes means borrowing above the Fannie Mae and Freddie Mac conventional conforming loan limits.
For borrowers looking to borrow outside those limits, we offer jumbo mortgages.
What is a Jumbo Mortgage?
A jumbo mortgage is a type of conventional loan, which means that it is not guaranteed by a government agency like FHA or VA.
It is sometimes called a “non-conforming” loan, because it does not conform to the loan limits for Fannie Mae and Freddie Mac.
Do You Need a Jumbo Loan in Florida
To understand whether you need to apply for a jumbo loan or a conforming conventional loan, you need to look up the loan limits for the county in which you are shopping for your new home.
Louisville, Kentucky, is in Jefferson County. The conventional loan limits for Jefferson County, KY are:
Cape Coral, Florida, is located in Lee County. The conventional loan limits for Lee County, FL, are:
We have offices in both of these cities, but we work with borrowers throughout Florida and Kentucky. Thankfully, the loan limits are the same in every county in both of these states, making it easy to figure out whether you need a jumbo loan or not.
We are also licensed to work with customers in Tennessee, Indiana and Colorado.
Although most of the counties in these states also have the same loan limits, in some high-cost counties, there are also higher loan limits. For example, in Summit County, CO, the loan limit for a one-unit residence is $822,375.
How to Qualify for a Jumbo Loan in
Louisville, Cape Coral or Beyond
The application processes for jumbo loans and conforming loans are much alike. But because you are borrowing a higher sum with a jumbo mortgage, you will need more competitive qualifications.
We will look at:
- Your credit score.
- Your debt-to-income (DTI) ratio.
- Your down payment ability.
- Your cash reserves.
- Your employment status.
You should have at least six months of cash reserves, and you should be able to make a minimum down payment of 15%. You might need two appraisals.
Applying for a jumbo loan does not need to be difficult, nor does qualifying.
In fact, even first time homebuyers can purchase homes with non-conforming loans. We are here to make sure that the process is as fast and easy as possible no matter your situation.
Apply Now for a Jumbo Mortgage in
FL or KY
Don’t let conventional conforming loan limits hold you back from purchasing your dream home. We can connect you with a jumbo loan featuring competitive rates. To get started now, please give us a call at (502) 327-9770 in Kentucky or at (239) 766-834 in Florida.