Florida Jumbo Loan Information

What is a jumbo loan?  A jumbo loan is based on a home owner obtaining a mortgage, the minimum is $417,000 and up and varies as some jumbo loans have a limit. These loan limits are set by the Federal National Mortgage Assocation (FNMA).  Generally speaking jumbo home loans or mortgages carry a higher interest rate and based on credit and debt will determine how much of a down payment requirement will be and whether you qualify for a home loan.  

• With most jumbo loans you may purchase a condo, single family home or even 1 to 4 units and must be either your primary residence, second home or an investment property. 
• Due to the number of high rise condominiums located on the beach, it is important that the jumbo loan that you apply for will approve a high rise building.  Each mortgage company, lender and investor rules vary. 
• Jumbo loans can be a full document loan or a loan where there is no income and/or asset verification.  
• Jumbo loans can go as high as 20 million, again, each bank, lender and financial institution varies.

Whether you are purchasing a luxury condo or condotel, we work with the best lenders in the area and we would be happy to assist you in buying a luxury condo.  For more information on jumbo loans or to get approved for a mortgage, feel free to contact the Daytona Luxury Condo Team.  We list and sell luxury condos and real estate in the Greater Daytona Beach area!