What is a Jumbo Loan?

A jumbo loan is a unique mortgage solution designed for homebuyers looking to purchase high-priced properties. Unlike standard mortgages, jumbo loans surpass the conforming loan limits set by federal agencies, allowing borrowers to finance luxury homes or properties in high-demand areas.

Why Consider a Jumbo Loan?

1. Higher Borrowing Limits: 

Jumbo loans empower you to finance properties that exceed the typical loan size limits. Whether you’re eyeing a house or a condominium  in a prime location like Miami Beach or Coral Gables, a jumbo loan can be your key.

2. Flexible Property Choices: 

From primary residences and vacation homes to investment properties, jumbo loans cater to various property types.

3. Competitive Interest Rates: 

Contrary to popular belief, jumbo loan rates can be as competitive, if not more so, than conforming loans. The rate landscape is ever-evolving, and at times, jumbo loans even offer better rates.

Understanding the Limits

Jumbo loan limits are primarily determined by the property’s location and value. For the year 2024 for Miami Dade and Broward any loan amount over $766,550 is considered a Jumbo Loan. 

What About Downpayment?

We will analyze your finances and the property you want and provide you with information about the minimum required down payment. We offer programs starting at 10%.  However 20% down payment will usually work better to obtain favorable terms. 

Is a Jumbo Loan Right for You?

If you have a robust financial profile, a good credit score, and are in the market for a luxury property, a jumbo loan can be an excellent fit. However, always ensure that you’re not stretching your finances too thin. It’s advisable to consult with a mortgage broker to explore the best options tailored to your needs.

Can I get approved for a Jumbo Loan as an international investor ? 

Yes, as an international investor, you can apply and obtain a jumbo loan with excellent terms for a second home or investment property. You do not need a social security or US income to qualify for a large loan amount 

Why Choose Miami Lending Advisors?

At Miami Lending Advisors, we pride ourselves on being among Florida’s top-rated mortgage companies. We offer a plethora of mortgage solutions tailored to fit your unique home buying or refinancing needs in Florida. Whether you’re looking for a Jumbo mortgage for your primary home, secondary home, or an investment property, we have a personalized solution for you.

Expertise: We are Florida Mortgage Experts, offering more options, transparency, and a simpler way to find the right mortgage program for your unique situation.

Diverse Mortgage Options: From Conventional loans  to unique properties like Condo, Condotel, Co-Op, or Non-Warrantable Condo, we have your mortgage solution.

Personalized Consultation: Contact our Florida Mortgage Experts for a tailored consultation or use our Home Purchase Qualifier to expedite your Mortgage Pre-Approval.

Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.