For borrowers who need a loan that exceeds the Conventional, FHA, VA, or USDA limits (currently $424,100 in most FL counties), Jumbo loans are available. These have different underwriting guidelines and standards from the rest of the loans. Here’s why you’d consider a jumbo loan:
- Larger loan amounts are the obvious reason borrowers require this type of loan. These are basically portfolio loans, which typically require much more stringent underwriting and appraisal guidelines.
- Sophisticated income situations are common with business owners and high-income earners. Often times these scenarios fall in the need for a Jumbo loan, too.
- Strong assets are almost always required with Jumbo loans, including a larger % of down payment, and required assets in the bank after closing.
