Jumbo Loans

Jumbo Loans

We lend up to 96.5% LTV (Loan-to-Value) and loan amounts up to $3 Million or more!

The maximum loan amount approved by Fannie Mae or Freddie Mac is typically $548,250 for a single-family residence, but can reach as high as $822,375 in higher-cost areas. Anyone in need of a larger loan will need to look toward non-conforming options such as the Jumbo loan. A jumbo loan is a mortgage with a loan amount that exceeds these limits. At JZ Mortgage Services, Inc. we offer jumbo loans on a variety of property types including primary residences, vacation homes, and investment properties throughout Bradenton, St. Petersburg, Sarasota, and Tampa.  We work with dozens of wholesale lenders to provide the best programs, rates, options, and service to meet your goals.

Since they are considered non-conforming and ineligible for purchase by Freddie Mae or Fannie Mac, Jumbo loans are generally a bit riskier for lenders compared to conforming loans. Lending criteria and credit requirements can be more stringent with a jumbo loan. Slightly higher interest rates can be charged as well. Some of the more common requirements that must be met for a borrower to qualify for a jumbo loan can be found below. One thing to note is that lenders can always set their own jumbo loan criteria as the loans do not need to adhere to the same Fannie Mae and Freddie Mac guidelines that conforming loans do.

Jumbo Loan Requirements

Credit Score – A credit score around 660 is going to be required for a jumbo loan. Lender-specific criteria set as well as the borrower’s unique financial situation may offer flexibility.

Down payment – Most lenders require a down payment of at least 20% for jumbo loans. We have lower down payments options with 5% for borrowers that qualify. Income and assets will need to support the lower down payment requirement.

Debt-to-Income Ratio and Income – A debt-to-income ratio of 43 percent or less is standard. Documentation such as W2 forms and recent paystubs or tax returns will be required to verify income. This is necessary to prove that you have the income and reserves necessary to cover your mortgage payments.  We also have Bank Statement Only programs, Asset Only programs, and other income options available.

Property Appraisal – The property being purchased will need to support the purchase price and the mortgage being applied for.

Documentation outlining proof of income, liquid assets, non-liquid assets, and any other loans that you may hold will be required so be prepared to provide this information. Lenders require this information to show that you have the ability to repay the loan you are applying for. Missing documentation can delay the approval process so the more information you can gather ahead of time, the smoother the process will be.

Jumbo loans can be a great choice for many different types of borrowers including those looking to purchase a more expensive home, investment property, or even a second home in Florida. At JZ Mortgage Services, Inc., we offer great rates and flexible payment options on jumbo loans throughout Bradenton, St. Petersburg, Sarasota, and Tampa. Contact us today for more information on jumbo loans in Florida and Ohio, or to begin the pre-qualification process.

JZ Mortgage Services, Inc.

James Zielinski NMLS # 972677

Equal Housing Lender

JZ Mortgage Services, Inc.

7815 2nd Ave NW
Bradenton, FL 34209