What Is Needed To Get A Jumbo Mortgage in Fort Lauderdale?
A Jumbo Mortgage is any amount above the conforming loan limits for that county. Right now in Palm Beach, Broward, & Miami-Dade counties it is $423,750.
The documentation requirements really aren’t that much different then getting any other loan. You need the following documentation:
- Most recent paystub
- 2 years of W-2s
- 2 years of Personal Tax Returns (Form 1040 with all pages)
- If you are self-employed you will need 3 years of your personal and your corporate tax returns
- 2 most recent bank/brokerage statements with all pages even if they are blank
This is a must to get upfront when being pre-qualified. You may think you make $X per year but the way we have to calculate income might be different. This is so important because if this is not done from the beginning there is a lot of time and money that will be lost for the borrower and everyone else involved in the transaction. You need to listen to your mortgage professional because if they do not do their job correctly it affects a lot other people with a financial stake in the transaction.
In Fort Lauderdale and South Florida you will need to put down at least 20%. Every lender out there has different rules. It is always best to have a credit score of 740 or higher. You can get a loan with as low as a 620 credit score but the interest rates and down payment are going to be higher. You can typically get away with putting 20% down on loan amounts up to $1 million and depending on the strength of the loan up to $2 million on a primary residence. Anything above that will most likely have higher down payment requirements.