Jumbo Mortgage Options
A jumbo mortgage is any loan amount over $417,000 in Broward, Palm Beach, and Miami Dade Counties. Right now you can get away with as little as 10% down depending on the loan amount.
Another option would be to get a $417,000 1st lien with a 2nd lien for the remainder over $417,000. The benefit of that is that jumbo guidelines can be more stricter. The downside of the 2 loans is that the 2nd loan is an adjustable rate mortgage.
Everyone’s situation is different so make sure that you are being given all of your options so you can make the best decision for you and your family!