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.
We are now offering financing on Condotels (Condo Hotels)! Here are some of the guidelines:
The Wall Street Journal had a great article about “Whats Ahead for Jumbo-Loans Borrowers in 2016.” It goes on to talk about with a down stock market you could see rates get even lower and as I say time and time again, every 1% increase in an interest rate reduces your buying power 11%.
According to a report by RealtyTrac, it’s 48% more affordable than in 2006. Low interest rates have helped to contribute to this. No one can predict the future but rates are low now and can’t stay low forever.
The answer will always be that it depends as no two scenarios are the same but with where rates are right now for most it’s a good idea to put as little down as possible. There are many reasons for that such as owning a home as additional costs that renting does not.