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.
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.