Loan Programs

Jumbo Loans

Financing for homes priced above the conforming loan limit.

When a loan amount goes above the conforming limit set each year by the Federal Housing Finance Agency, it is a jumbo loan. In much of Miami-Dade and Broward that limit is easy to pass.

Jumbo guidelines vary more from lender to lender than conventional ones do, which is where working with a broker helps. Kam can shop several jumbo lenders for the terms that fit your file.

Options

Jumbo options

Fixed-rate jumbo

A predictable payment for the life of the loan.

Adjustable-rate jumbo

A lower initial rate that adjusts after a set period.

Jumbo for self-employed

Bank statement and asset-based jumbo programs for business owners.

Requirements

What lenders look for

1Credit scoreMost jumbo lenders look for a score of 700 or higher.

2Cash reservesExpect to show several months of payments in savings or investments after closing.

3Debt-to-income ratioJumbo limits are often stricter than conventional ones.

4AppraisalLarger loans may require a more detailed appraisal, and some lenders require two.

Benefits

Why borrowers choose it

Finance high-value homes

Buy waterfront and luxury property without combining multiple loans.

Competitive pricing

Jumbo rates can be close to conventional rates for strong borrowers.

Lender choice

Kam compares jumbo programs across lenders because guidelines vary so much.

Guidelines shown are typical and vary by lender. Loan approval, rates and terms depend on credit, income, property and lender guidelines. Program availability and requirements are subject to change. This is not a commitment to lend.

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