Howard Dyal, President and Principal Broker, Prodigy Home Loans
During the downturn in the housing market many lenders were skittish about offering jumbo loans – a mortgage loan that exceeds the “conforming limit,” or the maximum Fannie Mae and Freddie Mac will buy. In Florida, that limit is $417,000. An increase in housing prices coupled with less stringent lending requirements has led to a comeback in these larger-than-normal mortgage loans.
Even more good news is that Prodigy Home Loans now offers a jumbo loan with a down payment of just five percent for loan amounts of $417,000 to $625,000 for qualified buyers purchasing a single family, primary residence. This is a stark contrast to most lenders that require at least 20-25 percent on a jumbo loan.
Better yet, there is no need to worry about costly mortgage insurance that would typically be required on a loan-to-value of more than 80 percent. In some cases, the MI may be prepaid by the lender, saving you hundreds on your monthly mortgage payment.
Owning your dream home has never been more affordable. Contact us today for more information. One of our experienced loan professionals will be happy to assist you.