Straight from the horses mouth…

February 9th, 2009 | categories: Buying Real Estate in Coconut Grove

In my daily read this morning I saw that James posted some useful information on Jumbo Loans (any loan over $417,000).   Since the average price of a home in Coconut Grove is about $1,000,000, most buyers here must qualify for a Jumbo Loan.Horses Mouth

You may be surprised to know that through Wells Fargo, James is still offering fixed, adjustable and interest only loans with rates starting as low as 5%.

In his post, James lists the 3 requirements for Jumbo Loans:

  1. You will need to make a minimum of a 30% down payment or have 25% equity in your home in the case of a refinance.
  2. You will need to be able to fully document your income and liquid assets to be used for the purchase or refinance.
  3. Your median credit score will need to be greater than 700.

If you have any questions about Jumbo loans feel free to give James Venney a call at 305.960.2671, or send him a note here.

Written by Riley Smith

This entry was posted on Monday, February 9th, 2009 at 8:57 am and is filed under Buying Real Estate in Coconut Grove. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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