Straight from the horses mouth…
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.
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:
- 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.
- You will need to be able to fully document your income and liquid assets to be used for the purchase or refinance.
- 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.