Jumbo Mortgages Are Still Available for Sarasota Buyers
Many Sarasota real estate buyers don’t realize that you can still obtain financing for a jumbo mortgage. A jumbo mortgage is where the buyer finances $417,001 and over. Mortgages up to $1,000,000 are still readily available with a 20% down payment and a 700 or higher credit score. The current rate for a 5/1 ARM is 5.25% with 1 point origination. The 30 year fixed mortgage is currently 6.5% with 1 point origination. Mortgages in general are tougher to obtain than they were previously, however not real difficult to get. You must now qualify based on job stability, income, and good credit. Stated income programs are a thing of the past. In my opinion they will come back but it might be a few years.
Feel free to contact me if you have any questions or need any help with your financing.
Mortgage Loan Officer
6230 University Parkway Suite 101
Sarasota, FL 34240
Phone (941) 806-1108
Mobile (941) 545-5136
Fax (941) 296-7834