Jumbo Loans

Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits.   That loan amount varies by County, but in most of Florida it is $424,100.  Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.  We do have a wholesale lender that offers a 5/5 ARM with fantastic rates with only 10% down.   The rate is fixed for 5 years and then adjusts and is fixed for 5 more years.  The rate is lower than the Fannie 30 year fixed rate on Conventional sized mortgages.  Of course if you are putting down at least 20% then we have fixed rates and even more options on ARM’s.  If you are looking for a Jumbo loan in Gainesville or Alachua County, or anywhere in Florida contact Alligator Mortgage for more information.