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.