When Fannie Mae and Freddie Mac were allowed to purchase mortgages above the conforming loan limit of $417,000; everyone expected conforming interest rates for jumbo sized mortgages.  We have received many calls regarding this new program and must then update Florida homeowners or home buyers with the details.

We all know that current Jumbo loan interest rates are ridiculously too high. Whether you’re ooking for a 30 year fixed rate or one of several Jumbo ARM programs; the rates are high.  That’s where the new Jumbo Conforming program does help.  The new Jumbo Conforming interest rate is higher than true conforming loans under the $417,000 amount; however, it is much lower than today’s typical Jumbo mortgage.  Keep in mind, that just because the program lifts the limits on Fannie Mae and Freddie Mac mortgage limits, the rate is slightly higher to offset assumed risk.

In Florida, the new Jumbo Conforming loan limitincreases only applied to 7 counties; Broward, Collier, Manatee, Miami-Dade, Monroe, Palm Beach and Sarasota. In fact, Palm Beach county is enjoying an increase in loan size from $417,000 to a whopping $423,750.  That helps? The remaining counties in Florida are still restricted to the $417,000 limits.

Please take time when shopping for your new Jumbo Florida mortgage; by speaking directly with a seasoned Mortgage Professional and remember; if you’re a Florida Veteran, VA home loans are available with very low fixed rates and loan amounts up to $1,000,000. Questions can be answered by calling our team at 888.399.0520.

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