Are you planning to move to a new state but still have to decide which one? You might want to consider Florida. It offers, among others, a warm and sunny climate. No wonder many people come to the state for good – and one of the reasons why mortgage applications continue to increase.
If you choose Florida as a new place to live and are considering a mortgage application, you might want to consider jumbo loans in Tampa, FL. Here are some compelling reasons why:
Loan limits – the jumbo loan limit in Florida for most counties is USD 726,200; USD 874,000 for counties along the coast. In Hillsborough County, where the City of Tampa belongs, the conforming loan limit for a single-family home is still 726,000 – above are considered jumbo loans in Tampa, FL.
Cost of Living – Tampa, FL, has a lower cost of living versus some other states, which can impact the affordability and size of jumbo loans. A relatively lower cost of living can be a factor for higher loan amounts and more accessible jumbo loans in the city.
Property types – different states may have variations in the types of properties that qualify for jumbo loans. In Tampa, you may apply for jumbo loans for single-family, duplex, triplex, and quadruplex homes.
Local lenders – the presence of local lenders or regional banks in Tampa, FL, may contribute to differences in jumbo loan options. However, it can also mean easy access to these loan options. Local lenders usually have specific programs or requirements tailored to the local market, potentially offering more competitive rates or specialized loan products.
State regulations – different states may have requirements and laws variations that impact jumbo loans, such as usury laws, foreclosure processes, or mortgage licensing requirements. These factors are crucial to jumbo loan applications. So, check out how the state regulations play a part when comparing jumbo loans across different states.
Are you looking for a local mortgage broker that serves clients applying for jumbo loans in Tampa, FL? Consider adding Homeplus Mortgage to your list of prospects.