The Real Deal Miami

Jumbo mortgage loans booming in South Florida

Number of loans has grown 37 percent
February 09, 2015 02:45PM

Bank of America

Lenders such as Bank of America have been increasing their jumbo loan portfolios.

Jumbo mortgage loans from banks in South Florida are growing in size and dollar amount.

Lenders like TD Bank, Suntrust, Northern Trust, JPMorgan Chase Bank and Bank of America have been greatly increasing their jumbo loan portfolios, according to published reports.

These loans are for amounts larger than $400,000 and exclude national mortgage companies such as Fannie Mae.

The dollar sum of these loans grew $1.76 billion in 2013, with a 37.1 percent growth in the number of loans from about 5,000 to nearly 7,000, the South Florida Business Journal reported.

Jumbo loans have even surpassed conventional loans in South Florida, which dropped 2 percent in 2013, the publication reported.

Mortgage rates have hit their lowest point since mid-year 2013, with average rates on a 30-year fixed loan going as low as 3.63 percent. [South Florida Business Journal]Sean Stewart-Muniz