A lot of homeowners hear “you can only cash out 80%” or “a second home needs 20% down” and stop asking. Those are common rules, but they aren’t the only rules. As a mortgage broker with access to many wholesale lenders, I can shop programs that a single bank may not offer.

Here are three I’ve been talking about with clients this fall.

1. Cash-out refinance up to 90% of your home’s value

Most conventional cash-out refinances top out at 80% of your home’s value. Some programs now go up to 90% on a primary residence, up to the conforming loan limit.

  • Primary residence only
  • 30-year fixed
  • Mortgage insurance is required above 80%
  • Minimum credit score and debt-to-income limits apply

Who it can help: homeowners who want to pay off higher-interest debt, fund a renovation, or consolidate a second mortgage, but who don’t have quite enough equity for a standard 80% cash-out.

Not sure if a cash-out refinance, a HELOC, or a second mortgage fits you better? See our cash-out refinance guide. I’ll run the numbers on all three.

2. Second home with as little as 10% down

Thinking about a beach condo, a place near family, or a getaway you’ll use part of the year? Conventional second-home financing is available with as little as 10% down for qualified borrowers. The required down payment depends on your credit score.

  • Single-family homes, condos, townhomes, and PUDs
  • Conventional guidelines apply
  • The home must be for your personal use, not a full-time rental

If you plan to rent the property out, that is a different loan. Ask me about business-purpose loans for non-owner-occupied rental property.

3. Jumbo loans up to $3 million with 20% down

High-balance purchases in Ponte Vedra, Nocatee, St. Augustine, and the Beaches often go past the conforming limit. Some jumbo programs allow:

  • Purchase or rate/term refinance up to $3 million at 80% loan-to-value, primary residence or second home
  • Cash-out up to $2 million at 75% loan-to-value
  • Approval through automated underwriting, which can mean a smoother file
  • Reserve requirements and minimum credit scores that vary by loan size and occupancy

For more on how jumbo loans work in Northeast Florida, see our jumbo loans page.

Why work with a broker for these

Not every lender offers these programs, and the ones that do have different rules. My job is to match your situation to the right program and lender. Then I stay with your file from application to closing.

I’ve done this since April 18, 2000, and I’m proud to be a 2025 NAMB Mortgage Broker of the Year.

Next step

  1. Get a free rate quote. It takes about two minutes: Rate Quote
  2. Ready to apply? Start your application
  3. Prefer to talk? Call 904-880-6741.

Nathan Young, Founder & President, North Star Mortgage Network, Inc. Serving Florida since 2000. 12058 San Jose Blvd, Suite 404, Jacksonville, FL 32223 · 904-880-6741 · nathan@nsmn.com. Company NMLS #356789 | Nathan Young NMLS #325206.

Available for qualified borrowers. Program guidelines apply, and lender overlays may be stricter. Guidelines may change. Rates and terms are subject to change. Any rate or payment discussed is an estimate based on the information provided. All loans subject to credit approval. Equal Housing Opportunity.

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