When the home you want costs more than what a standard mortgage can cover, a jumbo loan bridges the gap. In most of Florida, conventional financing caps out at $832,750 for a single-family property. In Monroe County (the Keys), that ceiling rises to $990,150. Anything above those thresholds requires a jumbo mortgage — a loan specifically built for higher-value real estate.
Jumbo loans are not backed by Fannie Mae or Freddie Mac. That means lenders set their own guidelines for approval, and those guidelines tend to be stricter than what you see with FHA or conventional financing. But they also come with advantages that matter for buyers in this price range: no mortgage insurance requirement regardless of your down payment, higher borrowing power that can stretch well past $3 million, and rate options that have become increasingly competitive with conforming loans in recent years.
Florida’s real estate market regularly pushes purchase prices past conforming limits — from waterfront properties in Fort Lauderdale and Naples to growing neighborhoods in Jacksonville, Tampa, and Orlando. Whether you are purchasing a primary residence, a second home on the coast, or an investment property anywhere in the state, jumbo financing is often the most practical path to closing.
Key Details
| Feature | Details |
|---|---|
| Down Payment | Starting at 10% — some programs allow as low as 5% for strong borrower profiles. Standard range is 10–20% depending on loan amount and property type. |
| Mortgage Insurance | None required — unlike conventional loans under 20% down, most jumbo products do not require monthly PMI. |
| Credit Score | 700 or higher — 720+ generally secures the most favorable rates. Some programs work with 680+ on a case-by-case basis. |
| Debt-to-Income (DTI) | At or below 43% — below 36% positions you for the best pricing. |
| Cash Reserves | 6 to 12 months of mortgage payments after closing. Higher loan amounts may require reserves on the upper end. |
| Fixed-Rate Terms | 15-year and 30-year fixed options available |
| Adjustable-Rate (ARM) | 5/1, 7/1, and 10/1 ARMs — often with lower initial rates than fixed |
| Property Types | Primary residences, second homes, vacation properties, investment properties, and condos (subject to additional review) |
| Loan Amounts | Up to $3 million or more — maximum varies by lender and borrower qualifications |
| Gift Funds | Accepted for a portion of the down payment on primary residences (sourcing and documentation required) |
| Rate Lock | Options available to protect against market movement during the closing process |
Jumbo vs. Conventional — Quick Comparison
| Feature | Jumbo | Conventional |
|---|---|---|
| Min. Down Payment | 10% (5% select programs) | 3–5% |
| Mortgage Insurance | None | Required below 20% down |
| Min. Credit Score | 700 (720+ for best rates) | 620 |
| Max DTI | 43% | 50% |
| Cash Reserves | 6–12 months | 2–6 months |
| Max Loan Amount (FL) | $3M+ (lender dependent) | $832,750 (most counties) |
| Gov’t Backed | No | Fannie Mae / Freddie Mac |
| Property Types | Primary, 2nd home, investment, condo | Primary, 2nd home, investment |
| Closing Timeline | 30–60 days | 30–45 days |
When Does a Jumbo Loan Apply in Florida? (2026)
| Area | Conforming Limit (1-Unit) | Jumbo Starts Above |
|---|---|---|
| Most Florida counties | $832,750 | $832,751+ |
| Monroe County (Florida Keys) | $990,150 | $990,151+ |
Any mortgage amount that exceeds these thresholds for a single-family property is classified as a jumbo loan. For multi-unit properties (2–4 units), the conforming limits are higher, so the jumbo threshold adjusts accordingly.
Who It’s Best For
High-Value Home Buyers
Purchasing in any Florida market where home prices exceed conforming loan limits — from Miami-Dade to Duval County.
Move-Up Buyers
Your next home exceeds conforming limits and you have strong credit, documented income, and reserves to support the larger loan.
Self-Employed Professionals
Business owners with substantial documented income and assets who need financing above conforming limits.
Second Home & Vacation Buyers
Purchasing in coastal, waterfront, or resort areas across Florida where prices regularly exceed $1 million.
Real Estate Investors
Acquiring higher-value rental properties or condos that conventional financing cannot cover.
No-PMI Borrowers
Want to avoid mortgage insurance entirely while putting less than 20% down — jumbo products typically don’t require PMI.
What Lenders Look For in a Jumbo Borrower
Jumbo underwriting goes deeper than a conforming loan. Because these mortgages are not sold to Fannie Mae or Freddie Mac, every lender holds some or all of the risk on their own books. That means they scrutinize your full financial picture more carefully.
Expect to provide thorough income documentation — two years of tax returns, W-2s or 1099s, and recent pay stubs are standard. If you are self-employed, lenders will typically average your net income over 24 months and may require a CPA letter or profit-and-loss statement.
Asset verification goes beyond a simple bank statement. Lenders want to confirm the source of your down payment, trace large deposits, and verify that your post-closing reserves are truly liquid — retirement accounts, stock portfolios, and business accounts may only count at a discounted value.
The appraisal process for jumbo properties can also differ. Some lenders require two independent appraisals rather than one, especially for loan amounts above $1.5 million or for unique properties that are harder to value using comparable sales.
Condos and jumbo financing: Florida has a large condo market, and condos are eligible for jumbo loans. However, expect additional requirements — lenders typically review HOA financials, owner-occupancy ratios, and may require a full project review for buildings with fewer than a certain number of units.
Jumbo Loan Rates — What to Expect
There is a common misconception that jumbo rates are significantly higher than conventional rates. In practice, the gap has narrowed substantially over the past several years. Depending on market conditions, jumbo rates can be within 0.125% to 0.50% of conforming rates — and in some cases, jumbo rates are actually lower.
The reason: jumbo borrowers typically bring stronger credit profiles, larger down payments, and more reserves to the table. That reduced risk can translate into competitive pricing, especially for borrowers with credit scores above 740 and down payments of 20% or more.
Your actual rate depends on the full picture — loan amount, property type, occupancy, credit score, down payment, and the specific lender’s portfolio appetite at the time of your application.
Can I Refinance a Jumbo Loan?
Yes. Jumbo refinancing follows the same general process as conforming refinance — rate-and-term refinancing to lower your interest rate or change your loan term, and cash-out refinancing to access your home equity. The qualification standards mirror the original purchase requirements: strong credit, verified income, adequate reserves, and a current appraisal.
If rates have dropped since you closed, or if your property has appreciated significantly, refinancing a jumbo mortgage can meaningfully reduce your monthly payment or unlock equity. Every borrower who closes a loan with us receives lifetime rate monitoring at no cost — we track the market and reach out to you directly when refinancing makes financial sense.
Apply for a Jumbo Loan
Tell us about your purchase or refinance and we will match you with the best jumbo program from our network of 60+ wholesale lenders. Licensed statewide across all 67 Florida counties.
Related Programs: Conventional Loans | FHA Loans | VA Loans | Refinance | USDA Loans
1st Capital Group as dba of GFL Capital Mortgage Inc | Company NMLS #64367 | Nick Lazarevic NMLS #386391 | Licensed Mortgage Lender | Equal Housing Opportunity | All loans subject to lender underwriting approval. Programs, rates, terms, and conditions are subject to change without notice. Not a commitment to lend.