Jumbo Home Loans in Florida

A jumbo loan is a mortgage that exceeds the conforming loan limit of $766,550 set by the Federal Housing Finance Agency (FHFA). Because these loans cannot be purchased by Fannie Mae or Freddie Mac, they are held by the lender and have different qualification requirements.

Jumbo loans typically require a down payment of 10% to 20% of the purchase price, depending on the loan amount, property type, and borrower qualifications. Some programs may allow as little as 10% down for well-qualified borrowers.

Most jumbo loan programs require a credit score of 700 or higher, though some lenders may accept scores as low as 680 with additional compensating factors such as larger down payments or significant cash reserves.

Jumbo loan rates are slightly higher than conforming conventional rates, but they remain competitive. Well-qualified borrowers with strong credit, low debt-to-income ratios, and substantial assets may secure rates that are very close to or even comparable to conforming loan rates.

Yes. Jumbo loans are available for primary residences, second homes, and investment properties in Florida. Qualification requirements may be stricter for non-primary residences, typically requiring a larger down payment, higher credit score, and additional cash reserves compared to primary residence jumbo loans.

Jumbo lenders typically require 6 to 24 months of PITIA (principal, interest, taxes, insurance, and association dues) in liquid reserves after closing. The exact amount depends on the loan size, property type, and your overall credit profile. Retirement accounts may be counted at a discounted rate toward reserve requirements.