Who this is for
Jumbo loans are mortgages above the conforming loan limit. For most of Florida in 2025, that limit is $806,500 on a single-family home. If your loan amount is bigger than that, you're in jumbo territory — different rules, different lenders, often surprisingly competitive rates.
Jumbo is everywhere in coastal Florida. Naples, Sarasota, downtown Tampa, the Keys, Palm Beach, Jupiter, Boca, Miami, Jacksonville Beach — once price points cross ~$900K, conventional financing usually doesn't reach. Jumbo is the conversation.
Why jumbo isn't scary anymore
Jumbo had a reputation for being expensive and fussy. That changed. Most banks portfolio jumbo loans (keep them on their balance sheet rather than selling to Fannie/Freddie), which gives them flexibility on guidelines. Several jumbo programs now price below conventional for borrowers with strong asset profiles.
The headline shift: a strong jumbo borrower today often gets the best rate of any program. The "premium" people remember is gone.
Qualifying for jumbo
Jumbo underwriting is tighter than conventional, but it's not unreasonable:
- Credit score: 700 minimum at most lenders, 720+ for the best pricing. Below 700 the program gets harder.
- Down payment: 10% available on some jumbo programs; 20% is typical and unlocks the best rates. 25-30% on second homes and investment.
- Reserves: 6-24 months of PITIA in liquid reserves, depending on loan size. Big jumbo loans want big cushions.
- DTI: 43% is the soft cap; some lenders go to 50% with strong compensating factors. Asset-based qualification (treating retirement and investment accounts as income-producing) is sometimes available.
- Documentation: Two years of tax returns and W-2s standard. Bank statement and asset depletion alternatives exist for self-employed and high-net-worth borrowers — see Bank Statement.
Jumbo flavors
"Jumbo" isn't one product — it's a category covering several different lending profiles:
- Standard agency-eligible jumbo — loans just above the conforming limit, sold to Fannie/Freddie under high-balance programs in eligible counties (limited in Florida).
- Portfolio jumbo — banks holding the loan rather than selling it. Most flexibility on underwriting, often the best rates.
- Bank statement jumbo — using deposits rather than tax returns to qualify. Built for self-employed high earners.
- Asset depletion / asset-based — qualifying high-net-worth borrowers using investment accounts, even if income is low.
- Interest-only jumbo — 5-10 year I/O period before P&I starts. Useful for executives expecting bonuses or business owners with lumpy income.
- Super jumbo — typically loans above $2-3M. Even tighter underwriting, often relationship-based with a private bank.
Florida-specific notes
- Insurance is the biggest gotcha. A waterfront jumbo property might quote $25,000+/year in insurance. That's a real number that affects DTI and what you qualify for. Get the quote early — like, before you offer.
- Coastal property gets extra scrutiny. Wind, flood, sinkhole exposure all factor into jumbo lending. Some carriers have stopped writing jumbo policies in barrier-island ZIPs entirely. The lender wants to see the policy issued.
- Condo lending matters. Many luxury Florida condos are non-warrantable (high investor concentration, special assessments, single-entity ownership). Some jumbo lenders specialize in non-warrantable condo lending; pricing varies. Check before you fall in love with a unit.
- Out-of-state buyers. If you're moving to Florida from a higher-tax state, your tax-return income often looks lower in the year of the move (relocation expenses, partial-year deductions). Asset-based or bank-statement programs can bridge this.
- Ultra-luxury appraisals. Above $3M, comparables get thin. Appraisers sometimes push back on price. We work with appraisers experienced in Florida luxury markets.
Common jumbo scenarios
$1.5M, 30% down, asset-based
Retired with strong investment portfolio but limited W-2 income. Asset depletion qualifies on the portfolio. Cash to close from taxable account; portfolio stays mostly invested.
$1.2M, 20% down
Strong income, healthy bonus, moving from out of state. Standard jumbo with full doc. Often closes in 25 days if we line up the relocation timeline.
$900K, bank statement jumbo
S-Corp owner with 2 years of strong deposits but heavy paper losses on tax returns. Bank statement jumbo qualifies on deposits. Slight rate premium vs. full-doc.
$1.8M condo, 25% down
Primary residence elsewhere; buying a Florida second home. Jumbo second-home pricing slightly higher than primary. Condo warrantability check is the gating issue.
When jumbo isn't the right move
- You're right at or just below the conforming limit — sometimes putting a bit more down to stay conforming is the better play. Conventional is simpler, and the rate gap (when there is one) may not justify it.
- You qualify for jumbo VA — VA loans don't have a hard limit if you have full entitlement. For eligible buyers, that's usually better than civilian jumbo.
- You're an investor stacking properties — DSCR often works better than jumbo investment lending past 1-2 properties.