Florida Jumbo Loan

A jumbo loan is a higher dollar mortgage that is typically used to purchase luxury homes or large purchase single family houses. Declared by the Federal Housing Finance Agency, conforming loan limits for Jumbo loans vary depending on the location within a state, with higher limits in areas where housing prices are typically higher. These standards are set by Fannie Mae and Freddie Mac, two government-backed agencies.

In most parts of Florida, the limit is $647,200; however, in some counties like Monroe County (which includes Key West), the limit is higher and stands at $710,700. In other words – if your loan amount is at least $1 over these amounts – it will be classified as a Jumbo loan in Florida. If it’s under, you could try another type of loan such as a conventional loan, FHA loan or VA loan.

Jumbo loans typically carry a slightly higher interest rate than conforming loans, ranging from 0.25% to 0.50%, depending on credit and loan-to-value. Down payment requirements also differ between jumbo loans and conforming loans; in general, jumbo loans require a higher down payment. 

Qualifying for a jumbo loan in Florida is similar to qualifying for a conventional loan – but with a couple of more documents and requirements to adhere to. 

For more information on Jumbo Loans and how to obtain one, please contact a loan officer from The Wholesale Mortgage Firm today. We are here to help you every step of the way!

Jumbo Loan Requirements At a Glance

Credit Score

640 minimum

Down Payment

5% Minimum*

DTI Ratio

50% Max

Monthly PMI

None with 20% Down

Mortgage Insurance

Not Required

* Down Payment Requirement is typically 10%-30% of the purchase price, depending on the loan amount

Jumbo Loans | Program Summary

Just Starting Out?

Click here to request a pre-qualification letter
Get A Prequalification Letter for Your Home Search
Request Letter

Found Your Home?

Click here to apply for a Jumbo home loan
Apply for a Jumbo Loan to Purchase Your Home
Apply Now

Got Questions about a Jumbo Loan?

Getting a mortgage can be a challenging and time-consuming process… but we’re here to help you.

If you have questions or need guidance on how to proceed with getting pre- qualified for a mortgage or applying for a home loan, feel free to contact us directly:

Wholesale Mortgage Firm

Contact Us Today

Please complete the form and a member of our team will contact you and work to get you Pre-Qualified ASAP. 

Have Questions? Call 863-944-4595

By entering this information, you are agree to our Terms & Conditions and Privacy Policy.