What Is a Jumbo Loan?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In most Florida counties, the 2024 conforming limit is $766,550. Any loan amount above this threshold requires jumbo financing, which comes with its own set of guidelines and qualification criteria.
Jumbo loans are essential for purchasing luxury homes, waterfront properties, estate-style residences, and high-value real estate throughout Florida's most desirable markets — from Palm Beach to Naples, Jupiter to Miami Beach.
Because jumbo loans aren't backed by Fannie Mae or Freddie Mac, finding the right lender is critical. With access to 299+ wholesale lenders, I can compare jumbo products across the entire market to find you the most competitive rate and terms available.
Key Benefits & Features
Finance properties well into the millions. Loan amounts up to $3 million, $5 million, or even higher depending on the lender and your qualifications.
Jumbo rates have become increasingly competitive and are often comparable to — or even lower than — conforming rates for well-qualified borrowers.
While 20% is standard, some jumbo programs offer 10% or even 5% down for qualified borrowers, with or without PMI.
Choose from 15, 20, or 30-year fixed rates, or ARM options that can offer lower initial rates for strategic buyers.
Finance primary residences, second homes, and in some cases investment properties with jumbo financing.
Some jumbo programs offer interest-only payment periods, providing maximum cash flow flexibility.
Who Qualifies for a Jumbo Loan?
Jumbo loans have more stringent qualification requirements than conforming loans. Here are the general guidelines:
| Requirement | Details |
|---|---|
| Credit Score | 700+ typical minimum (720+ for the best rates and terms) |
| Down Payment | 10-20% typical (some programs allow less) |
| Debt-to-Income Ratio | Generally 43% or lower |
| Cash Reserves | 6-12 months of mortgage payments in liquid assets |
| Loan Amounts | $766,551 to $5 million+ (varies by lender) |
| Documentation | Full documentation including 2 years of tax returns and W-2s |
| Property Types | Single-family, condos, townhomes, second homes |
| Appraisal | Some lenders require two appraisals for loan amounts over $1.5 million |
Why Work with Jason & NEXA Mortgage?
Jumbo loan pricing varies dramatically between lenders — far more than conforming loans. A quarter-point difference on a $1.5 million mortgage translates to significant money over the life of the loan. As your broker, I compare jumbo products across 299+ wholesale lenders to ensure you get the absolute best combination of rate, terms, and fees.
I've financed luxury properties throughout Florida and understand the nuances of jumbo underwriting. Whether you need a straightforward full-doc jumbo or a more creative solution involving assets, I have the lender relationships and experience to get your loan closed efficiently.