Jumbo Loans in Florida

Jumbo loans are mortgages that exceed the Federal Housing Finance Agency (FHFA) conforming limits. In 2025, the baseline conforming limit for a single-family home in most of the U.S. (including most Florida counties) is $806,500. 

Any loan above that amount is considered a jumbo mortgage. Jumbo loans cannot be purchased by Fannie Mae or Freddie Mac, so lenders keep them on their own books, which means tighter underwriting and different requirements than conventional loans.

Florida’s 2025 conforming limit is $806,500 for one-unit homes in all but one area. Monroe County (Florida Keys) is a “high-cost” area with a higher limit of $967,150 (For multi-unit properties, the limits rise further: e.g. duplex conforming limits are $1,032,650 in most Florida counties and $1,238,150 in Monroe.) 

In practice this means any mortgage above $806,500 ($967,150 in Monroe) must be a jumbo loan. For example, financing a $1.2 million Miami home would require a jumbo loan.

What Exactly Is a Jumbo Loan?

A jumbo loan is simply a home mortgage above the conforming loan limit set each year by the FHFA.Unlike conventional conforming loans (backed by Fannie Mae/Freddie Mac), jumbo mortgages are non-conforming and cannot be sold to those agencies. 

Lenders issue jumbo loans for luxury properties and high-priced markets, and they compensate for the added risk with tighter criteria. As Investopedia explains, jumbo borrowers “must meet more rigorous credit requirements than those who apply for a conventional loan,” and generally need an excellent FICO score and low debt-to-income (DTI) ratio.

In practical terms, jumbo loan requirements often feel like a step up from standard mortgages. For example, many lenders look for a credit score in the 700–720+ range (higher than the ~620 or 640 required for basic conforming loans). 

They also typically require a larger down payment and substantial cash reserves. However, jumbo loans also allow borrowers to finance homes well beyond the usual limits. In recent years, jumbo interest rates have often been nearly on par with conforming rates, so the cost premium is smaller than in the past

2025 Conforming Loan Limits in Florida

For 2025, Florida’s conforming loan limits are:

• $806,500 for a one-unit (single-family) home in most counties.
• $967,150 in Monroe County (Florida Keys) due to its high housing costs.
• For two-unit homes: $1,032,650 (most of Florida) or $1,238,150 (Monroe).
• For three-unit homes: $1,248,150 (most) or $1,496,600 (Monroe).
• For four-unit homes: $1,551,250 (most) or $1,859,950 (Monroe).

Any mortgage above these county-specific limits is a jumbo loan. For example, a $900,000 mortgage in Miami-Dade County (limit $806,500) or a $1.1 million loan in Monroe (limit $967,150) would both be jumbo loans. To find precise county limits, you can check the FHFA’s conforming loan limit map, but the above figures cover almost all of Florida.

Purchase and Refinance Jumbo Loans

Jumbo loans are available for both home purchases and refinances. Whether buying or refinancing, the underlying requirements are similar, though cash-out refinances generally require more equity (lower loan-to-value). Here are the key points:

Purchase Jumbo Loans

This is used when buying a high-priced home above the conforming limit. You may finance a luxury single-family home, a larger condo (if the condo qualifies), or even a second home or investment property with a jumbo loan. 

However, lenders will want a substantial down payment (often 15–20% or more) and a very strong financial profile. In many cases, jumbo lenders allow down payments as low as 10% for extremely creditworthy borrowers, but 20% is typical. 

If you make less than 20% down, private mortgage insurance (PMI) is usually not required on a jumbo loan, even though it would be on a conventional loan.

Refinance Jumbo Loans

If you already own a home with a mortgage above the conforming limit, you can refinance into a new jumbo loan. Jumbo refinances work like other cash-in or rate-and-term refinances. 

One important difference for cash-out fees: lenders typically cap the new loan-to-value (LTV) around 70–80% of the home’s value. This means you must retain 20–30% equity when taking cash out. (By contrast, purchase or rate-and-term jumbo loans might sometimes allow higher LTVs, such as 90% with “10% down” programs.) 

Regardless of purchase or refinance, larger jumbo loans lead to larger absolute closing costs (since fees are percentage-based) and often require twelve months of mortgage payments in reserve.

Interest Rates

Current jumbo rates are hovering around. This is very close to the conforming-rate average. Bankrate reports a national 30-year fixed jumbo rate around 6.6% and a conforming 30-year fixed around 6.57%. 

In other words, jumbo and conforming rates are often very similar in today’s market. Adjustable-rate jumbo options may also be available, sometimes at slightly lower initial rates, though specifics vary by lender.

Eligibility Requirements for Jumbo Loans

Because jumbo loans pose more risk to lenders, they have higher eligibility standards than typical conforming loans. Common requirements include:

• Credit Score: Most lenders look for a FICO score of at least 700–720 for jumbo loans. Some may accept 680–700 for smaller jumbo amounts, but better scores always get the most favorable terms.
• Debt-to-Income (DTI): Lenders generally want a DTI of 43% or less, including the new mortgage payment. A lower DTI (e.g. 35–40%) improves approval odds.
• Down Payment / Equity: Most jumbo loans require a 20% down payment for purchases. A 20% down payment on a $900,000 loan is $180,000, for example. (Some lenders now offer jumbo “10% down” programs if the borrower’s profile is extremely strong.) For refinances, lenders similarly prefer that you have substantial equity.
• Cash Reserves: You’ll typically need liquid assets on hand equal to 6–12 months of mortgage payments. For example, a $2,000 monthly payment would require $12,000–$24,000 in reserves. Lenders want this cushion to ensure you could keep paying even if you face a hardship.
• Income and Employment: As with any mortgage, you’ll have to document your income. Most lenders will require two years of W-2 wages or 1099 income (with tax returns and 30 days of recent pay stubs). They may also require 60–90 days of bank statements and proof of other assets. Self-employed borrowers often need to provide business tax returns or profit-and-loss statements. The goal is to clearly demonstrate stable, sufficient income to cover the jumbo loan payment.
• Property Requirements: Jumbo loans generally can finance primary residences, second/vacation homes, and investment properties, but lenders may impose higher down payments or rates on non-owner-occupied loans. Also, some property types can complicate approval: for instance, jumbo lenders may be cautious about non-warrantable condos (condo buildings that don’t meet Fannie/Freddie standards).
•  Single-family homes, townhouses, and most “warrantable” condo projects are usually fine. In Florida, loans on homes with wood floors and pool screens follow standard guidelines, but special insurance (wind/hurricane) will be required (see below).

Because requirements vary by lender, it pays to shop around. A jumbo mortgage broker (like Truss Financial Group) can match you with lenders whose programs suit your situation. Approval is no guarantee, but having a high credit score, low debts, strong income, and lots of cash in reserve will put you in the best position.

Pros and Cons of Jumbo Loans

Pros: 

• The obvious advantage is access to higher loan amounts. Jumbo loans let you finance a dream home or property in an expensive area without having to take out multiple mortgages. 
• They often offer interest rates close to conventional rates in today’s market, so borrowing more doesn’t necessarily mean a much higher rate.
• Jumbo loans also eliminate PMI (private mortgage insurance) even if your down payment is under 20%, which can lower your monthly payment compared to a conforming loan with less down. 
• Finally, using one jumbo loan can be simpler than splitting a purchase into two loans (for example, combining an $800,000 conforming loan with a $200,000 second loan); you only deal with one lender and one closing.

Cons: 

• The downsides are tied to the stricter requirements. Borrowers need an excellent credit score (often 700+) and a low DTI, which can exclude those with marginal credit. 
• The down payment is large (typically 20% or more), so you must have substantial cash or assets.
• Jumbo loans usually come with higher closing costs: origination fees and appraisal fees on a $1+ million loan add up much more than on a $500,000 loan.
• The underwriting process is typically manual and thorough, so approval takes longer than for a conforming loan. 
• And if you default, the lender takes on a very large loan, so they tend to be stricter about the property’s condition and any “red flags” on your credit. 

In summary, jumbo loans make high-cost homeownership possible, but only for borrowers who can meet the tougher financial hurdles.

Conforming vs. Jumbo Loans: Key Differences (2025)

Florida’s housing market and climate create some unique considerations for jumbo borrowers:

Property Types:

Florida has many condominiums and multi-unit properties. Jumbo loans can finance condos, but the building must be “warrantable” (meeting certain owner/loan percentage rules).

Some luxury condo towers in Miami may not qualify for conventional or jumbo financing if they lack adequate resources usually pose no extra problem.

If you’re buying a 2–4 unit property (like a server or have high investor occupancy. Jumbo lenders also tend to shy away from non-warrantable condos and co-ops.

In contrast, single-family homes and town duplex or four-plex), Florida’s conforming limit is higher for those, but once again loans above the applicable limit (roughly $1.03M for a duplex) require jumbo financing.

Regional Pricing

Home prices vary widely in Florida. Besides Monroe County’s high limit, other expensive areas (Miami-Dade, Palm Beach, parts of Broward) often see values well above $806,500.

In those markets, many buyers routinely need jumbo loans. TrussFG’s mortgage experts know these local markets and can match clients with lenders who are active in high-price Florida areas.

Insurance

Florida’s hurricane exposure means jumbo borrowers must carry robust insurance. Homeowners insurance covering wind/storm damage and fire is mandatory on any mortgage.

Many lenders require the property to be insured for 100% of replacement value due to the high stakes. In flood-prone areas (low-lying coastal zones), federal or private flood insurance is also required.

(Florida law does not automatically require private wind insurance, but lenders often make it a condition for closing on a mortgage.) Make sure your budget accounts for these premiums, which are higher here than in most states.

Taxes

Florida has no state income tax, which is attractive to buyers. On the other hand, property tax rates are about 0.8–1.0% of value on average. However, owner-occupied homes get a generous Homestead Exemption (roughly $50,000 in assessed value off) and a cap on assessment increases, which can save a jumbo-owner some money on taxes.

Your jumbo loan payment will include escrow for property taxes, so be sure to consider these costs in your affordability calculations.

Documentation for Florida Loans

Common paperwork for Florida jumbo mortgages includes the standard federal requirements plus any state-specific items. You’ll still provide federal tax returns, W-2s, 1099s, and pay stubs.

In addition, Florida lenders may ask for evidence of homeowner’s insurance, condominium documents (if applicable), and detailed reserves. “Lenders may require proof of significant cash reserves to qualify for a Jumbo Loan,” noting at least one year’s worth of payments. 

All in all, jumbo applicants in Florida should be prepared with 2 years of tax returns, recent pay stubs and bank statements, proof of assets, insurance binders, and a signed purchase contract or refinance statement of purpose.

Common Documentation Requirements

Applying for a jumbo loan typically means providing more documents than for a conventional loan. In addition to the usual identification and credit documentation, expect to submit:

• Income documents: Two years of tax returns (1040s) and W-2s or 1099s. If self-employed, you’ll often need business tax returns and possibly profit/loss statements. Lenders generally want the same consistency from your income as any mortgage (with two years of history).
• Pay stubs and bank statements: Usually at least one month of pay stubs and two months of bank statements to verify current income and assets.
• Asset statements: Statements for retirement accounts, brokerage accounts, etc., to show the funds available for your down payment and reserves.
• Other assets: If you have other property (stocks, other real estate, vehicles), listing their value can bolster your profile.
• Credit report: Lenders will pull your full credit report. Be ready to explain any past delinquencies or negative items.
• Property documents: Signed purchase agreement (for a purchase loan) or current mortgage statements (for refinance). If buying a condo, you will need the condo rider, association docs, and possibly an appraisal (lenders usually order their own appraisal).

Because jumbo underwriting is meticulous, any missing or unclear documentation can delay approval. It’s wise to work with a loan officer or broker who helps you track down every needed form.

How Truss Financial Group Helps with Jumbo Loans

Navigating the jumbo loan process can be complex, but you don’t have to do it alone. Truss Financial Group specializes in high-balance mortgages and has deep experience with Florida’s jumbo market.

 Our team understands the enhanced requirements and can guide you through every step,  from gathering the right paperwork to choosing the best lender. We leverage streamlined loan processes and innovative solutions to turn mortgage obstacles into possibilities.

For example, TrussFG will analyze your financial profile and identify which lenders have programs that fit your credit, income, and goals. We can often find jumbo lenders who offer competitive interest rates and more flexible terms than the big banks.

 We also help clients with strategies like cross-collateralization or multiple appraisal reviews to maximize loan proceeds.

Moreover, when underwriting becomes a manual and tedious process, TrussFG’s experts are on your side. We can explain lender questions, ensure your documentation is crystal clear, and maintain communication so you know what’s happening. Our past clients praise our responsiveness and market knowledge. 

In short, Truss Financial Group’s jumbo mortgage specialists do the heavy lifting: they help position your application for approval and hunt for the best available rates.

If you’re considering a jumbo loan for a Florida property, Truss Financial Group has the expertise to help you succeed. We’ll work with you to meet the stricter credit and equity requirements, and leverage our lender network to find a solution that works for your dream home or refinance goal.