Who this is for
Jumbo loans are mortgages above the conforming loan limit. For 2026, that limit is $832,750 for a one-unit home in every Florida county except Monroe County (the Keys), where it is $990,150 (FHFA). If your loan amount is above your county's limit, it's a jumbo loan, with its own underwriting rules.
Jumbo financing is common in Florida's higher-priced markets: Naples, Sarasota, downtown Tampa, Palm Beach, Boca Raton, Miami and the Keys. What matters is the loan amount, not the purchase price.
How jumbo lending works
Fannie Mae and Freddie Mac don't buy loans above the conforming limit, so there is no single agency rulebook. Banks often keep jumbo loans in their own portfolio, and other lenders sell them to private investors. Each one sets its own requirements for credit, reserves, property type and documentation, and pricing varies from lender to lender and borrower to borrower.
That's why shopping several lenders matters more for jumbo than for most other programs.
Qualifying for jumbo
Requirements are set by each lender. Expect them to be stricter than conforming loans in these areas:
- Credit score: Lenders set their own minimums, generally higher than for conforming loans. Higher scores usually get better pricing.
- Down payment: Larger than for most conforming loans, and higher again for second homes and investment property. Requirements tighten as the loan amount rises.
- Reserves: Most lenders require several months or more of housing payments in liquid reserves after closing, scaled to the loan size and number of properties you own.
- DTI: Set by the lender. Loans must still meet the federal ability-to-repay rule, so income and debts are verified.
- Documentation: Full-documentation jumbo uses tax returns, W-2s and pay stubs. Bank statement and asset-based options exist for self-employed and high-net-worth borrowers - see Bank Statement.
- Appraisal: Some lenders require a second appraisal above a set loan amount.
Types of jumbo loans
"Jumbo" isn't one product - it's a category covering several different lending profiles:
- High-balance conforming (not technically jumbo) - loans above the standard limit but within a high-cost county's limit, sold to Fannie Mae or Freddie Mac. In Florida this applies only in Monroe County.
- Prime jumbo - full documentation, fixed or adjustable. Kept by a bank or sold to private investors.
- 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 - an initial interest-only period before principal payments begin. Some lenders offer it for borrowers with irregular income, such as bonuses or business distributions. Interest-only loans are not qualified mortgages and carry more risk.
- Very large loans - the largest loan amounts often come with tighter underwriting and may be relationship-based with a private bank.
Florida-specific notes
- Insurance affects what you qualify for. Wind, flood and homeowners premiums on high-value coastal homes count in your housing payment and DTI. Get insurance quotes before you make an offer, and confirm the carrier will write the policy at closing.
- Flood insurance. If the home is in a FEMA Special Flood Hazard Area (zones starting with A or V), federally regulated lenders require flood insurance. On high-value homes the federal flood program's coverage cap may not cover the full replacement cost, so lenders may look for private or excess flood coverage.
- Condo review matters. Many luxury Florida condos don't meet agency standards because of unresolved critical repairs, special assessments, pending litigation or single-entity ownership. Florida milestone inspections and structural integrity reserve studies (SIRS) apply to condo buildings with three or more habitable stories, and lenders review their findings. Some jumbo and non-QM lenders lend on non-warrantable condos on different terms. Check the project before you fall in love with a unit.
- Relocating buyers. If you're moving to Florida, a job change or partial-year income can complicate full-doc qualifying. Asset-based or bank statement programs are sometimes a better fit.
- Luxury appraisals. At the top of the market, comparable sales are scarce, and appraisals can come in below the contract price. Build that possibility into your contract and cash planning.
Common jumbo scenarios
Asset-based
Retired with a strong investment portfolio but limited earned income. Some lenders can qualify the borrower on the portfolio using asset depletion.
Full-doc purchase
Salaried income with bonuses, moving from out of state. Prime jumbo with full documentation. The bonus history and the new employer's offer letter matter.
Bank statement jumbo
S-Corp owner with strong deposits but write-offs that lower taxable income. A bank statement jumbo qualifies on deposits. Pricing is usually higher than full-doc.
Coastal condo
Primary residence elsewhere, buying a Florida second home. Second-home pricing and requirements differ from a primary home, and the condo project review is often the deciding issue.
When jumbo isn't the right move
- You're just above the conforming limit - a larger down payment that keeps the loan conforming can be simpler. We can compare both structures on Loan Estimates.
- You're VA-eligible - with full entitlement, VA has no county loan limit (the lender still sets its own maximum). Compare a VA loan first.
- You're an investor buying rentals - DSCR loans qualify on the property's rent and may fit better than jumbo investment lending.