See our Rates Call us
District Lending Logo
Buy
Home Purchase
Why District
Read about all the benefits
Process overview
Simplified and easy to understand
Apply now
Start your application
Get a quote
See your rate with no commitment
Perks
Free refinance for 3 years
Refinance with no closing costs
No closing costs
Zero costs options, what it means
Realtor credits
Get .5% towards your closing costs
18 Day closing
2X more likely to get your offer accepted
Price match guarantee
We beat competitors’ rates by .125% or more
Rate defense
Never miss out on rates dropping
Refinance
Rates
About
Reviews
Hear from our customers
Contact
Answers within 2 business hours
Meet the crew
Our experts, mission, and values
Careers
Join us in making a difference
Learn
Blog
Our knowledge at your convenience
Mortgage secrets
Short videos with tips&tricks
Video library
A short description can be here
Calculator
Calculate your mortgage payment

Jumbo Loans Florida

If you're seeking your dream home in sunny but expensive Florida, a jumbo home loan may be exactly what you're looking for. These larger mortgages go above conforming loan limits and allow you to select a sumptuous home purchase with larger financing options.
get a FREE quote

While the average single-family home in Florida costs about $409,243, many want to go well above this purchase price for luxury vacation homes or primary residences. If your subject property is worth more than $766,550 in most areas of the Sunshine State, you’ll need a jumbo loan, which lets you borrow more than the typical conventional loans offered elsewhere.

District Lending is proud to offer jumbo loans in Florida. We offer a personalized mortgage process, competitive jumbo mortgage interest rates, and convenient loan terms on these unique home loan products.

Florida Jumbo Loan Statistics

While only 7% of all US homes are worth more than $1 million, Florida is an exception — nearly 1 in 7 homes in Miami cost over a million dollars. In West Palm Beach, about 12.8% of homes require jumbo mortgages. In Naples, the median home price in December 2023 was over $800,000, or over 23% more compared to the same time the year before, or almost $35,000 over the conventional loan limit.
get a FREE quote

Qualifying for a Florida Jumbo Loan

There are stricter underwriting guidelines for any mortgage above conforming loan limits, as they cannot be backed by Fannie Mae and Freddie Mac. This means that if the borrower defaults, the lender will have a hard time reselling the loan and turning a profit. Not being able to get a jumbo loan guaranteed or insured makes them a riskier mortgage product for lenders, who want to be sure that borrowers are highly qualified and unlikely to default.

Before you begin the jumbo loan application, you’ll need to ensure that you have all your finances in order. Have copies of bank information, tax returns, and documentation for your monthly payments on credit cards or other loans ready for the underwriting process. You’ll also need to be fully aware of the jumbo financing requirements so that your loan process goes smoothly.

  • Jumbo Loan Limits

    Every year, the Federal Housing Finance Agency (FHFA), which is the agency that oversees the government-sponsored entities (GSEs) Fannie Mae and Freddie Mac, sets a conforming limit in each US county. Conforming loans are below this limit and can be backed by the two GSEs, meaning that they can be sold to a mortgage broker on the secondary mortgage market. Anything above the jumbo mortgage limits will have stricter requirements to protect the lender from default.

    The current Florida jumbo loan limit for nearly every county, including Miami-Dade County, is $766,550. There’s only one higher loan limit in Florida — that’s Monroe County, which compasses the Florida Keys and has a loan limit of $929,200. For most areas, jumbo loan limits well surpass median home prices. For example, in Miami-Dade, the median home sales price is $660,000. If you need a jumbo loan, you will also need to prove that you can handle it.

  • Liquid Assets

    With a jumbo mortgage loan, you’ll have a lot of expenses, including a larger down payment, though you won’t need to pay for monthly mortgage insurance. Down payments for jumbo loans are typically up to 20%. Jumbo loan applicants need to prove that they have the funds on hand through bank statements. Some lenders will also need to see that you have money in reserve so that you can afford your jumbo mortgage even during a downturn — the minimum is usually six months, but it can be even higher depending on the lender.

  • Strong Credit History

    For conventional mortgages below the conforming loan limits, you typically need a bare minimum 620 credit score. However, this jumps to 700 or more for jumbo loan options, significantly more than the average Floridian score of 680. You should have an immaculate payment history, no delinquencies or collections, a variety of different lines of credit, and low credit usage. If you don’t meet these qualifications, we’ll discuss your conventional loan options instead.

  • Low Debt-to-Income Ratio

    Debt-to-income ratio refers to how much of your income is being used to cover other debts, such as credit cards or mortgages on other investment properties. You want to have a high income and a DTI of 36% or less. In comparison, conforming loans allow a 40% to 50% DTI.

    Self-employed and first-time homebuyers are frequently denied on jumbo loan applications because they don’t have the cash flow that lenders want to see. Also, you will need to make sure you can afford homeowners’ insurance, which averages at $6,600 in Florida — the highest premium in the US, as well as the property tax of 0.80% on average.

  • Property Appraisals

    While the home-buying process almost always requires a property appraisal, those seeking jumbo mortgages may need multiple appraisals before the lender will approve the loan amount. This is because lenders want to see that your specific property falls in line with housing prices in the area. If you choose cash-out options down the line, you’ll need another appraisal before your refinance will be approved.

Florida Jumbo Loan Total Amount and Payments

Jumbo loans, being much larger than other loan types, come with increased risk to the lender, which also means greater costs to you. Your monthly mortgage payments will depend greatly on the interest rate and the loan amount.
  • Interest Rate

    Jumbo loan rates are always higher than for conforming loans, which is due to a mix of borrower and market factors. Your credit score, amount of down payment, and the current conventional loan rate will all influence your monthly jumbo mortgage payment. You’ll also need to choose between fixed-rate and adjustable-rate mortgages when you get a jumbo loan.

  • Down Payments

    The loan-to-value ratio is much lower for jumbo loans than for loans below the jumbo loan limit. A conforming loan lender may accept a 95% LTV, but jumbo lenders will be much more conservative.

    Typically, you cannot have an LTV of more than 80%, meaning you need to provide 20% of the loan amount upfront. If you take out the smallest Florida jumbo mortgage, you’ll be providing $153,310 for just the down payment.

Talk With District Lending About Jumbo Mortgage Loans in Florida

Whether you’re buying a primary residence or a vacation home, District Lending wants to help your dreams of sun, sand, and summer fun come true in beautiful Florida. Jumbo mortgages allow you the freedom to choose a more luxurious property than you could get with a smaller loan amount, letting you stretch out and appreciate all that Florida has to offer.

District Lending is one of the most well-respected jumbo loan lenders across the country, and we’re ready to help you, too. We’ll explain every step of the jumbo loan application process, ensuring you’re completely happy with your mortgage. More than that, we offer fantastic jumbo loan rates that save you money over time.

Contact us today to learn more about our competitive products that let you soar past the jumbo loan limit.

Know exactly what to expect from your loan

Get a free loan quote today and leave the guesswork behind.
get a FREE quote
  • No documents required.
  • No commitment.
  • No fine print.
Get your free loan quoteGet your free loan quote
Buy
Home Purchase
Why District
Read about all the benefits
Process overview
Simplified and easy to understand
Apply now
Start your application
Get a quote
See your rate with no commitment
Perks
Free refinance for 3 years
Refinance with no closing costs
No closing costs
Zero costs options, what it means
Realtor credits
Get .5% towards your closing costs
18 Day closing
2X more likely to get your offer accepted
Price match guarantee
We beat competitors’ rates by .125% or more
Rate defense
Never miss out on rates dropping
Refinance
Rates
About
Reviews
Hear from our customers
Contact
Answers within 2 business hours
Meet the crew
Our experts, mission, and values
Careers
Join us in making a difference
Learn
Blog
Our knowledge at your convenience
Mortgage secrets
Short videos with tips&tricks
Video library
A short description can be here
Calculator
Calculate your mortgage payment
Apply nowGet a quote