Jumbo Loans in Florida
A jumbo loan in Florida is any mortgage exceeding $726,200 — the conforming loan limit. Most Florida counties are at the standard conforming limit. Monroe County (Florida Keys) qualifies for high-cost limits at $874,000. With a median home value of $395,000, most Florida buyers stay within conforming limits.
Jumbo Loan Requirements in Florida
- Down payment: Typically 10-20% minimum (no 3.5% FHA option)
- Credit score: Usually 700+ required, with the best rates requiring 740+
- Reserves: Lenders often require 12+ months of PITI in reserve
- DTI: Typically capped at 43% vs 50% for conforming loans
Property Taxes on Jumbo Properties in Florida
Higher-value properties carry higher tax bills. At Florida's effective rate of 0.86%, a $1.5M home generates approximately $12,900/year in property taxes.
Frequently Asked Questions
What is the jumbo loan threshold in Florida?
A jumbo loan in Florida is any mortgage over $726,200. Most Florida counties are at the standard conforming limit. Monroe County (Florida Keys) qualifies for high-cost limits at $874,000.
How much down payment is required for a jumbo loan in Florida?
Jumbo loans typically require 10-20% down. Unlike conforming loans, there's no 3.5% or 0% down option. On a $1M property, expect to put down $100,000-$200,000 plus $4,100 in closing costs.
What credit score do I need for a jumbo loan in Florida?
Most Florida jumbo lenders require a 700+ credit score, with the best rates at 740+. Income documentation requirements are also stricter than conforming loans.
Are jumbo loans more expensive than conforming loans in Florida?
Jumbo rates are typically 0.25-0.5% higher than conforming rates, though this spread has narrowed. The real premium is stricter qualification: larger down payment, higher credit score, and reserve requirements.