Florida Jumbo Loans for Luxury Homes & Vacation Properties

A Jumbo Loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). In Florida, this type of loan is often used for luxury properties and high-value homes located in areas like Miami, Naples, and Winter Park, where property prices frequently surpass standard loan limits.

Florida’s jumbo loan limits vary by county, especially in high-cost areas with multi-million-dollar homes. This type of financing is essential for buyers looking to purchase upscale residences ranging from luxury single-family homes to high-end condos.

jumbo loan lender in Florida

Who Qualifies for a Jumbo Loan in Florida?

To qualify for a jumbo loan, borrowers must typically meet higher income and credit requirements compared to standard mortgages. Qualifications include:

Jumbo loans are popular among high-net-worth individuals, real estate investors and those seeking historic and modern custom homes in Florida's luxury market.

Required Down Payments

Down payment requirements for Florida jumbo loans vary and start at 10% up to $3 million with very high credit scores. Otherwise, a 20% or more down payment is necessary based on the loan size, credit history and debt to income ratios. Higher down payments or lower rates through a paying a discount point are required when your DTI is over 50.


Fort Lauderdale Home with boat ramp

Popular Property Types Requiring Jumbo Financing

Jumbo home loans are versatile and can be used for various high-cost property types across Florida:

  • Large Ranches or Acreage: Common in Ocala and Alachua with properties starting around $1M for homes with sprawling land and acreage.
  • High-End Condos: Popular in Sarasota's downtown and Keys areas, south Miami’s Brickell and Fort Lauderdale’s Las Olas district averaging $1M to $2.5M.
  • Luxury Single-Family Homes: Found in neighborhoods like Windermere and Davis Islands with average prices of $1.5M to $5M.

Current Florida County Loan Limits

In high-value areas, jumbo loans cover the financing needed to purchase multi-million dollar homes. The table below highlights the current loan limits and average home values in Florida’s prime counties:

County Loan Limit Average Home Values in Prime Neighborhoods
Miami-Dade $806,500 Coconut Grove: $1.5M, Coral Gables: $2M+
Collier $806,500 Naples Park Shore: $2M+, Port Royal: $6M+
Orange $806,500 Winter Park: $1.3M, Windermere: $1.5M+
Palm Beach $806,500 Palm Beach Island: $3M+, Boca Raton: $2M+
Monroe $806,500 Key Largo: $1.5M, Islamorada: $2M+

It goes without saying these counties should have higher county loan limits similar to high costs areas of California. Naples has consistently ranked in the top 5 cities with most expensive homes in the country. Yet the low county limit trend persists due to the lower avg. home price in Collier county.

Popular areas for wealthy homebuyers in Florida

High-net-worth individuals frequently buy homes in Florida’s most desirable neighborhoods, including:

 

Local Expert Insights

“In the Florida luxury home market, jumbo loans are crucial for clients buying in areas like Miromar Lakes and Manalapan. Clients need to demonstrate financial stability beyond a typical loan application often with higher reserve requirements,” says Maria Elena, a mortgage broker in Miami.
“Jumbo loans in Florida often have slightly higher rates but clients benefit from greater purchasing power in premium markets,” adds Michelle Jay, a luxury realtor in Naples.

Unlike non-QM jumbo loans which cater to self-employed or alternate income sources, Florida’s jumbo loans require thorough income documentation primarily for buyers with substantial assets and excellent credit histories.

Florida Success Stories from Jumbo Borrowers

#1: A couple from New Jersey wanted a waterfront property in Naples. With a 20% down payment and strong financial reserves they secured a jumbo loan for a $2.5M home in Port Royal making their dream of a Florida retreat possible.

#2: An insurance company regional manager qualified for a jumbo loan to buy a $1.8M condo in South Tampa. Thanks to their excellent credit and substantial investment portfolio the borrower received approval and expanded their real estate investments in one of Florida’s top neighborhoods.

We have multiple million dollar lending options available subject to underwriting approval.
Additional loan choices include No Ratio Mortgage, Self-employed Mortgage in FL, and 12 Month Bridge Loans.


Disclosure: Minimum loan amount is $806,501 for residential jumbo loans. Loan programs are subject to change per lender at any time until the loan is approved and the rate is locked. Borrowers must be approved by underwriting. Not all applicants will qualify.