What Is a Jumbo Loan and Do You Need One in Florida?

A jumbo loan is any mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency. In most Florida counties for 2026, that limit is $806,500. Borrow more than that and you're in jumbo territory, which means different qualification standards and in many cases different pricing.

Why the Threshold Matters

Conforming loans can be sold to Fannie Mae and Freddie Mac, which keeps rates lower and qualification standards more predictable. Jumbo loans don't have that secondary market backstop, so lenders hold them on their books and set their own underwriting rules.

That's why qualification for a jumbo loan tends to be stricter: higher credit score minimums, lower debt-to-income ratios, more documentation, and larger reserve requirements. The specific requirements vary by lender, which makes shopping around more important. For a full comparison of how loan types stack up, see our overview of conventional loan pros and cons.

What It Takes to Qualify in Florida

Most jumbo lenders in Florida want a credit score of 700 or higher, though some require 720 or above. Debt-to-income ratios are typically capped at 43%, with many lenders preferring 38% or lower.

Reserves are a meaningful requirement. Many jumbo programs require 12 months of mortgage payments in liquid assets after closing. On a $1.2M loan with a $6,500 monthly payment, that's $78,000 sitting in accounts you can document.

Down Payment Requirements

Jumbo loans typically require 10% to 20% down, depending on the loan amount and the lender. A few programs allow 10% down for well-qualified borrowers, but 20% is more common at higher loan amounts and avoids the need for private mortgage insurance.

Florida's high-value markets like Miami, Naples, and Palm Beach see a lot of jumbo activity. Even in Tampa Bay, the number of homes priced above $806,500 has grown significantly in the past few years.

Jumbo vs. Conforming: Is There a Rate Difference?

Jumbo rates aren't always higher than conforming rates. They're determined by the lender's risk appetite, and in some market conditions, jumbo rates track closely with or even below conforming rates for the same borrower profile. The only way to know is to get a real quote based on your numbers.

This is also why comparing lenders matters more on a jumbo than on a conventional loan. There's no standardized pricing grid the way Fannie and Freddie enforce on conforming loans. Two lenders can quote you meaningfully different rates on the same jumbo file. If you're looking at how scores affect pricing, see how credit score requirements work across loan programs.

At 14 Days To Close, we work with jumbo loans across Florida. If you're shopping above the conforming limit, we'll show you what your options look like before you're locked into any one lender's terms.