Updated: January 1, 2024
Miami and many other Florida cities are known for their higher-than-average property prices. If you need a loan that exceeds the jumbo loan limit in Florida, you’ll need a jumbo loan.
Specifically, in 2024, if your loan amount is above $766,550 for a condo or single-family residence, then your loan will be considered a jumbo loan in Miami-Dade County.
Stricter requirements apply for a Miami jumbo mortgage.
If you want to maximize your chances of qualifying for a jumbo loan to purchase or refinance real estate in the Magic City (or other major metropolitan areas in Florida), then this Miami jumbo loan guide is for you.
What is a jumbo loan in Florida?
What is considered a jumbo loan in Florida simply depends on the loan amount. If you need a loan to purchase a new home or refinance your current home at a loan amount over $766,550 (or $929,200 in Monroe County), you’ll need a jumbo loan in Florida.
Conventional loans are generally broken down into two categories:
- Conforming loans: Loans below the jumbo loan limits are known as conforming loans
- Non-conforming loans: Jumbo loans fall into this category since they exceed the conforming loan limits.
Knowing what is a jumbo loan in Florida is important because jumbo loans generally have stricter requirements than conforming loans.
There are two key differences between jumbo loans and conforming loans:
- First, interest rates will most likely be higher on a jumbo loan than on a conforming loan. Jumbo loan rates are higher to compensate for the increased risk involved due to the lender’s inability to sell the jumbo loan to Fannie Mae or Freddie Mac.
- Second, jumbo loans usually require higher down payments. This is not true in all cases but you should expect your down payment to be in the vicinity of 20%. However, some lenders may offer down payments of 10% or 15%.
Note that loan terms can vary greatly between lenders, so it makes sense to shop around. If you would like help finding the most favorable jumbo loan options for you, read more about the conventional loan vs jumbo loan distinction and contact us.
Ready to see what your jumbo loan options in Florida are?
What is the jumbo loan limit in Florida (2024)?
The Federal Housing Finance Agency annually sets the highest loan amount for mortgages that can be acquired by Fannie Mae or Freddie Mac. Loans above those limits are jumbo loans. The Florida jumbo loan limit in 2024 is $766,550.
What is considered a jumbo loan in Florida?
As shown by the following table, the loan limits for jumbo loans in Florida depend on whether the property is 1-unit, 2-unit, 3-unit, or 4-unit and the county where the property is located.
| 1-unit | 2-unit | 3-unit | 4-unit | |
| Florida jumbo loan limits in 2024 (all counties except Monroe County) | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
| Florida jumbo loan limits in 2024 (Monroe County) | $929,200 | $1,189,550 | $1,437,900 | $1,786,950 |
If you need to purchase or refinance in 2024 at a loan amount that exceeds the conforming loan limits shown in the table above, you’ll need a jumbo mortgage loan in Florida.
What is a super jumbo loan?
Once you exceed the jumbo loan limit, you may be wondering, “How high can I go?” If you need a jumbo loan amount in the neighborhood of $3 million to $30 million, welcome to the world of super jumbo loans.
There are thousands of homes for sale in Florida with a purchase price above $3 million, where a super jumbo loan can help close the deal. A mortgage broker can help find these niche lenders who offer home loans at these super jumbo loan amounts.
Read our jumbo vs super jumbo mortgage guide for more details.
How do you qualify for a Florida or Miami jumbo loan?
Getting approved for a Miami or Florida jumbo mortgage can be harder than getting approved for a conforming loan. The underwriting process for jumbo loans is manual and more intensive. Since you’re seeking a high loan amount, the lender is taking on greater risk and will scrutinize your loan application.
When considering a jumbo loan application, lenders will review the following five core factors:
- Character
- Capacity
- Capital
- Conditions
- Collateral
Those are the “5 C’s of Credit” that lenders consider for all loan applications, but the level of scrutiny is usually higher for jumbo loan applications as follows:
Character
Character refers to your level of responsibility and personal integrity regarding financial transactions. Lenders primarily rely on your credit score as a proxy for character assessment. For jumbo loans, the minimum credit score required is typically around 680 or 700.
Capacity
Capacity refers to your ability to make the monthly payments and repay the loan. To assess your capacity, lenders will look at your debt-to-income ratio. For jumbo loans, lenders usually require that your debt-to-income ratio be no higher than around 43%.
Capital
Capital refers to your liquid assets on hand. Lenders assess your capital in two ways.
First, in a home purchase scenario, the more capital you have to make a larger down payment, the more favorable your interest rate will be. For jumbo loans, expect to be required to contribute a down payment of at least 20%.
Second, in either a purchase or refinance scenario, you need to show you have enough capital on hand to satisfy the lender’s reserve requirements. For jumbo loans, the reserve requirements are stricter. Typically, you’ll have to show you have at least 6 to 12 months of mortgage payments sitting in your accounts.
Conditions
Lenders always take economic conditions into account. For example, at the height of the COVID pandemic, some large banks discontinued jumbo loans altogether, given their high level of risk. While jumbo loans are more widely available today, the market is currently experiencing higher interest rates in general.
Collateral
Collateral refers to the value and condition of the property itself. For jumbo loans, the lender will want to make extra sure that the property’s resale value is high enough in case foreclosure is necessary. Jumbo lenders may shy away from riskier properties such as non-warrantable condos.
Miami & Florida jumbo mortgage rates
Jumbo mortgage rates in Florida are set by lenders based on market conditions and can vary greatly. The rates for a jumbo loan in Miami or Florida can trend up or down based on how the market is performing and the availability of credit.
To give you an idea, the national average 30-year fixed jumbo mortgage rate is currently in the 6’s (as of January 2024).
However, your interest rate will greatly depend on many factors such as:
- How well you satisfy or don’t satisfy the 5 C’s of credit outlined above
- Whether you are a first-time homebuyer
- If you’re doing a refinance whether it’s cash-out or just rate-and-term
- Whether you want a fixed-rate or an adjustable-rate mortgage
- Whether the subject property will be used as a primary residence, second or vacation home, or investment property
While it is tempting to fixate on your interest rate, it is important to understand that the overall mortgage process is more than just the interest rate. Very few people actually qualify for advertised rates, which usually assume excellent credit, perfectly verifiable income, adequate collateral, and sufficient down payments.
How can DAK Mortgage help you get a Florida or Miami jumbo mortgage?
DAK Mortgage can help you qualify for a jumbo loan. Even if your loan application is squeaky clean and satisfies all 5 C’s of Credit, it still makes sense to work with a mortgage broker like us to help you secure the best jumbo mortgage rate in Florida.
Where we really shine is helping borrowers whose loan applications are lacking in one or more of the 5 C’s of Credit.
For example, we have creative jumbo loan programs to overcome these tricky scenarios:
- High debt-to-income ratio
- Low credit score
- Inability to show steady income due to being self-employed or having gaps of unemployment
- History of foreclosure, bankruptcy, or other negative credit events
- Foreign national or other non-U.S.-citizen
- Non-warrantable condo, short-term rental, condotel, or other risky property types
Bottom line, whether you’re looking to purchase or refinance a primary residence, second home, or investment property, a jumbo loan amount in Florida is not out of reach.
Jumbo loans are complex. Let us navigate you through the process.
Jumbo loan FAQs
Do you have to put 20% down on a jumbo?
Your minimum down payment requirement depends on how well you satisfy the 5 C’s of credit — character, capacity, capital, conditions and collateral. The stronger your loan application, the lower your required minimum down payment will be. The best jumbo loan applicants can expect a down payment requirement of 10%.
What triggers a jumbo loan?
The loan amount is what triggers whether a loan is jumbo. Each year, the Federal Housing Finance Agency sets the jumbo loan limits. Loans above those limits are jumbo loans. The jumbo loan limit in 2024 is $766,550.
Is it harder to get a jumbo loan?
Typically yes. Because you’re asking the lender for a relatively high loan amount, your loan is riskier than a conforming loan. Therefore, the lender will scrutinize your loan application more closely. While the underwriting process is more complex, it is still possible to qualify for a jumbo loan.
What credit score do you need to get a jumbo loan?
The minimum credit score for a jumbo loan is typically 680 or 700, depending on the lender. However, some lenders are flexible and may accept a lower credit score if other aspects of your loan application are strong, such as a low debt-to-income ratio or you’re seeking a low loan-to-value.
