Jumbo Loans in Florida: Limits, Requirements and Where You Need One

Short answer

In 2026, a jumbo loan in Florida is any mortgage above $832,750 for a one-unit home, the conforming limit set by FHFA for 66 of Florida's 67 counties; in Monroe County (the Keys) the line is $990,150. Because Fannie Mae and Freddie Mac cannot buy these loans, each lender sets its own rules, and jumbo lenders commonly look for scores around 700 to 720 or higher, at least 10% down, and up to 12 months of payments in reserves. In much of coastal Miami-Dade, the typical single-family sale is well above that line.

What counts as jumbo in 2026

FHFA sets the conforming loan limit each year. As of October 2026:

• Baseline, 1 unit: $832,750. This applies in Miami-Dade, Broward, Palm Beach and every Florida county except Monroe.
• Monroe County, 1 unit: $990,150, Florida's only high-cost county.
• National high-cost ceiling: $1,249,125. No Florida county reaches it.

One dollar over the limit and the loan is jumbo (non-conforming). It is the loan amount that counts, not the price. A $1,100,000 home with $267,250 down is a $832,750 conforming loan. See our conforming limits table and the glossary entry what is a jumbo loan.

Two ways buyers stay under the line: a larger down payment, or a conforming first mortgage plus a fixed second mortgage. Whether that beats a single jumbo depends on pricing the day you lock. Rates vary daily; call 305-425-1990 for today's pricing.

Typical jumbo requirements

There is no single jumbo rulebook. The CFPB notes that rules vary by lender but usually need good credit and a high down payment. Common ranges reported by Experian:

• Credit score: many jumbo lenders want 720 or better; some will not go below about 700.
• Down payment: typically at least 10%, and some lenders ask for up to 30%. Under 20% down generally means mortgage insurance.
• Debt-to-income: usually 43% or less, with better terms under 36%. Compare Fannie Mae's automated limit of 50% on conforming loans.
• Reserves: proof of savings or investments that could cover up to 12 months of payments after closing. Retirement and brokerage accounts usually count, often at a discount.
• Appraisal: many lenders require two appraisals, because unique luxury homes have fewer close comparable sales.
• Documentation: full income documentation is standard. Expect lenders to ask about large deposits and to verify every asset you use.

Because QMS Lending is a broker with access to 100+ lenders, we match your file to the jumbo investor whose rules fit it, instead of forcing your file into one bank's box. Subject to credit approval.

Non-QM jumbo: bank statement, DSCR and foreign national

Many South Florida jumbo buyers do not fit full-documentation rules: business owners who write off a lot, investors, and buyers whose income is outside the U.S. Non-QM jumbo programs fill that gap.

• Bank statement jumbo: income is calculated from a history of personal or business bank deposits instead of tax returns. See how bank statement income is calculated.
• DSCR jumbo: for investment property, qualified on the rent instead of your income. DSCR loans are business-purpose loans, not consumer home loans.
• Foreign national: for buyers without U.S. credit or residency, usually with a larger down payment.
• Asset-based options: some lenders qualify on liquid assets rather than monthly income.

Non-QM pricing is higher than prime jumbo and terms vary widely by lender, so it makes sense to compare both before you choose. Subject to credit approval.

Jumbo condos: the building gets underwritten too

High-priced Florida condos add a second layer of review. Jumbo lenders set their own condo standards, and many look at the same issues as conventional reviews: reserves, litigation, investor concentration, and building safety.

• Milestone inspections: Florida requires them for condo buildings three habitable stories or more, by December 31 of the year the building turns 30 (or 25 if the local agency requires it), then every 10 years. See milestone inspection.
• SIRS and special assessments: an underfunded reserve study or a large pending assessment can stop a loan or increase the reserves you must show.
• Condo-hotels and investor-heavy towers: often need condotel or non-warrantable condo programs, usually with more down.

Send us the building name or address before you sign a contract. We check which jumbo and non-QM lenders accept it. Our guide to non-warrantable condo financing covers the details.

Where jumbos are common in Florida

Statewide, jumbo is the exception: Florida Realtors reported a September 2026 median single-family sale price of $415,000. Miami-Dade County's Q2 2026 single-family median was $675,000 (MIAMI REALTORS), still under the conforming line. But in several Miami-Dade cities the typical sale is jumbo territory. Q2 2026 single-family medians, per MIAMI REALTORS:

• Key Biscayne: $3,000,000
• Coral Gables: $2,635,000
• Pinecrest: $2,500,000
• Miami Shores: $1,238,750
• Palmetto Bay: $1,200,000

Even at Palmetto Bay's median, a buyer would need about 30.6% down ($367,250) to keep the loan at $832,750. With 20% down, the loan is $960,000, a jumbo. For a city-level walk-through, see our Coral Gables jumbo guide and the Coral Gables, Pinecrest and Key Biscayne pages.

Florida taxes scale with the loan: on a $1,000,000 jumbo, doc stamps on the note are $3,500 ($0.35 per $100) and intangible tax is $2,000 (2 mills). See closing costs in Florida.

How to prepare, and how we help

• Pull together recent statements for every account you will use for down payment and reserves, and paper trail any large deposits.
• Know your score and pay revolving balances down before you apply.
• Get a full pre-approval, not a pre-qualification. Luxury sellers in Miami expect it.
• Ask for both a jumbo quote and a conforming-plus-second quote when you are near the line.

QMS Lending (NMLS #1781090) is an independent mortgage broker in Miami, FL, founded in 2018, bilingual in English and Spanish, with 4.9 stars across 200+ Google reviews. We shop prime jumbo, bank statement jumbo and foreign national options across 100+ lenders. Call 305-425-1990. Subject to credit approval; Equal Housing Opportunity.