What Makes a Loan "Jumbo"

A jumbo loan exceeds the conforming loan limits set annually by the Federal Housing Finance Agency. For 2025 in most of Florida, the conforming limit is $766,550 for a single-family home. Anything above that is jumbo. (Monroe County / the Keys has a higher limit at $929,200.)

Because jumbo loans are too large for Fannie Mae or Freddie Mac to buy, they're kept on the lender's balance sheet or sold to private investors. That means stricter underwriting and higher cash reserve requirements.

$766,550
FL conforming limit
$929,200
Monroe County limit
700+
Typical credit min
6–12 mo
Reserves required

Credit and Income Requirements

  • Credit score: 700 minimum at most jumbo lenders, 740+ for best pricing. Some portfolio lenders go down to 680.
  • Down payment: 10% minimum is common up to $1.5M, 20% from $1.5M–$3M, 25%+ for $3M+.
  • Reserves: 6–12 months of PITI in liquid assets after closing. For ultra-luxury, 18–24 months.
  • DTI: 43% typical max; 45% with strong compensating factors.

Documentation

Jumbo underwriting is the deepest in residential mortgages. Plan for:

  • Two years of tax returns (personal and business if self-employed)
  • Two months of statements for every account, including retirement and brokerage
  • Verification of employment from your employer, often a phone call and a letter
  • Asset source documentation for any large deposits
  • Sometimes a CPA letter for self-employed borrowers
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Documentation Heads-Up

Jumbo underwriting is the deepest in residential mortgages. Expect to provide every account statement (including retirement and brokerage) — sometimes for two years.

Florida Coastal & Condo Considerations

Jumbo lenders are especially cautious about:

  • Insurance availability. Many waterfront Florida properties now require a stacked policy (Citizens + private wind + flood). Lenders want this confirmed before closing.
  • Condo financials. Following Surfside, jumbo lenders require detailed milestone inspection reports, structural integrity reserve studies, and proof of adequate reserves. Older oceanfront condos can be hard to finance jumbo.
  • Appraisal: Often two appraisals required above $1.5M.
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Post-Surfside Condo Lending

Following the Surfside collapse, jumbo lenders require structural integrity reports and reserve studies on older Florida condos. Some oceanfront buildings simply aren't financeable jumbo anymore.

Asset-Based and Bank Statement Programs

For high-net-worth buyers without typical W-2 income, alternative jumbo programs exist:

  • Asset depletion loans: Lender treats liquid assets as income. $2M in investable assets ≈ $7,500/month in qualifying income.
  • Bank statement loans: 12–24 months of business bank statements used in lieu of tax returns for self-employed.
  • Pledged asset loans: Borrow up to 100% of the home using a portion of your investment portfolio as collateral instead of cash down.

These programs come with rate premiums (typically 0.5%–1.5% above standard jumbo), but unlock financing for buyers who would otherwise be paying cash.

Alternative jumbo programs — asset depletion, bank statement, pledged asset — open the door for high-net-worth borrowers who would otherwise be paying cash.

Tip: Get a Jumbo Pre-Approval Early

Standard pre-approvals from retail lenders don't always transfer cleanly to jumbo underwriting. In luxury Florida markets, sellers want to see a pre-approval from a lender experienced in jumbo — ideally one that includes a reserve verification and an explicit jumbo product callout.

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