Buying · South Florida
Jumbo loans
South Florida crosses the conforming loan limit routinely. Jumbo financing picks up where agency lending stops — and because it is portfolio money, the guidelines vary enormously between lenders.
What is a jumbo loan?
A jumbo loan is any mortgage above the conforming loan limit set each year for the county, so it cannot be sold to Fannie Mae or Freddie Mac. Lenders hold these on their own books, which means stricter reserve and credit requirements but far more variation — and far more room to shop.
Why shopping matters more here
Agency loans are underwritten to one rulebook, so quotes differ mainly on price. Jumbo loans are portfolio products, and every lender writes its own guidelines on reserves, debt-to-income, condo warrantability and asset depletion.
That variation is the whole opportunity. The same file can be declined at one lender and approved comfortably at another, which is exactly the sort of problem a broker exists to solve.
Next step
Find out if this fits your file
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Straight answers
Frequently asked
How much do you need to put down on a jumbo loan?
Commonly 10% to 20%, depending on the lender, the loan size and the strength of the file. Some portfolio lenders will go lower for strong borrowers, and that variation between lenders is why a jumbo file is worth shopping properly.
Are jumbo rates higher than conforming?
Not always. Because jumbo loans are held on a lender's own balance sheet rather than sold to the agencies, pricing depends on that lender's appetite. Jumbo rates periodically sit below conforming for strong borrowers.
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