Jumbo Mortgage Financing

Jumbo Mortgage Loans

Jumbo mortgages are loans that exceed traditional high-balance loan limits. These mortgages are typically for people who are looking to purchase the higher-end, luxury homes that range from $750,000 to $10 million. For a mortgage to be considered a “jumbo mortgage” it has to supersede the loan limit, which is $417K, that is set by Fannie Mae and Freddie Mac. However, these limits can vary state by state, and county by county. In addition, the limits might vary for a multi-unit property.


In the case of Florida, in order to be eligible for jumbo mortgage financing, the mortgage that you will be receiving will have to be greater than $417K or more, depending on the county that you live in. One thing that you should be aware of when opting for a “Jumbo Mortgage” is that you will also be paying a significantly higher interest rate than you would with a smaller loan. However, in some counties, you can receive a jumbo mortgage for mortgages greater than $625, 000 without having to pay the higher interest rates.


  • Jumbo loans in Florida are available for all primary residences, second homes, vacation homes, as well as for investment properties.
  • These are available in a range of terms and on a fixed or adjustable-rate basis.
  • Jumbo loan rates might be higher compared to conforming high-balance or conforming home loans.
  • Since the housing crash of 2008, there has been increase in availability of these loans and recent policy changes have allowed more people to qualify for this type of mortgage.

Facts About the Jumbo Mortgage

Here are some facts about a Jumbo Mortgage:

  • In the case of the Jumbo mortgage, there is no private mortgage insurance and the down payments tend to be larger.
  • The credit score to apply for a jumbo mortgage cannot be lower than 700.
  • Since you apply for a much larger mortgage amount, you will also have to show the assets and income in order to pay for it.
  • The upper limit of the debt-to-income ratio for jumbo loan borrower is 45%.

Today, Jumbo loan rates have touched historic lows in terms of interest rates and will allow people to receive this type of loan. However, you will need a reliable and experienced Mortgage Loan company to help you with all the details. For more information, contact Mortgages Done Right Inc. experts at (561) 777-7622. You can also send us your queries on this website form.


Frequently Asked Questions:

Q: Why are rates higher with Jumbo Mortgages?

The rates are typically higher with Jumbo Mortgages due to the amount of risk associated with financing a larger property that may be more difficult to sell and recoup losses in the case of a default.

Q: What are the down payment requirements for Jumbo Mortgages?

Typically, down payments for non-conforming loan amounts can be 20% or higher of the purchase price. Generally speaking, the larger the purchase price, the more money the borrower will have to invest as a down payment.

Q: Do I have to pay Private Mortgage Insurance on a Jumbo Mortgage?

PMI is only required if he LTV is greater than 80%.


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