Florida jumbo loan rates and requirements.
Loans above $806,500 in Florida require jumbo financing. Palm Beach County’s luxury market. From Boca Raton to Palm Beach Island. Runs heavily on jumbo product.
Rates and requirements by loan size.
Jumbo loans are portfolio products. Not sold to Fannie Mae or Freddie Mac. Each lender sets their own guidelines. Requirements tighten as loan size increases. Below is a general framework. Get a personalized quote for exact rates on your purchase.
| Loan Range | Min Down | Min Score | Rate | Notes |
|---|---|---|---|---|
| $806,501–$1.5M | 10–20% | 700+ | Contact for rate | Most lender programs |
| $1.5M–$2.5M | 20% | 720+ | Contact for rate | Portfolio/private banking |
| $2.5M–$5M | 20–30% | 740+ | Contact for rate | Private bank preferred |
| $5M+ | 30%+ | 760+ | Contact for rate | Private banking / wealth mgmt |
Jumbo rates vary by lender, credit score, LTV, and reserves. Submit a pre-approval request for your personalized rate.
No PMI on Jumbo Loans
Unlike conventional loans under 20% down, most jumbo products do not require PMI. Instead, lenders compensate through higher rates or stricter LTV requirements. 20% down is standard across most jumbo programs.
Reserves Requirement
Jumbo underwriting focuses heavily on reserves. Post-closing liquid assets. Typically 6–12 months of PITI (principal, interest, taxes, insurance) required. On a $1.5M purchase at $9,000/mo, that's $54,000–$108,000 in reserves after closing.
Asset Depletion / Asset-Based Qualifying
High-net-worth borrowers with significant investable assets but lower income can qualify through asset depletion. Dividing total assets by the loan term to generate qualifying income. A $3M portfolio can generate $8,333/mo in qualifying income on a 30-year term.
Jumbo vs Two Conforming Loans
On purchases just above $806,500, a piggyback strategy (80/10/10 or 80/15/5) may produce a better rate than a single jumbo loan. A first mortgage at $806,500 + a second mortgage for the remainder may undercut jumbo pricing.
10% Down Jumbo Programs
Some lenders offer 10% down jumbo loans up to $2M for borrowers with 720+ credit scores and strong income/reserves profiles. Rates carry a premium vs 20% down, but availability has expanded.
Jumbo for Investment Properties
Jumbo investment property loans require 25–30% down and typically 740+ credit. DSCR jumbo products are available for investors who prefer to qualify on rental income rather than personal income documentation.
Equal Housing Lender. Jumbo loan availability and rates are subject to change without notice. Not a commitment to lend. All loans subject to credit and income approval. NMLS# 1859012. Licensed in Florida.
Frequently asked questions about jumbo loans in Florida.
What is a jumbo loan in Florida and when do I need one?
A jumbo loan is any mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency. In 2026, the conforming limit in Palm Beach, Broward, and Miami-Dade counties is $806,500. Any loan above that amount requires jumbo financing. Given South Florida's strong home values — particularly in Boca Raton, Jupiter, and the Palm Beaches — a large portion of purchase transactions require jumbo product.
Are jumbo mortgage rates higher than conventional rates in Florida?
Not always. Historically, jumbo rates ran 0.25–0.75% above conforming rates. In recent years, the spread has tightened and occasionally reversed — competitive jumbo lenders sometimes price below the conforming rate for well-qualified borrowers. The key variables are credit score, down payment, reserves, and loan-to-value ratio. We shop multiple jumbo lenders to secure the most competitive rate for your specific profile.
Can I get a jumbo loan with 10% down in Florida?
Yes, for loans up to roughly $2 million and with strong credit. Several portfolio lenders and private banks offer 10% down jumbo programs for borrowers with 720+ credit scores and substantial post-closing reserves. The rate carries a premium over 20% down programs. For ultra-luxury purchases above $2.5 million, 20–30% down is typically required. Our team identifies which lenders offer the most favorable low-down-payment jumbo terms.
How much in cash reserves do I need for a jumbo mortgage?
Jumbo underwriters focus heavily on post-closing reserves — liquid assets remaining after your down payment and closing costs. Requirements typically range from 6 to 18 months of the full monthly payment (PITI). On a $2 million purchase with a $10,000 monthly payment, 12 months of reserves means $120,000 in liquid assets. Retirement accounts are often allowed at 60–70% of their value. Real estate equity does not typically count.
What is asset depletion qualifying and how does it work for jumbo borrowers?
Asset depletion is an alternative income calculation method where lenders divide total liquid assets by the loan term to derive a qualifying monthly income. A borrower with $3,000,000 in investable assets divided over 360 months generates $8,333 per month in qualifying income — regardless of W-2 or tax return earnings. This method is specifically designed for high-net-worth retirees and investors whose assets significantly exceed their documented income.
Get a jumbo rate quote for your purchase.
We work with multiple jumbo lenders. Get competing quotes and the best rate for your loan size within 24 hours.
Get Jumbo Pre-ApprovalOr view all loan programs at Pure Equity Realty Mortgage Capital.