Jumbo Loan Financing 95% Florida | FHA Mortgage Source

A Florida jumbo loan is a mortgage where the loan amount is above the conforming limit. Because such a large amount is being borrowed lenders can charge slightly higher interest rates for these loans. Conforming loan limits vary based on your location, and are higher in areas of the country with higher housing prices.

In most Florida locations this loan limit is $766,550 in 2024 with some higher costs locations like Monroe County – Key West a bit higher. This standard is set by the two governmental-backed agencies of Fannie Mae and Freddie Mac.

Together they set the limit on the maximum value of any individual mortgage they will purchase from a lender, bank, or broker. When Freddie Mac and Fannie Mae max loan limits don’t cover the full amount, it is commonly known as a non-conforming “jumbo loan”

The current 2024 Jumbo mortgage starts at loan amounts greater than $766,550. Again, this applies to most of Fla and throughout the U.S. Any mortgage amount that exceeds the amount listed below for a single 1-unit property would be classified as a Jumbo loan. All major Florida cities and their base conforming loan limits are listed below.

Jacksonville (Duval & St. Johns County) $766,550
Orlando (Orange & Seminole County) $766,550
Tampa/ St. Petersburg (Hillsborough and Pinellas County) $766,550
Tallahassee (Leon County) $766,550
Miami (Dade County) $766,550
West Palm Beach (Palm Beach County) $766,550
Gainesville (Alachua County) $766,550
Naples (Collier County) $766,550
Sarasota County $766,550
Key Largo, Key West (Monroe County) $929,200

The average interest rates on jumbo mortgages can be slightly higher than for conforming mortgages because they are considered higher risk for lenders. This is because if a jumbo mortgage loan defaults, it may be harder to sell a luxury residence versus a standard-priced house.

However, today high-cost loans are often split up into (2) separate mortgages. By doing the buyer can often keep the primary first mortgage at the maximum conventional loan limit, thus able to take advantage of the lower interest rate. Then a smaller second mortgage (either fixed rate or HELOC) is used to make up the difference. This is commonly referred to in the lending world as a “piggyback” combo loan structure. Doing this also eliminates the need for private mortgage insurance.

High-cost properties can be more vulnerable to market highs and lows. This is one of the main reasons most banks and lenders prefer to have a higher down payment from jumbo loan seekers. However, qualified home buyers now have new options available, up to 95% loan to value.

If you are a home buyer looking for the lowest down payment Jumbo loan, at the lowest interest rate, be sure to contact us 7 days a week by calling or just submit the rapid Info Request Form on this page.

Below we have listed the current Jumbo requirements for full documentation loans: This applies to both purchase and rate/term refinance transactions.

95% LTV – up to $1,500,000 with 680+ credit score. (720 score needed for loan amounts above $1.5m) Buyers can choose 1 loan or a 1st and 2nd mortgage combo up to $2.0m. Both Jumbo options have no monthly PMI – mortgage insurance.
90% LTV – up to $2,500,000 with 700+ credit score.
85% LTV – up to $3,500,000 with 700+ credit score.

In addition to the full documentation options listed above, we also offer some nice non-conventional loan options listed below.

Florida Jumbo Bank Statement Program For Self-Employed:

No tax returns, IRS 4506, or P&L statements are needed. Income verification is done by reviewing bank statements.
Owner-occupied primary homes and 2nd homes. Investment homes are permitted only with a greater 20% down.
680 credit score is required for all programs.
Owner Occupied primary homes – Loan amounts up to $1,250,000 with 10% down – 90% LTV
Owner Occupied primary homes – Loan amounts up to $1,750,000 with 20% down payment – 80% LTV

Two Year Bank Statement program for self-employed borrowers.

1–2 years of bank statements are required.
A minimum credit score of 640
Minimum 6 months of savings/reserves.
Primary owners occupied, 2nd homes, condo, townhome, SFR only – NO investment home purchases.
Loan Amount up to $1,500,000 with 9 months mortgage payment reserves.
Loan Amounts up to $2,500,000 with 12 months of mortgage payment reserves.
30-year fixed rate terms.
Available for Purchase, Rate-Term Refinance and Cash-Out Refinance.

Foreclosure & Short Sale Program

1 day out of Foreclosure or short sale ok – NO foreclosure or short sale waiting period.
Min 580 credit score needed.
24-month bank statements are needed.
30-year fixed, no pre-payment penalty.
Must be a U.S. resident.
Owner-occupied and second homes only. Single-family, condo, and townhomes are eligible.
Up to 80% loan to value for loan amounts up to $1,000,000 (20% down payment)
Up to 75% loan to value for loan amounts up to $1,250,000 (25% down payment)
Up to 65% loan to value for loan amounts over $1,500,000 (35% down payment)

Foreign Nationals – Non-US Citizens

Loan amounts from $100,000 – $3,000,000
Min of 12 months of verified savings/reserves are required.
2nd homes and Investment homes only. 1 unit properties only.
Home purchase, rate/term refinance and cash-out refinance allowed.
Minimum of (3) strong credit references from the country residing.
No credit score is needed.
Up to 65% loan to value. Min 35% down payment required.