{"id":83493,"date":"2023-05-12T10:30:38","date_gmt":"2023-05-12T17:30:38","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=83493"},"modified":"2024-01-23T11:58:20","modified_gmt":"2024-01-23T19:58:20","slug":"what-is-a-jumbo-loan-in-florida","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-florida\/","title":{"rendered":"What is a Jumbo Loan in Florida in 2024?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are you planning to buy a <a href=\"https:\/\/www.redfin.com\/state\/Florida\" data-wpel-link=\"exclude\">home in Florida<\/a><\/span><span style=\"font-weight: 400;\">\u00a0this year? If so, you might be wondering what a jumbo loan is and whether it&#8217;s right for you. Whether your sights are set on a waterfront <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\" data-wpel-link=\"exclude\">condo in Miami<\/a> or a luxurious <a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\" data-wpel-link=\"exclude\">house in Tampa<\/a>, join us as we delve into the intricacies of jumbo loans in Florida in 2024.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-83494\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami.webp\" alt=\"luxury condo in miami\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami.webp 1600w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-300x200.webp 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-1024x683.webp 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-768x512.webp 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-1536x1024.webp 1536w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-225x150.webp 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-945x630.webp 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami-450x300.webp 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a jumbo loan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Simply put, <\/span><a href=\"https:\/\/www.redfin.com\/guides\/what-is-a-jumbo-loan\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">a jumbo loan<\/span><\/a><span style=\"font-weight: 400;\"> is a type of mortgage loan that\u2019s used to finance loans that exceed the conforming loan limit. In the United States, the Federal Housing Finance Agency (FHFA) sets loan limits for conforming loans each year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the home you&#8217;re purchasing will require you to borrow more than the conforming loan limit (CLL), you&#8217;ll need to apply for a jumbo loan. But because of the larger loan amounts and increased risk for lenders, Florida jumbo loans often come with higher interest rates and stricter requirements than conventional loans. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan.<\/span><\/p>\n\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What is the jumbo loan limit in Florida?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In 2024, the conforming loan limit for most U.S. real estate markets is $766,550. However, the jumbo loan limit in Florida depends on what county you&#8217;re planning to buy a home in.<\/span><b>\u00a0<\/b><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>$766,550 is the conforming loan limit in most Florida counties<\/b><\/li>\n<li aria-level=\"1\"><b>$929,200 is the maximum limit in higher-cost counties<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As a reminder, the amount being borrowed is what determines whether or not you\u2019ll need a jumbo loan, not the price of the home. So, if you were to put $100,000 down on a $780,000 <a href=\"https:\/\/www.redfin.com\/county\/486\/FL\/Palm-Beach-County\" data-wpel-link=\"exclude\">home in Palm Beach County<\/a>, the mortgage would be $680,000, which is under the CLL for this area. In this case, your loan wouldn\u2019t be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following counties in Florida have a conforming loan limit <\/span><i><span style=\"font-weight: 400;\">beyond <\/span><\/i><span style=\"font-weight: 400;\">$766,550 for 2024:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>County<\/b><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><b>FHFA Conforming Loan Limit<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Monroe County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$929,200<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Additional information regarding the conforming loan limits in Florida can be found <\/span><a href=\"https:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/Conforming-Loan-Limit-Map.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the requirements for a jumbo loan in Florida?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As previously mentioned, the requirements for a jumbo loan are much more stringent than a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.<\/span><\/p>\n<p><b>Higher credit score:<\/b><span style=\"font-weight: 400;\"> When it comes to obtaining a jumbo loan, credit score requirements are typically more strict than for conventional mortgages. While some lenders may be willing to accept a lower score, a credit score of at least 720 is generally required to qualify for a jumbo loan. It&#8217;s important to have a strong credit profile and a solid financial history to increase your chances of being approved for a jumbo mortgage.<\/span><\/p>\n<p><b>Larger down payment:<\/b><span style=\"font-weight: 400;\"> When applying for a jumbo loan, keep in mind that <\/span><a href=\"https:\/\/www.redfin.com\/guides\/down-payments-and-home-loans\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\"> requirements are generally more substantial than for traditional mortgages. While the specific amount will depend on the lender and the borrower&#8217;s financial situation, many jumbo loan lenders require a down payment of at least 10%, and some require as much as 20% or more.<\/span><\/p>\n<p><b>More assets:<\/b><span style=\"font-weight: 400;\"> During the asset review process, lenders typically request that jumbo loan borrowers provide evidence of sufficient liquid assets or savings to cover the equivalent of one year&#8217;s worth of loan payments.<\/span><\/p>\n<p><b>Lower debt-to-income ratio (DTI): <\/b><span style=\"font-weight: 400;\">Whether you&#8217;re applying for a traditional mortgage or a jumbo loan in Florida, lenders evaluate your spending habits and creditworthiness by analyzing your <a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\">debt-to-income ratio (DTI)<\/a>. The DTI is determined by dividing the total of your monthly debt payments by your gross monthly income. While some lenders may accept a DTI as high as 50% for a conforming loan, those applying for a jumbo loan should aim for a DTI under 43% and ideally closer to 36%.\u00a0<\/span><\/p>\n<p><b>Additional home appraisals:<\/b><span style=\"font-weight: 400;\"> For a jumbo loan, lenders may require a second <\/span><a href=\"https:\/\/www.redfin.com\/guides\/home-appraisal-everything-you-need-to-know\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home appraisal<\/span><\/a><span style=\"font-weight: 400;\"> to ensure that the property&#8217;s value is accurate. This is particularly true in places where there are few comparable home sales. The additional appraisal acts as a second opinion and helps the lender to mitigate their risk. It&#8217;s important to note that the cost of a second appraisal may be higher than a typical home appraisal, particularly in areas with fewer sales.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s break down what a jumbo loan is in Florida, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/p>\n","protected":false},"author":617,"featured_media":83494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[34450],"coauthors":[34751],"class_list":["post-83493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-fl"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Jumbo Loan in Florida in 2024? | Redfin<\/title>\n<meta name=\"description\" content=\"Let\u2019s break down what a jumbo loan is in Florida, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-florida\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Jumbo Loan in Florida in 2024?\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s break down what a jumbo loan is in Florida, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-florida\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-12T17:30:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-23T19:58:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-condo-in-miami.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Brian Krutchik | Redfin Real Estate Agent\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brian Krutchik | Redfin Real Estate Agent\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-florida\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-florida\\\/\"},\"author\":{\"name\":\"Brian Krutchik | Redfin Real Estate Agent\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/b94d1ec30f0df7816973d9871e6f927b\"},\"headline\":\"What is a Jumbo Loan in Florida in 2024?\",\"datePublished\":\"2023-05-12T17:30:38+00:00\",\"dateModified\":\"2024-01-23T19:58:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-florida\\\/\"},\"wordCount\":711,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-florida\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/luxury-condo-in-miami.webp\",\"keywords\":[\"fl\"],\"articleSection\":[\"Local Insights\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-florida\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-florida\\\/\",\"name\":\"What is a Jumbo Loan in Florida in 2024? 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