Two paths into Florida’s luxury market. Standard jumbo financing up to $5,000,000 with 20% down at rates competitive with conforming conventional. Or our 10%-down jumbo program up to $2,500,000 — no PMI required — built for high earners who’d rather keep cash liquid than tie it up in down payment. Miami, Fort Lauderdale, Boca Raton, Palm Beach, Naples.
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Most lenders offer one jumbo option. We have lender relationships across the full jumbo spectrum — standard 20%-down, low-down 10%-down, super-jumbo above $5M, and non-QM jumbo for self-employed borrowers. We quote across all of them and pick what costs you the least.
Our standard jumbo program finances up to $5M with 20% down on primary residences and second homes. Above $5M, super-jumbo portfolio lenders cover $10M+ purchases with tighter underwriting. Miami Beach condos, Palm Beach estates, Naples waterfront — routine for us.
Finance up to $2,500,000 with just 10% down — the standard for jumbos is 20%. On a $2M home, that’s $200,000 down instead of $400,000. Best for high earners who’d rather invest the difference than lock it up in home equity. Slightly higher rates, no PMI required.
Conventional loans require Private Mortgage Insurance when you put less than 20% down. Jumbo loans don’t — even our 10%-down variant. Your monthly payment doesn’t carry that 0.3–1.5% annual PMI premium. Saves $400–$2,000+ per month on a $2M loan.
Jumbo rates are often within 0.125–0.50% of conforming conventional, and on strong files (720+ FICO, 20%+ down) frequently lower. Lenders compete aggressively for jumbo borrowers because they’re typically lower-risk than the average applicant. We shop multiple lenders to find the best pricing.
The mechanics matter when you’re borrowing seven figures. Here’s the math most lenders don’t spell out.
Conforming loans (backed by Fannie/Freddie) cap at $832,750 in most Florida counties. Miami-Dade qualifies as a high-cost area, capping at $1,249,125. Anything above those limits is jumbo — private lender capital, not government-backed. The cap rises annually with the national housing price index.
The 10%-down jumbo program is a non-QM portfolio loan — the lender holds it rather than selling it. To offset the higher loan-to-value risk, lenders require: 700+ FICO typically, lower DTI (under 43%), 9–12 months reserves after close, and stable high income (typically $300K+ household). Rate runs 0.25–0.75% above standard 20%-down jumbo.
Best pricing kicks in at 720+ FICO with documented W-2 income and 30%+ down. Each pricing tier (660–680, 681–700, 700–720, 720–740, 740+) typically separates by 0.125–0.25% in rate. Self-employed borrowers using non-QM jumbo (bank statements, asset-based) pay a 0.5–1% premium for the alternative documentation.
Primary residences get the best pricing. Second homes add roughly 0.125–0.375% to rate. Investment property jumbo adds 0.50–0.875% and requires 25%+ down. Condos must be warrantable for standard jumbo; non-warrantable condos (especially Florida coastal high-rises with structural concerns) need portfolio jumbo with tighter pricing.
Considering a $1M+ purchase or refinance? Send us your price range, down payment plan, and FICO — we’ll quote rates across our full jumbo lender panel within 24 hours.
Get My Custom Jumbo QuoteHow each option compares on the variables that matter most for high-value Florida purchases.
| Jumbo 20% Down | Jumbo 10% Down | Conforming Conventional | |
|---|---|---|---|
| Max Loan Amount | $5,000,000 | $2,500,000 | $832,750 / $1,249,125 (Miami-Dade) |
| Minimum Down Payment | 20% | 10% | 3% (first-time) / 5% |
| Minimum FICO | 660 | 700+ | 620 |
| Max DTI | 50% | 50% | 50% |
| Private Mortgage Insurance | None | None | Required if under 20% down |
| Typical Rate vs Conforming | Within 0.125–0.50% (sometimes lower) | +0.25 to +0.75% over jumbo | Baseline |
| Backed by Fannie/Freddie | No | No | Yes |
| Best Fit | $1M–$5M purchases, strong cash position | High earners who want to keep cash liquid | Most Florida buyers under $832K |
Slightly longer than conforming because jumbo underwriting examines income, assets, and reserves more carefully. Strong files close in 25–30 days.
Tell us your purchase price range, down payment plan, and FICO. We quote rates across multiple jumbo lenders and identify which programs fit your scenario — no hard credit pull.
We pick between standard 20%-down jumbo, 10%-down jumbo, super-jumbo, or non-QM jumbo based on what costs you the least over the loan term. You see the math behind the choice.
W-2s, tax returns, 2–6 months of asset statements, employment verification. For self-employed: P&L, business bank statements, or non-QM alternatives. We issue verified pre-approval within 48–72 hours.
Specialized jumbo underwriters review the file. Appraisal ordered after contract acceptance — sometimes two appraisals required for loans above $2M. Conditions cleared.
Sign closing docs and get your keys. First payment due ~45 days later. We’re available for refinance opportunities as rates change — jumbo refis often save 0.50%+ on rate.
The dollar amounts are large, the underwriting is stricter, and the lender pool is narrower than conforming. Worth understanding before you commit.
The questions Florida luxury buyers ask most before choosing a jumbo program. Don’t see yours? Ask Alex directly.
Alex Doce has closed hundreds of multi-million-dollar Florida jumbo loans over 38 years — Miami Beach condos, Palm Beach estates, Naples waterfront, Fort Lauderdale luxury. Send us your scenario and we’ll quote rates across our full jumbo lender panel within 24 hours. No obligation, no hard credit pull.
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