Purchase loan
Bigger loans deserve a sharper strategy.
Once your loan amount goes above the conforming limit, the rules change. Pricing, reserves and documentation vary widely by lender, which is exactly why shopping matters.
- Loan size
- Above the conforming limit
- Down payment typically
- 10% to 20%+
- Reserves often
- 6 to 12 months
- Structure
- Fixed or ARM
What makes a loan "jumbo"
Each year the Federal Housing Finance Agency sets the conforming loan limit, the largest loan Fannie Mae and Freddie Mac will buy. Anything above that limit is a jumbo loan. Jumbo loans are held by banks and private investors, so each lender writes its own rules.
That means two lenders can look at the same file and give very different answers. Our job is to find the one that fits.
What jumbo lenders typically expect
Guidelines vary, but jumbo lenders commonly look for:
- Credit: often 680 to 700 or higher, with the best pricing at higher tiers.
- Down payment: often 10% to 20% or more, depending on loan size and property type.
- Reserves: often 6 to 12 months of payments or more, in checking, savings, brokerage or retirement accounts.
- Debt-to-income: frequently tighter than on conforming loans.
- Appraisal: some lenders require two appraisals on larger loan amounts.
Super jumbo loans, at the very top of the market, come with their own tiers and requirements.
Fixed, adjustable and interest-only
Jumbo borrowers often choose adjustable-rate mortgages (ARMs) with a 5-, 7- or 10-year fixed period, especially if they expect to sell or refinance within that window. Thirty-year fixed jumbos are widely available too. Some lenders offer interest-only periods for qualified borrowers.
Each structure trades something: a lower payment today, more certainty later, or more flexibility. We lay them out in real numbers so you can weigh payment, risk and long-term cost.
Why a broker matters here
On a large loan, small pricing differences add up to real money. We compare jumbo lenders side by side, organize your income documentation up front, and structure the file before it reaches underwriting. That is where most jumbo delays start.
If your closing date is further out, you can lock for up to 120 days. While you are in process, we keep monitoring the market. A dedicated processor coordinates the appraisal, condo documents when they apply, and every condition until closing.
Start with our mortgage calculator, then request a quote for a side-by-side comparison.
Questions we hear
What is the conforming loan limit in Miami-Dade?
The FHFA updates the conforming limit every year, and it can differ by county. If your loan amount is above the limit for your area, it is a jumbo loan. We confirm the current limit when we review your scenario.
How much do I need to put down on a jumbo loan?
It depends on the lender, the loan size and the property, but 10% to 20% down is common, and larger loans may require more. Some lenders offer lower down payment options for very strong files.
Are jumbo rates higher than conventional rates?
Not necessarily. Jumbo pricing depends on the lender and the market, and at times jumbo pricing for strong borrowers is close to conforming pricing. When your loan amount is near the limit, we compare both.
Can I get a jumbo loan if I am self-employed?
Yes. Most jumbo lenders want two years of tax returns, and some offer bank-statement or asset-based programs for borrowers with complex income. Those alternatives generally come with different pricing and down payment requirements.
Can I use a jumbo loan for a second home or investment property?
Many jumbo lenders finance second homes, and some finance investment properties, usually with larger down payments and reserves. Condo and condo-hotel rules also apply, which matters a lot in Miami.
Related programs
First-Time Home Buyer
A guided path to your first Miami home, with low-down-payment options and a real pre-approval.
Conventional Loan
Flexible financing for primary homes, second homes and rentals, with PMI you can remove later.
FHA Loan
Government-insured financing with 3.5% down and flexible credit guidelines for primary homes.
Thirty minutes. Your goals. Real options.
Start with a goal consultation. No credit pull, no obligation. We come back with the strongest structures on the market for your situation.