Jumbo Mortgages

At Continental Mortgage we want to make sure that Americans living in the sunny state of Florida have access to affordable home ownership.  We specialize in understanding a potential borrower’s wishes and knowing the right options for the right client.  Those looking to finance a home with a higher value than the limits set by Freddie Mac and Fannie Mae, a Florida jumbo loan is a great option.

Continental has been a leading Jumbo mortgage lender in Florida since 2002. We have an A+ rating from the Better Business Bureau and have helped thousands of Floridians achieve their home ownership dreams.

A loan is considered a jumbo loan when it exceeds the conventional loan limits set by government sponsored lending enterprises known as Fannie Mae and Freddie Mac.  Those looking to finance a home in Florida with a jumbo loan should expect higher interest rates than a typical conforming loan.

In an effort to help economic recovery, President George W. Bush signed the Housing Economic Recovery Act of 2008 into law which temporarily increased the loan limits for jumbo loans to $729,750 or 125% of the median home value in a given area depending on which is lower.

These higher limits were originally meant to expire after 2008 but were extended through 2010.  Increasing loan limits was meant to lower interest rates, but it was not as successful as expected.  The jumbo loan limits were lowered back to normal in 2011.

Interest rates for jumbo loans are based on a variety of factors, the most important of which is the risk to the lender.  Jumbo loans typically require higher interest rates and down payments due to higher risk.

The risk is higher because if a jumbo loan defaults, it is more difficult to sell a higher valued property quickly for its full value.  Also properties with higher values are more vulnerable to market value fluctuations. For these reasons, lenders typically require borrowers to pay a higher down payment.

Borrowers looking to finance a home  with a Florida Jumbo Loan will normally be required to meet higher requirements on parameters such as debt-to-income ratio, value of all assets, and FICO credit score.  Jumbo loan and FHA loan limits in Florida vary by county. Most Florida counties have a Fannie Mae and Freddie Mac loan limit of $424,100. Any loan size greater than this conforming loan limit is categorized as a Jumbo loan. See the chart below for FHA and Fannie Mae loan limits for each county in Florida.

Florida Jumbo Loan Limits by County

County Name FHA Loan Limit Fannie Mae Conforming Loan Limit
Broward County $345,000 $424,100
Collier County $450,800 $450,800
Manatee County $287,500 $424,100
Miami-Dade County $345,000 $424,100
Monroe County $529,000 $529,000
Palm Beach County $345,000 $424,100
Sarasota County $287,500 $424,100

Here at Continental Mortgage, we specialize in providing potential borrowers the information needed to make the right decision when financing a home.  Although we are located in Miami Beach, we dedicate ourselves to providing some of the most competitive jumbo loan rates throughout the entire state of Florida.

Click here for a free quote to see how much you qualify for!