For a Florida mortgage to be considered a “jumbo”, the mortgage loan amount must exceed conventional conforming Florida loan limit set by two government-sponsored enterprises – Fannie Mae and Freddie Mac. These two government owned entities set the limit on the maximum value for any individual Florida mortgage they will purchase from a Florida mortgage lender. Currently, the conforming Florida mortgage loan limit is $417,000 for a one-unit home – meaning, if you need to borrower any amount over the loan limit of 417,000 you will require a jumbo Florida mortgage.
In some cases, there are loan products that have elevated conforming loam limits, which give borrowers the ability to obtain mortgages exceeding the normal $417,000. The availability of these loans varies by county. The U.S. Housing Department has a useful tool on their website, in which you can find limits in each state/county.
For further information on jumbo loans, Apply Now and our mortgage professionals will review your loan options and help you figure out whether a jumbo loan is right for you.