Jumbo Loans: When a Mortgage Exceeds the Conforming Limit

What does "jumbo" mean?

CFPB explains that each year Fannie Mae, Freddie Mac and their regulator, FHFA, set a maximum amount for loans they will buy from lenders. Mortgage loans are allowed to exceed those limits, and larger loans are called jumbo mortgages ^[1].

So "jumbo" is not a quality of the borrower or the house. It is a label for a loan amount that is above the conforming loan limit for the county where the property sits. FHFA states that the agencies are restricted by law to purchasing mortgages with origination balances below that amount ^[2].

CFPB adds that the cost of a jumbo mortgage may be higher than the cost of a conforming one ^[1]. We do not publish rates on this site.

Where is the line between conforming and jumbo in Miami-Dade and Broward?

The line is the county's conforming loan limit for the property type. For 2026, FHFA's baseline one-unit value is $832,750 ^[3], and FHFA's full 2026 county list shows that value for one-unit properties in both Miami-Dade County and Broward County, Florida ^[5]. A one-unit loan amount above that number in either county is, by definition, a jumbo loan.

Limits are higher for two- to four-unit properties, and FHFA revises them every year. Older web pages, including some government consumer pages, still show earlier years' figures, so confirm the current year's county value on FHFA's site.

Who decides whether I qualify for a jumbo loan?

Fannie Mae states that the conforming loan limit applies to conventional loans delivered to it ^[6]. A jumbo loan is by definition above that limit, so it cannot be delivered to Fannie Mae, and the lender or investor that holds the loan sets the credit and documentation standards. That is why requirements differ from one jumbo lender to the next, and why we do not list credit score, down payment, reserve or debt-to-income numbers: no primary source sets them.

What does apply to every lender is the federal ability-to-repay rule. Regulation Z, section 1026.43, says a creditor may not make a covered mortgage loan unless it makes a reasonable, good-faith determination at or before closing that you can repay it according to its terms, based on factors that include your income or assets, employment, debts, credit history and debt-to-income ratio or residual income ^[4]. The rule also requires the creditor to verify the information it relies on using reasonably reliable third-party records ^[4]. CFPB summarizes the rule the same way ^[7]. The rule applies to consumer credit secured by a dwelling; credit extended primarily for a business, commercial or agricultural purpose is outside Regulation Z under 12 CFR 1026.3(a) ^[8].

What documents will a jumbo lender ask for?

The ability-to-repay factors in Regulation Z tell you the categories a lender has to consider: income or assets, employment, debts and credit history ^[4]. A jumbo lender has to verify those things, so expect a request for documents that show them.

We do not list a fixed document checklist or a specific number of months or years. Each lender and investor chooses how it verifies those factors, and we would rather tell you what our lending partners require for your file than give you a list that does not apply. The right first step is to tell us your property, loan amount and how you earn income.

When does a jumbo loan fit?

A jumbo loan may fit a buyer whose loan amount is above the county limit and who is comfortable with a lender-specific process rather than a published agency one ^[1][2].

It is not the only tool for a large purchase: a larger down payment can bring a loan under the conforming limit, which returns you to agency rules ^[2][3]. It does not solve a building problem, because a condo that a lender will not finance is a separate question from the loan amount. Use the questions below, then talk with us.