Jumbo Loans for Miami and South Florida Homes

Who needs a jumbo loan in South Florida

By Ryan and Megan Winslow, Mortgage Bankers with The Federal Savings Bank, NMLS #2426605 and #2692933. Updated October 3, 2026.

A jumbo loan is a mortgage above the conforming loan limit. The Federal Housing Finance Agency sets that limit each year. For 2026 the one unit baseline is $832,750 (source, checked October 2026). In Miami-Dade County the one unit limit is $832,750 (source, checked October 2026). Broward County uses the same $832,750 figure (source, checked October 2026).

The national high-cost ceiling for 2026 is $1,249,125 (source, checked October 2026). That higher number does not apply in Miami-Dade or Broward. A loan one dollar above $832,750 in either county is a jumbo loan. Plan around the local number.

A jumbo loan fits you when:

• You are buying a waterfront home in Coral Gables, Miami Beach, Fort Lauderdale or Weston and your loan amount runs above the county limit.
• You want a large condo in Brickell, Edgewater, Sunny Isles Beach or along Las Olas Boulevard.
• You are buying a second home in South Florida and you want to keep cash in your portfolio instead of paying all cash.
• You live outside the United States and want to finance a Miami condo through a foreign national program.

What lenders look at on a jumbo loan

Fannie Mae and Freddie Mac do not buy jumbo loans. Banks and investors hold them. Each lender writes its own rules for credit, down payment, reserves and income documents. The Federal Savings Bank sets its own jumbo guidelines, and Ryan and Megan walk you through the current version on your first call.

Expect a jumbo file to ask for more than a conforming file:

• Full income documents. Tax returns, W-2 forms, pay stubs and, for business owners, business returns.
• Larger cash reserves after closing, measured in months of housing payments.
• A clear paper trail for the down payment, including large deposits and transfers.
• A full appraisal. Large or unique homes sometimes need a second review.

Warrantable and non-warrantable condos

Most Miami and Fort Lauderdale buyers end up looking at condos. The building matters as much as you do. Fannie Mae lists projects it will not accept. The list includes buildings with unfunded repairs above $10,000 per unit due within 12 months, buildings with critical structural issues, buildings where one owner holds more than 20% of the units in projects of 21 or more units, and projects with more than 35% commercial space (source, checked October 2026). Hotel style buildings with rental pools or front desk check-in also fall on that list (source, checked October 2026).

A building that fails these tests is called non-warrantable. You are still able to buy there. You will need a lender that keeps the loan in its own portfolio, and that loan often asks for a larger down payment.

Florida milestone inspections and reserve studies

Florida law requires a milestone structural inspection for condo buildings with three or more habitable stories once they reach 30 years old, then every 10 years (source, checked October 2026). The statute sits in section 553.899 of the Florida Statutes (source, checked October 2026). Buildings in this group also need a structural integrity reserve study every 10 years (source, checked October 2026). Ask for both reports before you sign. A failed inspection or an underfunded reserve study often means a special assessment, and it often makes the building non-warrantable.

Flood insurance

If your home sits in a flood zone that starts with A or V and your loan is federally backed, flood insurance is required (source, checked October 2026). Expect your jumbo lender to ask for it in those zones too. Check any address on the federal flood map (source, checked October 2026). The federal program caps building coverage at $250,000 for a 1 to 4 unit home (source, checked October 2026). On a jumbo home that cap often falls short, so you add private or excess flood coverage.

Foreign buyers

Buyers who live abroad often use a foreign national loan, with passports, visas and foreign bank records in the file and higher down payment rules. Plan ahead for the sale too. When a foreign owner sells a United States home, the buyer generally withholds 15% for federal tax (source, checked October 2026).

How to buy with a jumbo loan in Miami or Fort Lauderdale

1. Call Ryan and Megan. Share your price range, your down payment and whether the home is a primary home, second home or rental.
2. Apply at winslowloan.com and upload income, asset and tax documents for a full pre-approval review.
3. Pick buildings early. Ask the listing agent for the association budget, reserve study, milestone inspection report, insurance policy and any lawsuits.
4. Check the flood zone for every address on the federal flood map (source, checked October 2026).
5. Make your offer with a financing contingency and an inspection period long enough to review condo documents.
6. Order the appraisal and the condo review as soon as the contract is signed.
7. Bind homeowners, wind and flood insurance at least two weeks before closing.
8. Review your closing disclosure, wire funds through a verified call to the title company, and close.

How Ryan and Megan help you buy above the conforming limit

Ryan and Megan are Mortgage Bankers with The Federal Savings Bank. They review your full file before you shop, so your price range rests on real documents. They read condo budgets and inspection reports with you and flag issues early. Ryan and Megan also hold Florida real estate broker licenses through Winslow Homes, so they know how agents, title companies and associations move a file to closing.

If a jumbo loan does not fit, Ryan and Megan show you the conforming and FHA options side by side, so you choose with clear numbers. Start at winslowloan.com or use the program matcher.