Sarasota Jumbo Loan Lender

Florida Jumbo mortgages are loans for larger amounts than the traditional conforming loans limits, typically $806,500 in FL. During the housing bubble of the previous decade, jumbo loans became more popular and frequent as prices for even modest houses climbed higher and higher. Typically, before then, jumbo loans were reserved for more high-end houses in pricey markets like Miami, West Palm Beach, Naples or Sarasota.

What are the limits of Florida conforming conventional loans?

Fannie Mae and Freddie Mac set conforming loan limits. These limits are the maximum loan amount that either of these two government-sponsored enterprises will buy the loan from a bank, freeing up their capital. When Fannie Mae and Freddie Mac won’t cover the full amount, the loan is considered a jumbo mortgage. As a result, these loans have more risk and slightly higher interest rates.

2025 Conforming Loan Limits vary a little based on the county in Florida. In general, the loan limit is $806,500 in all counties except for Monroe County.  Jumbo loans refer to the value of the loan in question, not the amount you put down.

Who qualifies for a jumbo loan in Sarasota?

Since jumbo loans are considered slightly more risky investments to lenders, there are more requirements in order to qualify for a jumbo loan than a conventional one.

Debt-to-income: One requirement is a low debt-to-income ratio. A lender wants to ensure that you will be able to comfortably pay the principal on the loan, as well as taxes, interest and insurance each month. A good rule of thumb for a reasonable income to have when applying for a jumbo loan is that your monthly mortgage payment (principal, interest, property taxes and insurance) is below 28% of your pre-tax income and that your overall debt payments (the mortgage payment as well as student loans, credit card bills and other debt) is below 42% of your income.

Excellent credit: A person’s credit score will also be considered. Typically, the lowest score a person can have and still be eligible for a jumbo is a 720, which is in the “excellent” range for credit scores, the highest possible score being an 850. The actual credit score required will depend on the down payment. Lower down payments of 5% will require the highest scores. 10%, 15% or 20% down payment will permit lower credit scores down to 660 in some cases.

Down payment: The final qualifier for a jumbo loan is the down payment. Often, jumbo loans require larger down payments, to mitigate risk. Requirements vary by lender, though. You may be able to get away with only 5% down, especially with a good credit score.

Latest Florida Jumbo mortgage loan-to-value limits and credit standards for 2025.

• Up to 95% LTV to $2,000,000  with 700+ credit score
• Up to 90% LTV to $2,500,000 with 720+ credit score
• Up to 85% LTV to $3,000,000 with 740+ credit score

Who should consider a jumbo loan in Sarasota?

Realistically, a borrower isn’t really the one considering a jumbo loan. Since the practice of giving out more and more jumbo loans backfired on lenders when the housing market tanked, they are more wary about giving them out and are really the ones considering if you should have one.  The question for you to ask is, “How much home can I  afford?” Are you in a financial place where you can pay the down payment (as well as closing costs and other fees) upfront, as well as meet the ongoing monthly payments? Will you live in the house long enough for the hefty down payment to be worthwhile?

Florida homebuyers that have questions about Jumbo Loans please call ph: 888-705-1975 or just submit the Request Contact form on this page for assistance.

Serving, Sarasota County, Manatee, Hillsborough, Tampa, Clearwater FL, Venice, Punta Gorda, Port Charlotte, St. Petersburg.  Sarasota Jumbo Loan Lender 2025