For 2026 the baseline Federal Housing Finance Agency (FHFA) conforming loan limit for a single-family home in most Florida counties is $832,750. Monroe County conforming loan limit is 990,150.
Loan Exceeding the conforming loan are jumbo loans and jumbo loans with most lenders have limited Loan to Value restriction meaning most require 20% down payment. In addition, have higher credit score and reserve requirements. David Barrett with Barrett Financial Group LLC platform, has the solution. he shops 160 lenders with several that specialize in Jumbo loan lending. Allowing 89.99% financing, more flexible.
Most banks and direct lenders require 6 to 18 months of PITI as reserves.
However, with Barrett Financial Group LLC we have access to lenders that require only 2 months of PITI reserves. Allowing a faster underwriting process and with less required income and asset documentation.
Yes. business owners, entrepreneurs and independent contractors often struggle to qualify for luxury home financing. To solve this we have alternate a jumbo loan programs designed specifically for the self employed:
Bank Statement Jumbo loan programs Use a percentage of deposits in business an/or personal bank accounts as income.
Asset Depletion loans programs for borrowers who have lower income but have accumulated substantial wealth We take the balance in your accounts and divide by, for example 240 months as the monthly income to qualify.
1099 Income loans programs. Loans for independent contractors were we use a percentage of the 1099 statements as income in place of traditional tax returns.
Jumbo Loan vs. Conventional: Which is right for your Florida home purchase?
Financing Feature | Conforming Loans | Standard Jumbo | Alternate Jumbo Programs |
Max Loan amount | 832,750 | 5 -10 million | |
Underwriting system | Automated (AUS) | Automated and Manual | Manual only |
Minimum down payment | 3% | 10% | 10% |
Private mortgage insurance | Required less than 20% down payment | ||
Income verification | A little as paycheck stub and W-2, or 1 year 1040 | Minimum 2 year income docs. | Traditional income docs not required. |
Reserves | No reserves in some cases | Some cases only 2 months reserves | Often 3 to 6 month reserves. |