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If you're considering a high-value property, it's important to understand your financing choices. This guide covers how to finance a condo priced above conforming loan thresholds—and where these types of homes are most commonly found.
Start with a lender who knows Florida’s luxury condo market. Apply now with MIDFLORIDA Credit Union.
2025 conforming loan limits in Florida
Each year, the Federal Housing Finance Agency (FHFA) sets conforming loan limits that determine eligibility for conventional loans. For 2025:
Most Florida counties have a conforming loan cap near the mid-$800,000s for single-family homes.
High-cost areas like Monroe County may exceed that, approaching the upper-$900,000s.
Any mortgage that surpasses these limits is considered a non-conforming or jumbo loan.
Image source: FHFA loan values map
Why more Florida condos require jumbo financing
Florida's luxury condos—especially those in vibrant downtown areas or along the coast—often exceed standard mortgage limits. Even smaller units with designer finishes can land above the conforming threshold.
With more properties entering this price range, buyers increasingly explore jumbo loans and other non-conforming mortgage options.
Desirable Florida counties for families often feature elevated home prices, driven by high demand, which frequently necessitate the use of require jumbo loans.
Non-conforming mortgage options
When a home is priced beyond conforming limits, you'll need a non-conforming loan. These loans aren't backed by Fannie Mae or Freddie Mac, so they follow stricter guidelines (Fannie Mae loan limits).
Here's what to expect:
- Stronger credit history: Lenders look for consistent creditworthiness.
- Lower debt levels: A manageable monthly debt load helps.
- Larger down payment: Expect to contribute significantly upfront.
- Financial reserves: Lenders often ask for proof of liquid savings.
- Full documentation: Income, employment, and asset verification are required.
These loans may offer fixed or adjustable rates and terms spanning 15 to 30 years.
Preparing to buy a high-value condo
Before exploring a jumbo mortgage, consider these steps to strengthen your financial position:
- Review your financials: Make sure your credit profile, savings, and income stability align with higher loan expectations. Gather bank statements, tax returns, and employment records.
- Plan for a substantial down payment: Larger loan amounts typically require a more significant upfront contribution. This can reduce interest costs and may improve your loan terms.
- Account for reserve requirements: Be prepared to show liquid funds covering several months of housing-related costs.
- Choose a qualified lender: Not all financial institutions offer non-conforming loans. Select a lender familiar with Florida's luxury condo landscape and capable of processing high-value applications efficiently.
Start your application with MIDFLORIDA.
Condo eligibility also matters
The condo must meet certain lender criteria, even if you qualify for a jumbo loan.
Some buildings are considered non-warrantable, which means they do not meet conventional financing eligibility (Fannie Mae ineligible project criteria).
This may happen if:
- The building is involved in legal disputes
- Many units are used as short-term rentals
- Owner occupancy rates are low
- Commercial space dominates the property
If you're interested in a boutique or mixed-use condo, consult your lender early to assess its eligibility.
Conforming vs. jumbo loans in Florida in 2025
Jumbo loans streamline the financing of high-value purchases into a single mortgage, which is ideal for luxury homes.
Here’s how conforming and jumbo loans compare:
- Loan Limits: Conforming loans cover home prices up to the mid-$800,000s in most Florida counties. Jumbo loans apply to amounts beyond that, including limits that exceed the upper-$900,000s in high-cost areas.
- Down Payment: Conforming loans may require a smaller or moderate down payment, while jumbo loans generally need a higher upfront investment.
- Credit Score: Flexible requirements apply to conforming loans, but jumbo loans typically require a stronger credit profile.
- Debt Load: Conforming loans may allow more flexibility. Jumbo loans require tighter debt-to-income ratios.
- Reserves: Minimal reserves are needed for conforming loans. Jumbo loans usually require several months of liquid assets.
- Interest Rate: Conforming loans often have lower interest rates. Jumbo loans may come with a slightly higher rate.
- Approval Process: Conforming loans use automated underwriting systems. Jumbo loans go through manual and more detailed reviews.
FAQs: Luxury condo financing
What makes a jumbo loan better than splitting multiple loans?
A jumbo loan simplifies repayment and often offers more competitive rates for qualified buyers.
Are jumbo loan rates higher?
They can be, but strong applicants may still receive attractive terms.
Where in Florida are jumbo loans common?
Due to local home values, Miami-Dade, Palm Beach, Sarasota, Collier, and Monroe counties frequently require jumbo loans.
How can I prepare financially?
Maintain solid credit, minimize debt, and build savings to cover your upfront costs and reserves.
Is pre-approval important?
Yes. Pre-approval helps you understand your budget and strengthens your offer in competitive markets.
What are super jumbo loans?
A super jumbo loan may be necessary for ultra-premium properties (often $2.5 million or more). These come with even stricter guidelines and are typically offered by select lenders.
Next steps to buy your luxury condo in Florida
Thinking of buying a luxury condo in Florida? If your purchase exceeds conforming loan limits, MIDFLORIDA can help you explore financing options designed for high-value homes.
Our team will walk you through your application and offer products that support your goals, whether you're in Miami, Tampa, or anywhere in between.
Start your application with MIDFLORIDA today and take the next step toward your dream home.
