What Is a Jumbo Loan?
A jumbo loan is a type of mortgage designed for homes that exceed the loan limits set by the Federal Housing Finance Agency (FHFA). Because these loans are too large to be purchased or guaranteed by Fannie Mae or Freddie Mac, they’re considered non-conforming loans and come with stricter qualification requirements.
Why Choose a Jumbo Loan?
If you’re looking at luxury properties or homes in competitive real estate markets, a jumbo loan may be the right fit. Benefits include:
- Financing for high-value homes – go beyond conventional loan limits
- Competitive rates – often in line with traditional mortgages
- Flexible loan amounts – tailored to your property’s value
- Opportunity to buy in prime locations – without liquidating assets
Jumbo Loan Requirements
Because jumbo loans involve larger amounts, lenders look for strong financial stability. Typically, you’ll need:
- A credit score of 700+
- A low debt-to-income (DTI) ratio (usually under 43%)
- Proof of sufficient income (tax returns, pay stubs, bank statements)
- A down payment of 10–15% (varies by lender and loan size)
How Much Is a Jumbo Loan?
In most areas, any mortgage above $806,500 is considered a jumbo loan. In high-cost counties, such as parts of New York, California, or Hawaii, the limit can reach $1,209,750 or more. In Florida’s luxury markets, jumbo loans often make the difference between settling and getting the home you truly want.
Perfect for Luxury Homes in Vero Beach
If your dream home exceeds traditional loan limits, a jumbo loan may be your best option. Tim and Liz Serratt specialize in guiding buyers through the process — from pre-qualification to closing — so you can purchase with confidence.
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Buying a luxury home doesn’t have to feel out of reach. With the right jumbo loan, you can make it happen.
What our Clients say
Trusted by families across the Treasure Coast.
I’ve been working with Tim Serratt since 2017 — from purchasing my home to several refinances — and most recently, he helped get my new loan approved! Even though I’m on the West Coast and he’s on the East Coast, he always makes me feel like I’m his top priority. He’s incredibly responsive, always answers my calls and questions right away, and goes above and beyond to make the process smooth and stress-free.
I truly appreciate his dedication and professionalism. No matter where I am or what kind of loan I need, he’s the only person I trust to handle it. Highly recommend — a true 5-star loan officer!
Cheers to 8 years friendship Tim🥂 and cheers to new chapter of our life in the new house 🏡 🥂
Tim and his team are the best! Would have not been able to close without him. I was working with a different company before him and there was a lack of communication with what was needed to close. Tim came in with a very short time frame and was very clear with what needed to happen for me to close. He made it happen fast and smoothly. Would recommend for everyone looking for a mortgage.
Tim was absolutely amazing figuring our mortgage out. It was such a stressful situation and the first lender denied us literally at the last minute! But Tim kept us calm and reassured us that it was gonna happen. And let me tell you he did it! He pulled a rabbit out of the hat and made some magic happen! I just cannot say enough about how pleased we are with Contour. Tim and his Wife Liz make an excellent team and even followed up with us when this stressful process was all done. You can tell they really care about their clients. We will definitely be only using them in our next mortgage!