Jumbo Loans in North Palm Beach, FL

Homes in parts of North Palm Beach can carry prices that push the loan amount past the conforming limit FHFA sets each year, and that is where a jumbo loan comes in. Because Fannie Mae and Freddie Mac do not buy these loans, each lender or investor writes its own guidelines for credit, assets and property review. This page explains how jumbo financing works in Florida and what underwriters tend to examine more closely.

Ready to talk it through?

Call to speak with a licensed loan officer about jumbo loans in North Palm Beach. Programs vary by borrower, property and investor.

Call (888) 912-6746 Apply Online Now

Home values and jumbo lending in North Palm Beach

$513,000Median home value

1,903Jumbo first mortgages in Palm Beach County (2024)

$90,000Median household income

$425,000Median purchase loan (county)

The median owner-occupied home in North Palm Beach is valued at about $513,000. HMDA data show 1,903 non-conforming (jumbo) first mortgages in Palm Beach County in 2024. Whether your loan counts as jumbo depends on the loan amount and the limit for your county in the year you apply.

Where the conforming limit ends and jumbo begins

Every year FHFA publishes the maximum loan size that Fannie Mae and Freddie Mac can purchase. That ceiling differs by county, and some high-cost counties have a higher ceiling than others. Any first mortgage above the figure for your county is a jumbo, also called a non-conforming loan.

The line matters because it decides who sets the rules. A conforming loan follows standardized guidelines. A jumbo follows whatever the lender or the investor buying the loan requires, which is why two jumbo offers can look quite different. Ask any lender you speak with to confirm the limit for the county where the property sits before you assume which side of the line you are on.

Start hereApply Online Now

Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.

Takes a few minutes
Reviewed by a licensed loan officer
No obligation to proceed

Prefer to talk first? Call (888) 912-6746. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Why jumbo underwriting asks for more documentation

A lender holding a large loan without a government or agency backstop wants a clear view of your ability to repay. Expect requests for complete tax returns, all pages of bank and brokerage statements, and written explanations for large deposits. Self-employed borrowers are often asked for business returns and a year-to-date profit and loss statement.

Credit review also tends to be stricter, and some files go to a second underwriter for review. None of this means you will not qualify. It means the lender needs to see the story behind your income and assets, so organized paperwork can make the process smoother. Programs vary by borrower, property and investor.

Who this tends to fit

You are buying a home whose loan amount will exceed the conforming limit for your county
You want to compare a single jumbo loan against a conforming first mortgage paired with a second lien
You are buying a second home or luxury property that conforming guidelines will not cover
You have strong savings and want to keep them invested rather than putting more toward the purchase
You are self-employed with several years of business tax returns

Local offices and Florida rules to know

Property assessment: Palm Beach County Property Appraiser's Office. Homeowners file for the Florida homestead exemption with the Palm Beach County Property Appraiser, which offers homestead e-filing and the DR-501 homestead application form.
Deed and mortgage recording: Clerk of the Circuit Court & Comptroller, Palm Beach County - Recording Department. Your mortgage is recorded here after closing.

Florida recording costs: Documentary stamp tax on deeds and other documents that transfer an interest in Florida real property; documentary stamp tax on notes and recorded mortgages (written obligations to pay money); and nonrecurring intangible tax on mortgages - collected by the county clerk when the document is recorded. Your Loan Estimate lists the taxes that apply to your loan.

Jumbo appraisals, reserves and refinancing in North Palm Beach

Expect the appraisal to carry extra weight on a large loan. The appraiser has to support the value with nearby sales, and in neighborhoods with few comparable homes that can take time. A low value can change how much you need to bring to closing, so build some cushion into your timeline.

After closing, lenders want to see that you still have money set aside. These reserves can come from checking, savings, brokerage or retirement accounts, though each type may be counted differently. Owners refinancing a jumbo, whether to change the loan structure or take cash out, go through a similar review of assets and property value.

Before you call

Written explanations for any large or unusual deposits
All pages of recent bank, brokerage and retirement account statements
Business tax returns and a year-to-date profit and loss statement if you are self-employed
A list of other properties you own, with their mortgages, taxes and insurance
The county where the property sits, so the lender can confirm the conforming limit that applies

Questions North Palm Beach borrowers ask about jumbo loans

Can I avoid a jumbo loan by using two mortgages?

Some buyers pair a conforming first mortgage with a second mortgage or home equity line to stay under the limit. This is sometimes called a piggyback structure. It can make sense in certain situations, but it adds a second lien, a second set of terms and possibly a variable rate on the second loan. Ask a lender to compare both structures side by side on official Loan Estimates.

Is a jumbo loan only for buying a home?

No. Owners of high-value homes also use jumbo refinances to change from an adjustable to a fixed structure, adjust the term, remove a co-borrower or take cash out. The same closer look at income, assets and appraised value applies. If your current balance has dropped below the conforming limit for your county, a conforming refinance may also be an option worth comparing.

Does the conforming limit change every year?

Yes. FHFA reviews home price data and announces new conforming limits annually, and the figures vary by county. A loan amount that counted as jumbo in one period could fall under the limit later, or the reverse. Because the number shifts, ask a lender to confirm the limit for your specific county at the time you apply rather than relying on an older figure you saw online.

Can I get a jumbo loan if I am self-employed?

You may be eligible. Self-employed borrowers usually provide personal and business tax returns covering more than one recent filing, along with a year-to-date profit and loss statement and business bank statements. Lenders typically average income over time and look for stability or growth. Some investors offer alternative documentation programs, though terms and requirements vary by borrower, property and investor.

Talk to a licensed loan officer

Get answers about jumbo loans for a home in or around North Palm Beach. Subject to credit approval; programs vary.