Jumbo Non-QM Loans in the Florida Keys, Florida

Monroe County is a high-cost area, and its 2026 conforming loan limit for a one-unit property is $990,150. A mortgage larger than this figure is a jumbo loan.

The full set of 2026 limits for Monroe County, which covers Key West, Marathon, Islamorada, and Key Largo, is as follows:

• Single-unit property: $990,150

• Two-unit property: $1,267,600

• Three-unit property: $1,532,200

• Four-unit property: $1,904,150

Monroe County's limit is higher than the limit in most Florida counties. Homes in Key West, Islamorada, Key Largo, and Marathon still regularly exceed it, so jumbo mortgages are common across the Keys.

Loan amounts of several million dollars are available on jumbo loans in Florida when the borrower's qualifications are strong. The approved amount turns on credit score, loan-to-value ratio, and reserves, and those standards vary enough to matter when choosing a lender for a jumbo loan. Lenders reward higher scores and larger reserves with better jumbo rates and terms.

No. The most favorable jumbo pricing goes to scores of 750 and higher. A borrower below that level may still be approved with offsetting strengths, such as more money down or a large balance of liquid assets.

Yes. Our Jumbo Non-QM programs include bank statement loans and asset depletion loans. Business owners, consultants, and retirees buying in Key West or Islamorada may be approved without W-2s or standard tax returns. Jumbo bank statement loans in Florida determine income from 12 or 24 months of deposits and reach loan amounts up to $7M. Full-time Keys residents may also consider jumbo no-ratio loans, which are offered for a primary residence only.

Jumbo financing is available on single-family homes, warrantable and non-warrantable condos, townhomes, and 2–4 unit properties. We arrange loans on an Old Town Key West conch house, a Key Haven waterfront home, an Islamorada oceanfront estate, or a Duck Key canal home. Resort units that operate under a hotel rental program may need a condotel mortgage, and the list of lenders for those is shorter. A buyer who plans to rent the home should understand the difference between a second home and an investment property before applying.

Across Monroe County, jumbo rates are frequently in line with conventional rates and occasionally below them. Second homes and investment properties may price somewhat higher than primary residences.

It may be, particularly for an owner who expects to hold the property for a limited number of years. With a 5/1 or 7/1 jumbo ARM, the rate is fixed for five or seven years and is often lower than a 30-year fixed rate. Lower early payments on a Key West or Islamorada purchase are part of the reason ARMs are popular again with jumbo borrowers. Second-home buyers who may sell within a decade are frequent candidates. The holding period decides the question, and a planned sale changes how an ARM compares when you intend to sell soon.

On a primary home, lenders commonly cap loan-to-value near 80%, and the cap is lower on very large loans and on second homes. Credit, reserves, and the appraisal all enter the decision. Owners in Key West, Marathon, and Key Largo can convert equity to cash through a jumbo cash-out refinance, which pays off the current mortgage with a larger jumbo loan. Monroe County homeowners with VA entitlement may have access to a VA cash-out refinance or a VA jumbo cash-out refinance, and neither one requires monthly mortgage insurance.

Eligible veterans and active-duty service members, including those stationed at Naval Air Station Key West, may be able to use a VA loan above the conventional limit for Monroe County. Qualified buyers may purchase a higher-priced home with $0 down and no monthly PMI. Full entitlement may allow VA jumbo loans above the county limit with no set cap.

Yes. A jumbo refinance may bring a lower rate, a move from an ARM to a fixed loan, or cash from accumulated equity. Keys business owners who qualify on deposits may be able to use a self-employed cash-out refinance in place of a loan based on tax returns.

Bank denials frequently trace to the institution's own overlays and do not settle whether the borrower can qualify elsewhere. Wholesale jumbo lenders differ in how they count bonus income, RSUs, business income, and large asset balances. We can move the file to a lender whose guidelines match it. A buyer has several ways to save the purchase after a bank denies a jumbo loan.

For a primary residence in the Keys, most jumbo lenders expect 10% to 20% down. Second homes and investment properties, both common in Monroe County, usually call for a larger down payment. Lenders also review the reserves a borrower keeps after closing. Each program sets its own jumbo and Non-QM mortgage down payments by credit, occupancy, and loan size. Full-time residents may claim the Florida homestead exemption on a primary residence.