Jumbo Loans in Palm Beach County: Financing a $1 Million-Plus Home, Reserves and Refinancing

Jumbo loans Palm Beach County buyers use start at a lower price than many people think. In 2026, any single-family mortgage above $832,750 in Palm Beach County is too large for Fannie Mae or Freddie Mac to buy, so it falls into jumbo territory. That covers a large share of homes in Palm Beach, Jupiter, Wellington and parts of Boca Raton. This guide explains the loan limit, what jumbo lenders usually ask for, the asset-based and portfolio loans common among luxury buyers, and how jumbo refinancing works. It is also written for luxury sellers who want to know what their buyers must clear.

Key takeaways

• The 2026 conforming loan limit for a one-unit home in Palm Beach County is $832,750. Larger loans are jumbo loans.
• Jumbo lenders set their own rules. Down payments of 10 to 20 percent are common, and some lenders ask for more.
• Many lenders want cash reserves of 6 to 12 months of payments after closing.
• Cash buyers made up 41.8 percent of Palm Beach County single-family sales in August 2026, so luxury sellers often weigh cash and jumbo offers side by side.
• Florida charges documentary stamp tax and intangible tax on new mortgages, which adds real money at jumbo sizes.

Where jumbo loans in Palm Beach County begin

The Federal Housing Finance Agency sets the conforming loan limit each year. For 2026, the baseline for a one-unit home is $832,750, up $26,250 from 2025. FHFA's county list shows Palm Beach, Martin and St. Lucie counties all at that baseline. Higher limits apply to two- to four-unit properties, starting at $1,066,250 for a duplex.

So the line is about the loan, not the price. For example, a buyer who puts 20 percent down on a $1,000,000 home borrows $800,000, which is still conforming. However, a buyer who puts 10 percent down on the same home borrows $900,000, which is a jumbo.

In many Palm Beach County markets, that line is easy to cross. Pure Equity's MLS data as of October 1, 2026 shows a median list price of $859,495 for active listings in Jupiter and $2,499,000 in the Town of Palm Beach. Those are asking prices for active listings, and they change nightly.

What jumbo lenders usually require

Because Fannie Mae and Freddie Mac do not buy jumbo loans, each lender writes its own rules. Requirements vary, but some patterns are common.

Down payment

Bankrate describes typical jumbo down payments of 10 to 20 percent. PNC notes that some buyers may need 15 to 40 percent, depending on the rest of the file. Larger loans, second homes and investment properties often need more down.

Credit score

Expect a higher bar than for a standard loan. PNC says jumbo loans may require scores over 680, and Bankrate cites a lender example with a 740 minimum. Better scores usually earn better pricing.

Cash reserves for jumbo loans in Palm Beach

Reserves are money left in the bank after the down payment and closing costs. Bankrate says jumbo borrowers often need 6 to 12 months of mortgage payments in reserve. Retirement and brokerage accounts can sometimes count, though lenders may discount them.

Debt and income

Lenders also look closely at your debt-to-income ratio. Bankrate notes that debts usually need to be well below half of income. In addition, many lenders ask for two years of tax returns, especially from business owners.

Appraisal

Luxury homes have fewer comparable sales, so the appraisal gets extra attention. Some lenders order a second appraisal on large loans. That can add time, so build it into your contract dates.

Asset-based and portfolio loans for luxury buyers

Many luxury buyers have wealth but uneven income. For example, a retiree may live on investments, or a founder may pay themselves a small salary. Standard jumbo rules can understate what these buyers can afford.

That is where other products come in. Portfolio loans stay on the lender's own books, so the bank can set its own terms. Some banks offer better pricing to clients who move assets to their wealth management arm. Others offer asset-based or asset depletion loans, which turn investment balances into a monthly qualifying income.

Some lenders also offer interest-only periods or pledged-asset loans, where investments secure part of the loan instead of a larger down payment. These products vary widely, so compare the rate, fees, reset terms and any minimum asset balance before you choose.

Also think about how the loan fits your wider plan. For instance, a buyer who expects a large bonus or a business sale may prefer a loan with no prepayment penalty. Likewise, a buyer who plans to hold the home for decades may care more about a fixed rate than a low starting payment. Your financial advisor and loan officer should look at these choices together.

Cash versus jumbo offers in Palm Beach County

Cash plays a big role at the top of this market. According to Miami Realtors, cash sales made up 48.1 percent of all Palm Beach County closed sales in August 2026. For single-family homes alone, the cash share was 41.8 percent. Meanwhile, the county recorded 170 sales of $10 million or more through August 2026, topping the prior annual record of 169.

So a luxury seller will often see both kinds of offers. A jumbo buyer can still be a strong buyer. The key is proof. Ask for a full pre-approval from a jumbo lender rather than a pre-qualification, plus proof of the down payment and reserves.

What luxury sellers should check in jumbo loans Palm Beach buyers bring

If you are selling a home above about $900,000, there is a good chance your buyer will need a jumbo loan. Here is what to look for in an offer.

• The lender: a lender with luxury and jumbo experience in South Florida is less likely to stall on the appraisal or condo review.
• The down payment: a larger down payment gives the buyer room if the appraisal comes in low.
• Appraisal terms: ask whether the buyer will cover a gap between the appraisal and the price.
• Insurance: coastal and waterfront homes may need wind and flood coverage before the lender will close. Early quotes reduce surprises.
• Timeline: jumbo files with complex income can take longer, so make sure the financing deadline is realistic.

If you are getting ready to list, our guide to selling a luxury home covers pricing and marketing in more depth.

Florida closing taxes on jumbo loans in Palm Beach County

Florida taxes new mortgages in two ways. First, documentary stamp tax on the note runs 35 cents per $100 of the loan. Second, the nonrecurring intangible tax is 2 mills, or 0.2 percent, of the loan amount.

At jumbo sizes, these add up. For example, on a $1,600,000 loan, doc stamps on the note would be $5,600 and the intangible tax would be $3,200. In Florida, the buyer usually pays these mortgage taxes, so they belong in your cash-to-close budget.

How refinancing jumbo loans in Palm Beach County works

A jumbo refinance follows the same lender rules as a purchase. You will need updated income, asset and credit documents, plus a new appraisal in most cases.

There are a few twists. If your balance has dropped below $832,750, your new loan may qualify as conforming. That can open up different pricing. On the other hand, a cash-out refinance that raises the balance keeps you in jumbo territory, often with tighter limits on how much equity you can pull.

Florida taxes matter here too. Under section 201.08, when a mortgage is renewed, doc stamp tax applies to the amount above what was already taxed. Whether a refinance counts as a renewal depends on the details, so ask your closing agent to confirm before you compare offers.

How to prepare before you apply

Jumbo underwriting rewards buyers who show up organized. A little prep can save weeks once you are under contract.

1. Pull two years of documents. Gather tax returns, W-2 or 1099 forms, and business returns if you own a company.
2. Map your assets. List where the down payment, closing costs and reserves will come from. Large recent deposits need a paper trail, so avoid moving money around at the last minute.
3. Talk to more than one lender. Compare a large bank, a private bank and a mortgage broker. Pricing and rules can differ a lot between them.
4. Get insurance quotes early. In coastal Palm Beach County, wind and flood coverage can take time to place on a high-value home.
5. Check the condo, if any. Some lenders review the building's finances and reserves before they approve a loan on a luxury condo.

Then ask each lender for a written pre-approval that names the loan amount and any conditions. Sellers and listing agents in the luxury market tend to take those letters more seriously than a quick online estimate.

Frequently asked questions

What is the jumbo loan limit in Palm Beach County for 2026?

Any one-unit loan above $832,750 is a jumbo loan in Palm Beach County in 2026. Higher limits apply to two- to four-unit properties.

How much do I need to put down on a jumbo loan?

It depends on the lender. Down payments of 10 to 20 percent are common, and some loans need more. Second homes and very large loans usually need larger down payments.

How many months of reserves do jumbo lenders want?

Many lenders ask for 6 to 12 months of payments in reserve after closing. Very large loans can require more.

Can I use my investment portfolio to qualify?

Often, yes. Asset depletion and portfolio loans can count investment balances toward income, and some lenders accept pledged assets. Terms vary, so compare several lenders.

Sources

• FHFA, Conforming loan limit values for 2026
• FHFA, 2026 county loan limit list
• Bankrate, What is a jumbo loan?
• PNC, What is a jumbo loan?
• Miami Realtors, Palm Beach County August 2026 market report
• Florida Statutes, section 201.08 (doc stamps on notes)
• Florida Statutes, section 199.133 (intangible tax)

This article is general information, not legal, tax or financial advice. Jumbo loan terms vary by lender, so confirm every requirement with a licensed loan officer.

Selling a luxury home in Palm Beach County? We can show you how today's buyers are financing and what that means for your price and terms. Request a confidential luxury market consultation or check what your home is worth. Buying at the high end? Talk with a buyer's agent before you choose a lender.