Conventional vs jumbo: what's the difference?
Conforming conventional follows Fannie/Freddie rules and stays at or below the FHFA county limit. Jumbo is above the conforming limit and follows lender-specific or private investor rules. Jumbo usually requires stronger credit, more reserves, and larger down payment.
Plain-English explanation
Conforming: standardized pricing, deep secondary market, predictable underwriting, lower minimum down payment options. Jumbo: lender-by-lender pricing and underwriting, often requires 720+ credit and 10-20%+ down, 6-12 months reserves, and pricing varies materially between lenders. Some jumbo programs offer aggressive pricing on strong files, sometimes beating conforming. Compare specific quotes; jumbo is not categorically more expensive than conforming.
What can change the answer?
FHFA county limits update annually. Confirm against the current FHFA conforming loan limit lookup before structuring an offer.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Loan Limits
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.