Ten percent of a $700,000 purchase price is $70,000, leaving a simple example loan amount of $630,000 before any financed items or adjustments. That amount is below FHFA’s 2026 national baseline conforming loan limit of $832,750 for a one-unit property. It does not guarantee approval, pricing, or that every transaction will use conforming financing.
Start with the real cash calculation
The down payment is only one part of cash to close. Your Loan Estimate may also show lender and third-party closing costs, prepaid interest, homeowners insurance, property-tax and insurance escrows, deposits, seller credits and lender credits.
A $700,000 home is not automatically a jumbo loan
Jumbo status is based primarily on the loan amount and applicable conforming loan limit—not the purchase price by itself. FHFA set the 2026 baseline conforming limit for most one-unit properties at $832,750. The $630,000 example is below that baseline.
Conforming-limit status is not approval. Income, debts, assets, credit, occupancy, property type, appraisal or collateral review, insurance, mortgage insurance and the complete transaction still matter. See the Florida county limit guide and conforming-versus-jumbo explanation.
Plan for mortgage insurance and the complete payment
The CFPB explains that mortgage insurance is typically required when the down payment is below 20%. The actual structure and cost are scenario-specific.
- Principal and interest
- Property taxes
- Homeowners insurance
- Flood insurance when applicable
- Mortgage insurance
- Condo or homeowners-association dues
Florida insurance, flood exposure and association costs can materially change affordability even when the loan amount stays the same. Use the Florida payment calculator as a planning tool, not an approval.
Compare lenders without chasing an advertisement
The CFPB recommends comparing multiple Loan Estimates. Ask each lender to use the same property, loan amount and product, lock period, and points-or-credits approach at approximately the same time. Then compare:
- Interest rate and APR
- Principal-and-interest and total estimated payment
- Mortgage insurance
- Origination charges and services controlled by the lender
- Points or lender credits
- Cash to close and the five-year comparison figures
- Rate-lock status, expiration and extension terms
Taxes and insurance belong in affordability planning, but they are not generally prices controlled by the lender.
Make customer service observable
No unsupported “best service” claim is needed. Ask process questions that produce evidence:
- Who answers scenario and disclosure questions?
- How and when will the buyer and real-estate agent receive updates?
- Has the property type been reviewed for Florida insurance, condo or flood questions?
- What assumptions support the target closing timeline?
- Who explains changes between an early scenario and the Loan Estimate?
Organize the purchase file
A mainstream purchase review often begins with identity, income, assets, debts, credit authorization, housing history and property information. The exact list depends on the application. Use the lender’s verified secure channel for sensitive documents; do not email Social Security numbers, bank statements or tax records to a public website.
Related planning: Florida down-payment options, PMI cost factors, and mortgage reserves.
Frequently asked questions
How much is 10% down on a $700,000 home?
Ten percent is $70,000, leaving a simple example loan amount of $630,000 before adjustments. Closing costs, prepaids and escrows are separate parts of cash to close.
Is a $700,000 Florida home automatically a jumbo loan?
No. Jumbo status depends on the loan amount and applicable conforming loan limit, not purchase price alone. FHFA’s 2026 national baseline for a one-unit property is $832,750.
Will 10% down require PMI?
Mortgage insurance is typically required when the down payment is below 20%. Availability and cost depend on the complete scenario.
How should I compare mortgage offers?
Request the same structure and lock period at approximately the same time, then compare the written Loan Estimates—including rate, APR, points or credits, total loan costs, payment, cash to close and five-year comparison.
What costs belong in a Florida payment estimate?
Include principal and interest, property taxes, homeowners and flood insurance when applicable, mortgage insurance and association dues.
Does being below the conforming limit guarantee approval?
No. Conforming-limit status is one part of the review. Borrower, property, occupancy and transaction requirements still apply.
Primary sources
- FHFA: 2026 conforming loan limit values (November 25, 2025)
- CFPB: Compare and negotiate loan offers
- CFPB: Loan Estimate explainer