Jumbo Loans

Financing for homes that exceed conventional limits

What is a jumbo loan?

A jumbo loan is any mortgage larger than the conforming loan limit set each year by the FHFA for your county. Because Fannie Mae and Freddie Mac cannot purchase these loans, they are held by banks and private investors, each with their own guidelines. That means qualifying is stricter and more document-driven — but also that a broker with many jumbo investors can find meaningfully different pricing for the same borrower.

Ideal for: Buyers of high-value homes in competitive markets, self-employed borrowers with substantial assets, and anyone whose loan amount exceeds their county's conforming limit.

Key Benefits

  • Finance homes above conforming loan limits
  • Down payments from 10% on many programs
  • Primary, second home, and investment property eligible
  • Fixed, adjustable, and interest-only structures
  • No mortgage insurance on most jumbo programs
  • Asset-depletion and bank-statement options for complex income

    • How Jumbo Loans Work

    Compare the loan amount to the county limit

    Conforming limits vary by county, and high-cost areas in California, Colorado, and Washington have higher thresholds. Anything above your county's limit is jumbo.

    Document income and reserves thoroughly

    Jumbo underwriting is manual. Expect full tax returns, asset statements, and proof of post-closing reserves — often 6 to 12 months of payments.

    Choose a structure

    Fixed, adjustable, and interest-only options exist, along with piggyback structures that pair a conforming first mortgage with a second to avoid jumbo pricing entirely.

    Shop investors, not just rates

    Jumbo guidelines differ dramatically between investors. The right match on reserves, self-employment, or property type is often worth more than a quoted eighth of a point.

    Jumbo Loans Requirements at a Glance

    Minimum credit score

    700 typical, 680 on select programs

    Minimum down payment

    10%–20% depending on loan size

    Max debt-to-income

    43%, higher with strong reserves

    Reserves

    6–12 months of payments post-close

    Mortgage insurance

    Generally none

    What it costs

    Closing costs scale with loan size, and appraisal fees are higher because the properties are more complex. Because there is no mortgage insurance, the monthly cost of a jumbo loan is often closer to a conforming loan than the rate alone suggests.

    Things to Consider

  • Credit score requirements usually start at 700
  • Post-closing reserves of 6–12 months are common
  • Two appraisals may be required on very large loans
  • Underwriting is manual, so complete documentation speeds everything up

    • Jumbo Loans FAQs

    At what loan amount does a mortgage become jumbo?

    It depends on your county's conforming limit, which is higher in high-cost areas. We check your specific county before recommending a structure.

    Are jumbo rates higher than conventional?

    Not always. In recent years jumbo pricing has at times been at or below conforming for strong borrowers, because portfolio lenders want those relationships.

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

    Programs start around 10% down, with 20% unlocking the widest investor selection and best pricing.

    Can I get a jumbo loan while self-employed?

    Yes. Bank-statement, profit-and-loss, and asset-depletion programs are built for business owners whose tax returns understate cash flow.

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