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Jumbo Loans

When the home you want exceeds conventional loan limits, a jumbo loan gives you the financing power to make it happen.

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How It Works

What You Need to Know About Jumbo Loans

Jumbo loans follow different rules than conventional financing. Understanding what lenders look for can help you prepare and move through the process with confidence.

1
Higher Loan Amounts
Jumbo loans are designed for properties that exceed conforming loan limits, giving buyers access to financing for higher priced homes that conventional programs cannot cover.
2
Stronger Qualification Standards
Because jumbo loans carry more risk for lenders, they typically require higher credit scores, larger down payments, and lower debt to income ratios than conventional loans.
3
Significant Reserves Required
Lenders want to see that you have substantial cash or assets remaining after closing, often several months to over a year of mortgage payments in reserve.
4
Full Documentation Required
Jumbo loans go through thorough underwriting. Expect to provide complete income documentation, tax returns, and asset statements regardless of your employment type.
Basic Eligibility Requirements
Credit Score: Typically 700 or higher
Down Payment: Usually 10% to 20% minimum
Debt to Income: Generally 43% or lower
Reserves: Several months of payments in verified assets
Appraisal: Required, sometimes two appraisals for higher loan amounts
Property: Primary residence, second home, or investment property
Location: Texas, Florida, Minnesota, or Colorado
Pros and Cons

Is a Jumbo Loan Right for You?

Jumbo loans make high value home purchases possible, but they come with stricter requirements. Here is what to consider before moving forward.

The Advantages
  • Financing available for luxury and higher priced properties.
  • Competitive rates for well qualified borrowers.
  • Flexible term options to fit your financial goals.
  • Can be used for primary homes and second homes.
  • No need to break your purchase into multiple loans.
  • Variety of fixed and adjustable rate options available.
The Tradeoffs
  • Stricter credit score requirements typically 700 or higher.
  • Larger down payment usually required, often 10 to 20 percent.
  • More extensive documentation and reserve requirements.
  • Higher monthly payments due to larger loan amounts.
  • Fewer lenders offer jumbo products limiting your options.
  • Rates can be higher than conforming loan rates depending on market conditions.
Who It's Best For

Jumbo Loans Work Best For...

Jumbo financing is built for buyers who need more than what standard loan limits allow and have the financial profile to support it.

Luxury Home Buyers
Buyers purchasing higher priced properties in competitive markets where standard loan limits fall short.
High Income Earners
Borrowers with strong income, excellent credit, and significant assets who need a larger loan amount.
Second Home Buyers
Buyers purchasing a vacation home or second property in a high cost area where jumbo financing is the only option.
Common Questions

Frequently Asked Questions

Straight answers to the questions we hear most often.

What is a jumbo loan?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency. Because it cannot be sold to Fannie Mae or Freddie Mac, it follows different qualification guidelines.
What are the current conforming loan limits?
Conforming loan limits are set annually and vary by county. Any loan amount above that limit is considered a jumbo loan and requires jumbo financing.
Are jumbo loan rates higher than conventional rates?
Not always. Jumbo rates are competitive and in some market conditions come in close to or even below conventional rates. Your rate will depend on your credit profile, down payment, and loan size.
How much do I need to put down on a jumbo loan?
Most jumbo loans require at least 10% to 20% down depending on the loan amount and your overall financial profile. Stronger credit and larger reserves can improve your options.
Can I get a jumbo loan if I am self employed?
Yes. Self employed borrowers can qualify for jumbo financing. The documentation requirements are more thorough, but we have experience working through complex income scenarios.
Keep exploring

Compare a jumbo mortgage with your other options

Conventional Loans

From 3% down at a 620 score. No upfront mortgage insurance, and PMI comes off at 20% equity.

Self-Employed Borrowers

Two years of documented self employment. Qualify on tax returns, bank statements, or a P&L.

DSCR Loans

Investment property qualified on the rental income instead of yours. Typically 20% to 25% down.

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