For home buyers and homeowners

Jumbo Loan

Need financing beyond conforming loan limits? Our guides simplify requirements, helping you prepare for your high-value home purchase..

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Is a Jumbo Loan for you?

  • You’re buying a in a high-cost zip code
    Loan limits don’t stretch far in places like Boston or L.A.—a Jumbo Loan picks up where conforming loans cap out.
  • You have strong reserves, not just strong income
    Jumbo lenders often look for more than a good salary. They may expect 6–12 months of savings after closing.
  • You’re comfortable with stricter rules
    Expect tighter guidelines on credit, assets, and reserves. Jumbo loans aren’t backed by Fannie Mae or Freddie Mac.
  • You want one loan without PMI
    Even with less than 20% down, many jumbo loans don’t require private mortgage insurance (PMI).
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Understanding the guidelines

These are general pointers. If they sound like you, let’s talk—no pressure. We’ll explore if a Jumbo loan is your best fit or find one that truly matches your goals.

Loan purpose

Use this loan to buy a home or refinance your current one. We guide you through both.

About refinancing

Credit profiles

Lenders typically look for a score of 620+. Let’s review your credit picture together.

About credit

Debt to income

Your DTI should ideally be under 45% to manage new payments.

About DTI ratios

Closing costs

These are fees for loan services, separate from down payment.

About closing costs

Estimate Your Possibilities

Use our calculators to explore numbers and understand what might work for you.

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Frequently asked questions.

You asked about this loan. We listened. Here are answers based on research from fellow homebuyers, like you.

A jumbo loan, also known as a non-conforming loan, is a mortgage that exceeds the dollar limits for conforming loans set by the Federal Housing Finance Agency (FHFA). These limits dictate whether Fannie Mae or Freddie Mac can buy the loan. Jumbo mortgages are used to finance higher-priced properties and typically come with stricter qualification requirements than conforming loans because lenders may view them as having slightly more risk.

Qualifying for a jumbo loan generally requires a strong financial profile, including a lower debt-to-income (DTI) ratio, which measures your monthly debts against your gross monthly income. You’ll also usually need a higher credit score (often 700 or above) and more significant cash reserves—funds left over after your down payment and closing costs—than for a conforming loan. Lenders want to see robust evidence of your ability to manage this larger debt.

It’s crucial to understand the importance of comparing offers from multiple lenders when seeking a jumbo loan, as interest rates and terms can vary more significantly than for conforming mortgages. Because jumbo loans are not standardized or typically backed by government entities, individual lenders set their own pricing, meaning one might offer considerably better terms, including lower interest rates or fewer fees. Don’t assume the first lender you talk to has the most competitive offer for your high-value home financing.

The down payment requirement for a jumbo loan is usually higher than for other types of mortgages, often starting at 10% to 20% of the home’s purchase price, and sometimes more. While some lenders may offer jumbo loan programs with slightly smaller down payments, borrowers should generally prepare for a substantial upfront investment. Unlike some conventional loans, Private Mortgage Insurance (PMI) is not typically required on jumbo loans even with less than 20% down, but the interest rate might be higher as a result.

Qualifying for a 15-year mortgage generally requires a higher income to manage the larger payments and a lower debt-to-income (DTI) ratio. Lenders will also closely assess your cash flow discipline and stability, as these loans demand a significant portion of your monthly budget, which can impact discretionary spending and other savings plans. Ensure your credit score is strong and you have a consistent employment history to improve your chances.

Yes, it’s often possible to get a jumbo loan to finance the purchase of a second home or an investment property, but be aware that the qualification criteria may be even more stringent than for a primary residence. Lenders typically require a larger down payment, may charge a slightly higher interest rate, and will likely expect you to demonstrate even stronger cash reserves and a higher credit score for these types of properties. This is because lenders perceive them as carrying additional risk.