Traditional Loan
Jumbo Loans
For homes that need a loan above the conforming limit. Jumbo loans finance waterfront, luxury and high-cost homes with fixed or adjustable-rate terms, and pricing varies more from lender to lender than almost any other program.
- Loan amountAbove the conforming loan limit
- TermsFixed or adjustable-rate
- PropertyPrimary, second home or investment
- ReservesTypically required after closing
How It Works
Above the limit, priced by each lender.
Fannie Mae and Freddie Mac only buy loans up to the conforming limit. Above it, each lender or investor sets its own jumbo guidelines for credit, down payment and reserves, so requirements and pricing can differ a great deal between lenders.
- 01
We review your full financial picture
Jumbo lenders look closely at income, assets and reserves. We gather the full picture up front, including retirement and investment accounts.
- 02
We match you to the right jumbo lenders
Guidelines for down payment, reserves and loan size vary. We narrow the field to the lenders whose rules fit your scenario.
- 03
We compare jumbo and conforming options
Sometimes a larger down payment or a second loan keeps you under the limit. We price the alternatives so you can see which costs less.
Program Highlights
Why buyers choose jumbo.
- Finances loan amounts above the conforming limit
- Fixed and adjustable-rate terms available
- Usually no private mortgage insurance
- Available for primary homes, second homes and investment properties
- Retirement and investment accounts can often count toward reserves
- Pricing varies widely, so comparing lenders matters
Common Questions
What buyers ask about jumbo loans.
A jumbo loan is a mortgage for more than the conforming loan limit, the maximum Fannie Mae and Freddie Mac will buy. Because those agencies do not back them, each lender sets its own jumbo guidelines.
A loan becomes jumbo when it is above the conforming loan limit for the county, which the Federal Housing Finance Agency sets every year. Most Florida counties use the standard limit, and it is higher for 2 to 4 unit homes. We confirm the current limit for the county you are buying in.
Yes. A jumbo loan is a type of conventional loan, because it is not insured or guaranteed by a government agency. It is called non-conforming because it is above the limit Fannie Mae and Freddie Mac will buy.
Jumbo loans usually need a larger down payment than conforming loans, commonly 10% or more, depending on the lender, the loan amount, your credit and your reserves. Larger loans usually require more down.
Not always. Jumbo pricing moves on its own and can land above or below conforming rates depending on the market and the lender. That is why shopping several jumbo lenders matters more here than almost anywhere else.
Jumbo lenders generally look for strong credit, a lower debt-to-income ratio, full income documentation and reserves left after closing, often several months of payments. Each lender sets its own standards, and borrowers with income that is hard to document may fit a bank statement or asset depletion program instead.
Usually not. Most jumbo lenders skip mortgage insurance and ask for a larger down payment instead.
General information only, not a commitment to lend. Loan programs, guidelines, interest rates and terms are subject to change without advance notice.
Related Programs
Conventional Purchase
As little as 3% down for qualifying first-time or income-eligible buyers
Conventional ARM
An initial rate, often lower than a fixed rate, that can adjust after the fixed period
Asset Depletion
Qualify using liquid assets instead of income
Bank Statement
Qualify with 12 to 24 months of personal or business bank statements
Shop your jumbo loan across our lender network.
Tell us the price and how much you plan to put down. We will compare jumbo lenders and show you where your scenario fits.