Jumbo Loan
Jumbo loans are mortgage loans that exceed conforming loan limits set by Fannie Mae and Freddie Mac. They are typically required when purchasing higher-priced homes.
Min. Down Payment
Typically 10-20% depending on loan size and lender
Credit Guidance
Generally 700+ required; 720+ for best terms
Income / DTI
Strong, well-documented income required; lower DTI thresholds common
Occupancy
Primary residence or second home (investor options vary by lender)
Property Types
When a home purchase requires a loan amount above the conforming loan limits established by the Federal Housing Finance Agency (FHFA), a jumbo loan is needed. These limits are updated annually and vary by county — particularly in higher-cost markets. Jumbo loans are not backed by Fannie Mae, Freddie Mac, or any government agency, which means each lender maintains their own underwriting standards. As a result, guidelines, down payment requirements, reserve requirements, and qualifying standards can vary more than with conforming loans. Buyers considering jumbo financing should expect a more detailed review of assets, income documentation, and overall financial profile. Strong credit and meaningful reserves are typically important qualifying factors. If you are purchasing a home in a higher price range and unsure whether you'll need jumbo financing, we can help you understand the current limits and your options.
Key Benefits
- Enables purchase of homes that exceed conforming loan limits
- Available for primary residences, second homes, and some investment properties
- Variety of term and structure options available depending on lender
Considerations
- Typically requires stronger credit and larger financial reserves than conforming loans
- Down payment requirements are generally higher
- Underwriting standards are stricter and documentation requirements more extensive
- Not backed by Fannie Mae, Freddie Mac, FHA, or VA — each lender sets their own guidelines
Frequently Asked Questions
Have questions about Jumbo Loan?
Mia can help you understand if this program fits your situation — ask her anything about eligibility, timing, or how to get started.
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Work Hard Mortgage · NMLS #2396714 · Equal Housing Opportunity · Licensed in Utah. Program availability and guidelines may change. Final eligibility depends on credit, income, assets, property type, occupancy, and underwriting approval.