purchase
Jumbo Loans
Financing for homes priced above standard conforming loan limits, with competitive terms for well-qualified buyers.
Eligibility
- For loan amounts above the conforming limit in your county
- Typically requires strong credit and a larger down payment
- Cash reserves may be required after closing
Key benefits
- Finance higher-priced and luxury homes in one loan
- Fixed-rate and adjustable-rate options available
- Competitive rates for well-qualified borrowers
- Available for primary residences, second homes, and investment properties
What is a jumbo loan?
A jumbo loan is a mortgage for an amount that exceeds the conforming loan limits set each year by federal housing regulators. Because these loans are larger than what Fannie Mae and Freddie Mac will buy, they follow their own underwriting guidelines and are a common way to finance higher-priced and luxury homes.
Who it's for
Buyers purchasing in higher-priced markets or financing a luxury property, who have strong credit, a solid down payment, and the income and reserves to support a larger loan. Jumbo financing is available for primary residences, second homes, and investment properties.
How it works
Because the loan amount is above the conforming limit, jumbo loans typically call for a larger down payment, stronger credit, and additional cash reserves after closing. Both fixed-rate and adjustable-rate options are available, and for well-qualified borrowers the rates are often very competitive. We'll help you understand the full picture before you make an offer.
Frequently asked
- What makes a loan a jumbo loan?
- A jumbo loan is one that exceeds the conforming loan limit set each year for your county. Because the loan amount is larger than what Fannie Mae and Freddie Mac will purchase, it follows its own qualification guidelines.
- How much do I need to put down on a jumbo loan?
- Down payment requirements are generally higher than on a conforming loan and depend on the loan amount, property type, and your overall profile. We can walk you through what to expect for your situation.
- Are jumbo loan rates higher?
- Not necessarily. For well-qualified borrowers, jumbo rates are often very competitive with conforming rates. Pricing depends on credit, down payment, reserves, and the property.