How it works
When a loan amount is larger than the conforming limit, it's considered a jumbo loan. These loans aren't bought by Fannie Mae or Freddie Mac, so guidelines vary more from lender to lender, and structuring the loan well matters.
May be a good fit for
- Buyers of higher-priced homes, including coastal and luxury properties
- Buyers with strong credit and established income
- Buyers with reserves (savings) left over after closing
- Second homes in some cases
Good to know
- Down payment requirements are often higher than conforming loans
- Many jumbo programs look for several months of reserves after closing
- Documentation is typically more detailed, and a second appraisal is sometimes required
- The conforming limit changes each year and can be higher in some high-cost counties
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This page is general information, not a commitment to lend or a loan approval. Programs, guidelines, fees and availability can change and depend on your credit, income, assets, property and full underwriting. Not all applicants will qualify.