Jumbo loan
A jumbo loan is a mortgage larger than the conforming limit set each year for the county. Each lender sets its own rules for them, so terms vary widely and comparing several lenders matters more than usual.
Buyers and homeowners borrowing more than the conforming limit for their county.
What a lender will ask for
- A strong credit history. Lenders set their own standards for jumbo loans, and they are usually stricter than for a conforming loan.
- A larger down payment than most conventional loans ask for.
- Cash reserves left after closing, usually more than for a smaller loan.
- Full documentation of income and assets.
- An appraisal, and with some lenders a second one.
What it offers
- Finance for a higher-priced home in one loan, rather than a first mortgage with a second loan on top.
- Terms that differ widely from lender to lender, which is exactly where comparing across wholesale lenders is worth doing.
- Available for primary homes, second homes and, with some lenders, investment property.
What to weigh up
- Qualifying is stricter: credit, reserves and documentation are all looked at more closely.
- The conforming limit is set by county and changes each year, so whether a loan counts as jumbo depends on where and when you borrow.
- The appraisal is scrutinised closely, and a low valuation affects a large loan more.
Related loan programs
Start with a pre‑qualification request
Tell us what you want to do and where, and we come back with options compared across multiple wholesale lenders. A pre-qualification request starts it, and nothing is a commitment until a lender has reviewed your file.