Jumbo Loans
A jumbo loan is a mortgage for more than the conforming loan limit, the maximum amount Fannie Mae and Freddie Mac will buy. The Federal Housing Finance Agency sets that limit each year, and it's higher in some high-cost counties.
What to expect
- Larger loan amounts for higher-priced homes
- Fixed and adjustable-rate options
- Stronger credit, a larger down payment and more cash reserves are usually required
- Some lenders allow lower down payments or interest-only options. Terms vary widely by lender, which is why shopping matters.
Because every jumbo lender sets its own rules, a broker can save you a lot of legwork. We compare jumbo programs across our lenders and show you the trade-offs.