When the loan is bigger than the rule book.
Above a certain loan amount, Fannie Mae and Freddie Mac will not buy your mortgage, so the lender keeps it or sells it privately. That is a jumbo loan. The requirements tighten, the file needs more care, and the pricing is often better than people expect.
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The 2026 conforming limit
$832,750
Borrow more than this for a one-unit home in most counties and you are in jumbo territory.
High-cost counties, up to
$1,249,125
Alaska, Hawaii, Guam, US Virgin Islands
$1,249,125
Set by
FHFA, each November
Limits are higher for two-, three- and four-unit properties. Your county sets which figure applies to you, and we check it before anything else.
It is about size, not luxury.
A jumbo loan is not a product for mansions. It is simply any mortgage larger than the conforming limit the Federal Housing Finance Agency publishes each November. In 2026 that is $832,750 for a one-unit home in most of the country, rising to $1,249,125 in the highest-cost counties.
Below the line, a lender can sell your loan to Fannie Mae or Freddie Mac, and their rule book decides what qualifies. Above it, no such buyer exists, so the lender either keeps the loan on its own books or sells it privately. Lending its own money changes how carefully it looks at you, which is where the stricter credit, down payment and reserve requirements come from.
In plenty of markets an ordinary family home crosses that line. It also catches buyers who are putting little down on a mid-priced home in an expensive county. If your loan lands just above the limit, it is always worth checking whether a slightly larger down payment brings you back under it, because conforming terms are usually easier. We run that comparison for you.
What changes when you cross the line.
The same borrower, the same house, one dollar over the limit. Here is what the underwriting asks for instead.
Minimum credit score
About 620
Usually 700, best pricing from 760
Down payment
From 3 percent
Commonly 10 to 20 percent
Cash reserves
Often none required
6 to 12 months of payments
Debt-to-income ratio
Up to about 50 percent
Usually 43 percent or lower
Mortgage insurance
Required under 20 percent down
Usually none; varies by lender, program and loan-to-value
Appraisals
One, sometimes waived
One, and occasionally two on large loans
Who sets the rules
Fannie Mae and Freddie Mac
The lender holding the loan
Jumbo guidelines vary more between lenders than any other loan type, which is exactly why shopping the file matters here.
What lenders look for.
A representative picture across the jumbo lenders we work with. Because each one writes its own rules, the spread between them is wide.
| Requirement | Typical | Best pricing | Notes |
|---|---|---|---|
| Credit score | 700 | 760 and above | The single biggest lever on your rate |
| Down payment | 10 to 20 percent | 20 to 30 percent | Some lenders allow 10 percent up to a ceiling |
| Cash reserves after closing | 6 months of payments | 12 months or more | Retirement accounts often count at a discount |
| Debt-to-income ratio | Up to 43 percent | Under 36 percent | Some lenders stretch further for strong files |
| Income documentation | Two years, fully documented | Same | Self-employed borrowers need business returns too |
| Mortgage insurance | None | None | Usually none at any down payment; varies by lender and program |
| Property types | Primary and second homes | Same | Investment property is possible but priced higher |
| Loan size | Above the county conforming limit | Same | Very large loans may need a second appraisal |
Guidelines vary widely by lender and change with market conditions. This table is a starting point, not a commitment to lend.
Above the conforming line, the lender matters more.
Jumbo loans are not sold to Fannie Mae or Freddie Mac, so every lender sets its own rules on reserves, credit, appraisals and how it treats bonus, stock or self-employment income. Two lenders can look at the same file and quote very different terms.
As a broker we place your loan with the lender whose rules fit your finances, which is often the difference between a smooth approval and a stack of conditions.
How jumbo loans are structured.
The same choices as a conforming loan, weighed a little differently because the balance is larger.
Most common
Fixed rate, 30 or 15 years
A principal-and-interest payment that never changes, on a balance where a rate move would be felt sharply. The 30-year keeps the payment manageable; the 15-year saves a great deal of interest on a large loan.
Lower opening rate
Adjustable rate
Fixed for five, seven or ten years, then adjusting. Jumbo borrowers use these more than conforming ones, because the opening saving on a large balance is substantial and many expect to move or refinance first.
Already in a jumbo loan
Jumbo refinance
Rate-and-term or cash-out, both available above the conforming limit. Cash-out is usually capped nearer 70 to 80 percent of value rather than the 80 percent a conforming loan allows.
Above the conforming line
Bigger loans, lender-by-lender rules, and a broker who knows which lender fits.
What would the payment be?
Set a price above the limit and choose Jumbo as the loan type. Most jumbo programs charge no mortgage insurance (requirements vary by lender, program and loan-to-value), so that line usually stays at zero and the payment is principal, interest, taxes and insurance.
What works in your favor.
Jumbo lending has a reputation for being difficult. Some of it is deserved, and some of these are genuine advantages.
Usually no mortgage insurance
Most jumbo programs charge no monthly mortgage insurance at any down payment, though requirements vary by lender, program and loan-to-value. On a large balance that alone can be worth hundreds a month against a conforming loan with the same down payment.
One loan instead of two
Splitting a purchase into a conforming first mortgage and a second loan used to be standard. A single jumbo loan is usually simpler and cheaper than that arrangement today.
Priced lender by lender
There is no single published jumbo rate: each lender prices its own programs, and the spread between lenders on the same file is wide. We show you the real spread on the day.
Room to negotiate
Because each lender writes its own jumbo rules, the difference between the best and worst offer on the same file is wider than on any other loan type. That spread is what a broker is for.
A file that gets attention
Jumbo underwriting asks more questions. One pro who has prepared the file properly the first time is the difference between a smooth approval and three rounds of requests.
Second homes included
Jumbo financing covers second homes as readily as primary residences, which FHA and VA do not do at all.
Get a jumbo quote from lenders that want your loan.
Tell us the price range and how your income is structured. A licensed pro comes back with real terms from the lenders that fit.
Is a jumbo loan your best route?
Sometimes the answer is to avoid one. Here is how we look at it.
A good fit if you want to
- The home you want needs a loan above your county limit and you have the reserves for it
- Your credit is strong, around 700 and ideally above 760
- You want to avoid mortgage insurance without putting a full 20 percent down
- You are buying a second home, which government-backed loans do not finance
- You would rather have one loan than a conforming first plus a second mortgage
- Your income is well documented, including two years of business returns if self-employed
Probably not the right move if
- A slightly larger down payment would bring the loan under the conforming limit, which is usually the cheaper answer
- Your reserves would be exhausted at closing, since jumbo lenders want months of payments left over
- Your credit needs work, where the pricing difference above and below 700 is severe
- Your income is difficult to document in the way jumbo underwriting expects
The U.S. mortgage market right now.
National average conforming rates from the Federal Reserve Bank of St. Louis FRED database (the Freddie Mac survey for conventional, the Optimal Blue indices for FHA and VA), shown as third-party market benchmarks, not MortgagePros pricing. They describe conforming, FHA and VA loans, not jumbo pricing, which each lender sets on its own; the jumbo figure that matters is the one quoted on your file.
Conventional 30-year fixed, U.S. average
7.40%
FHA 30-year fixed, U.S. average
7.18%
VA 30-year fixed, U.S. average
7.09%
Sources: Freddie Mac Primary Mortgage Market Survey (conventional, 30-year national average, week of Oct 8, 2026) and Optimal Blue Mortgage Market Indices (FHA and VA, 30-year national averages as of Oct 8, 2026), distributed through FRED, Federal Reserve Bank of St. Louis; the figures and dates refresh automatically from the source. These are third-party market benchmarks, not MortgagePros rates and not an offer of credit. Your rate and APR depend on your credit, loan type, property and lock date.
Jumbo loan questions, answered.
The questions borrowers ask us most about financing above the limit. If yours is not here, a licensed pro will answer it directly, with no obligation.
What makes a loan jumbo?
Its size, nothing else. Any mortgage above the conforming limit for its county is a jumbo loan. For 2026 the baseline is $832,750 for a one-unit home, rising to $1,249,125 in the highest-cost counties. Limits are set by the Federal Housing Finance Agency and change every November.
Are jumbo rates higher?
Not necessarily. For years the assumption was that jumbo rates ran above conforming, and at times they have run level or slightly below, because lenders compete hard for borrowers with strong credit and large balances. The spread moves, so we quote both against your actual file rather than relying on the rule of thumb.
How much do I need to put down?
Commonly 10 to 20 percent, and some lenders go to 10 percent only up to a set loan amount. More down improves your pricing noticeably at this size. Most jumbo programs carry no mortgage insurance, which is one of the real advantages of a jumbo loan, though requirements vary by lender, program and loan-to-value.
What credit score do I need?
Most jumbo lenders start at 700, and the best pricing usually appears from 760. A handful will look at the high 600s with compensating factors such as large reserves or a bigger down payment. The gap in cost between a 690 and a 760 score is far wider here than on a conforming loan.
What are cash reserves and why do they matter?
Reserves are the money you still have after closing, measured in months of your new mortgage payment. Jumbo lenders typically want six to twelve months. Retirement and investment accounts usually count, though often at a discount to their balance. Running your savings to zero at closing is the most common reason a strong jumbo file stalls.
Should I put more down to avoid a jumbo loan?
Often, yes. If your loan lands just above the county limit, increasing the down payment enough to slip under it usually gets you easier underwriting, lower reserves and possibly a better rate. We run that comparison as a matter of course rather than waiting to be asked.
Is there mortgage insurance on a jumbo loan?
Usually not: most jumbo programs charge no monthly mortgage insurance regardless of your down payment, though requirements vary by lender, program and loan-to-value. On a large balance that is a meaningful saving against a conforming loan with under 20 percent down, and it partly offsets the tighter requirements.
Can I buy a second home or an investment property?
Second homes, readily. Investment property is possible with several jumbo lenders, though it needs a larger down payment, stronger reserves and prices higher. FHA and VA financing do not cover either, so jumbo is often the only route for a high-value second home.
How long does a jumbo loan take to close?
Generally 30 to 45 days, a little longer than a conforming loan because underwriting is manual and the documentation is heavier. Very large loans sometimes need a second appraisal, which adds time. Delays usually come from missing documents, which is why we collect the full list up front.
Can I refinance a jumbo loan?
Yes, both rate-and-term and cash-out. Cash-out on a jumbo loan is usually capped nearer 70 to 80 percent of the value rather than the 80 percent conforming allows, and the credit and reserve requirements stay tighter. If your balance has fallen below the conforming limit, refinancing into a standard loan is often the better move.
Jumbo loans in all 39 states we serve.
MortgagePros is licensed in each state below; license types vary by state and are listed on our Licensing page. Conforming limits are set county by county, so the first thing we check is which figure applies where you are buying.
AL · AR · AZ · CA · CO · CT · DE · FL · GA · IA · ID · IL · IN · KS · KY · LA · MA · MD · ME · MI · MN · MS · MT · NC · ND · NE · NJ · NM · OH · OK · OR · PA · SC · SD · TN · TX · VA · WA · WI
Get your jumbo quote.
Tell us the price range and roughly what you can put down. A licensed pro will confirm your county limit and come back with real numbers, usually the same business day.
Prefer to talk?
248-416-1361
Open 24/7. Ask for a jumbo specialist.
We check your county first
Limits are set county by county. If a larger down payment would bring you under the line, we will tell you, because conforming terms are usually the cheaper answer.
Licensed and reviewed
Licensed in 39 states. NMLS #1925352. Rated 4.9 across 5,300+ Google reviews.