Jumbo Loans

Jumbo loans let you borrow more money if you're looking at homes in higher-priced real estate markets. Since the loan amounts are larger, they usually have more qualification requirements.

What is a jumbo loan?

Jumbo loans (often referred to as non-conforming loans) are used when you want to buy a home that exceeds conforming loan limits. A conforming loan limit is the mortgage amount that could be backed by Fannie Mae and Freddie Mac.

For many counties, a jumbo loan is when you're applying for a loan more than:

$510,400

for a single-family home or residence

$653,550

for a 2-unit home (duplex)

$789,950

for a 3-unit home (triplex)

$981,700

for a 4-unit home (fourplex)

For higher-cost real estate markets, like San Francisco and New York City, a jumbo loan is when you're applying for a loan more than:

$765,600

for a single-family home or residence

$980,325

for a 2-unit home (duplex)

$1,184,925

for a 3-unit home (triplex)

$1,472,550

for a 4-unit home (fourplex)

Because these loan limits can differ from county to county, you should check the Federal Housing Finance Agency's website to see your county's limits.

Benefits
  • Allows home buyers to get a larger loan without tapping into savings
  • Offers higher loan amounts with higher loan-to-value (LTV) ratios compared to other loans
  • Offers fixed and adjustable rate mortgage options
Requirements
  • May have cash reserve or deposit requirements
  • May require a higher credit score than other loan types
  • Debt-to-income (DTI) ratio requirements may differ compared to other loan types

Explore other loan options

Conventional loans

A popular option for anyone with good credit and a down payment of 20% or more.

Federal Housing Administration (FHA) loans

Helpful if you have a lower down payment, are self-employed or don't qualify for a conventional loan.

Veterans Affairs (VA) loans

Offered to U.S. servicemembers, veterans and military spouses, and are guaranteed by the Department of Veterans Affairs.

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