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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.

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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:

$548,250

for a single-family home or residence

$702,000

for a 2-unit home (duplex)

$848,500

for a 3-unit home (triplex)

$1,054,500

for a 4-unit home (fourplex)

For Alaska, Hawaii and 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:

$822,375

for a single-family home or residence

$1,053,000

for a 2-unit home (duplex)

$1,272,750

for a 3-unit home (triplex)

$1,581,750

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.

Find out more about conventional loans

Federal Housing Administration (FHA) loans

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

Find out more about FHA loans

Veterans Affairs (VA) loans

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

Find out more about VA loans

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