Jumbo loans
A mortgage above the conforming loan limit for the property and year.
What it is
A jumbo loan is a mortgage above the conforming loan limit that applies to the property and year. That means it falls outside the size Fannie Mae and Freddie Mac can normally buy. It is not one standard program. Each lender sets its own credit, reserve, property and documentation rules, so two jumbo offers can ask for different things from the same borrower.
Who it's for
- Buyers whose needed loan amount is above the current conforming limit
- Borrowers comparing different lender rules on a larger mortgage
- Buyers who want cash, reserves and documentation reviewed before an offer
The essentials
The limit is not permanent
FHFA sets conforming limits by year and location. Check the current limit for the property instead of relying on an old article or a remembered number.
There is no single jumbo rulebook
Jumbo guidelines are set lender by lender. Credit, reserves, income documents and property type can be treated differently from one offer to another.
Compare the whole structure
A larger loan makes the rate, fees, cash needed, reserves and loan terms all matter. One attractive line on a quote is not the full comparison.
Common questions
- What loan amount counts as jumbo?
- It depends on the year and where the property is. FHFA publishes the current conforming limits, and the amount above the applicable limit is treated as jumbo.
- Are all jumbo loans underwritten the same way?
- No. Lenders write their own jumbo guidelines. The right comparison uses current offers built from the same borrower, property and loan amount.
Source: FHFA conforming loan limits. Current program documents and the borrower's final disclosures control.
FHFA's page establishes the current conforming loan-limit system. It does not establish any lender's jumbo terms because jumbo programs are written and updated lender by lender.
This page is general information about loan programs, not a commitment to lend or an offer of credit. Program availability, terms, and qualification depend on your situation and are subject to underwriting approval. Tareq Maayta, NMLS #1443073. Loans through Finance USA Corporation, NMLS #135625. Equal Housing Opportunity.