Jumbo loans
A jumbo loan is any mortgage above the conforming loan limit set annually for the county. Because these loans cannot be sold to Fannie Mae or Freddie Mac, lenders hold more risk and set stricter requirements on credit, reserves and documentation.
Best for: Buyers of higher-priced Triangle homes, above the conforming limit for the county.
Our instant calculator prices conventional and FHA. Jumbo pricing depends on details the tool does not collect, so we quote it directly rather than risk giving you a number that is wrong for your situation.
What makes this loan different
Buys above the conforming ceiling
When the loan you need exceeds the county conforming limit, jumbo is the route rather than an obstacle.
Wide variation between lenders
Jumbo guidelines are set by individual investors rather than by agency rulebook, so pricing and requirements differ far more between lenders than on conventional. This is where shopping actually pays.
No mortgage insurance on many programs
Plenty of jumbo programs avoid monthly mortgage insurance even below 20% down, structured through pricing instead.
What you'll need
- Stronger credit than conventional typically requires.
- Cash reserves after closing, often measured in months of payments.
- Fuller income documentation, particularly for self-employed borrowers.
- A larger down payment than agency loans, though not always the 20% people assume.
- Sometimes two appraisals, depending on loan size and investor.
Honest trade-offs
- Requirements are tighter and less forgiving of a thin file.
- Reserve requirements can be the binding constraint even when income is strong.
- Guidelines vary enough between lenders that a single quote tells you very little — this is the clearest case for using a broker.
Common questions
What makes a loan jumbo?
Only the size. A jumbo loan is one that exceeds the conforming loan limit for the county, which the Federal Housing Finance Agency resets each year. Nothing else about the borrower or the property defines it.
Do jumbo loans have higher rates?
Not automatically. Jumbo pricing sometimes lands below conforming, depending on the investor and the market. Because guidelines and pricing vary so much between lenders, a jumbo is the case where shopping across wholesale lenders is most likely to change your number.
How much do I need to put down on a jumbo loan?
Less than most people assume. Twenty percent is common but not universal, and there are programs at lower down payments. The binding constraint is more often cash reserves after closing than the down payment itself.
Check the rules yourself
We would rather you verified this than took our word for it. These are the primary sources for the program.
See what you'd actually pay
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