The Difference Between a Nice Home and Your Dream Home
  • No lender fees1
  • Opportunity to get a larger loan for a more Expensive Property
  • Allows you to borrow more than Fannie Mae or Freddie Mac limits
What is a Jumbo Loan?

A Jumbo Loan is also known as a non-conforming loan as it does not conform to the specific rules of either Fannie Mae or Freddie Mac, two government agencies that guarantee loans. Specifically, there is a max limit that can vary depending on the location of the property. For 2022, if your loan is above $, you likely would need a Jumbo Loan.

Types of Jumbo Loans

What is a Jumbo Fixed-Rate Mortgage?

With a fixed-rate Jumbo Mortgage, your interest rate stays the same for the life of the loan (or term). Your interest rate will not change.

What is a Jumbo Adjustable-Rate Mortgage?

An Adjustable-Rate Mortgage (ARM) has an introductory period with a lower interest rate than a fixed-rate mortgage. After the introductory period has expired, the rate can move up or down with market changes.

Mortgage Knowledge Center

What is a Jumbo Loan?
What is a Conforming Loan?

How Do I Get a Jumbo Loan?

You'll need the following to qualify for a jumbo loan for all borrowers:

  • A satisfactory credit score (700 or higher)
  • At least 2-year employment history
  • Proof of income - typically 1 - 2 months of paystubs
  • At least 1 year of W2s
  • Acceptable debt-to-income-ratio (DTI)
  • Minimum 6-months reserves required

Possible additional financial verification like:

  • Self-employment income (2 years of tax returns)
  • Current debts information (auto, alimony, credit card, etc.)

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1Other fees may apply, such as discount points to buy down your rate.

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