Rates starting at % (APR %)¹

  • 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 2023, if your loan is above $726,200, 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.)

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Free eBooks Download

  • Buying a Home
  • Selling your Home
  • Refinancing Your Home


1Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, non-conforming, fixed-rate loan. Loan amount of $1,009,000; loan-to-value ratio of 70%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.