Jumbo Loans
Financing above conforming loan limits for luxury homes and high-value properties — with competitive rates and dedicated expertise.
Program Overview
Jumbo loans are mortgage loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. In most U.S. counties, the conforming limit is $766,550 (2024), though high-cost areas have higher limits. Because jumbo loans are not backed by the GSEs, they carry different qualification requirements — but also offer access to premium financing for properties that standard programs cannot cover.
Who Is This Loan For?
- ✓ Buyers purchasing properties above conforming loan limits
- ✓ High-income professionals with strong credit profiles
- ✓ Buyers in high-cost real estate markets
- ✓ High-net-worth individuals seeking premium financing
- ✓ Borrowers looking to refinance existing jumbo mortgages
Key Benefits
Higher Loan Amounts
Finance properties well above conforming limits — $1M, $2M, $3M+ depending on program.
Competitive Pricing
Jumbo rates are often comparable to — and sometimes lower than — conforming rates for well-qualified borrowers.
Flexible Terms
Available as fixed-rate, ARM, and interest-only with various term lengths.
Multiple Property Types
Primary, second home, and investment property eligible.
Qualification at a Glance
General Requirements
- Strong credit score — typically 700+ (some programs at 680)
- Down payment of 10–20% depending on loan amount and property type
- DTI generally up to 43%
- Cash reserves of 6–12 months PITIA
- Full income documentation (W-2s, tax returns, and/or bank statements)
- Property appraisal (sometimes two appraisals for very high values)
Advantages
- ✓ Finance above conforming limits
- ✓ Competitive rates for strong borrowers
- ✓ Multiple term options including ARM and I/O
- ✓ Available for primary, second home, and investment
- ✓ No mortgage insurance requirement
Tradeoffs to Consider
- ↔ Higher credit and reserve requirements
- ↔ Larger down payment than conforming
- ↔ More documentation typically required
- ↔ Two appraisals may be needed for higher loan amounts
- ↔ Not government-backed
Common Scenarios
Executive Buying in a High-Cost Market
A physician purchasing a $1.2M home in Southern California puts 20% down and finances $960K — well above conforming limits. Jumbo program provides a competitive 30-year fixed rate.
Second Home Purchase
A family buying a $900K vacation property in Colorado. Jumbo financing at 15% down with a 7/1 ARM for a lower initial rate.
Documents Typically Needed
- Two years of tax returns
- Two years of W-2s
- Recent pay stubs
- Asset/bank statements (2–3 months)
- Proof of reserves
- Government-issued ID
Frequently Asked Questions
For 2024, the standard conforming limit is $766,550 in most areas. High-cost areas have limits up to $1,149,825. Amounts above these limits require jumbo financing.
Broker Disclosure: Scout Financial Group Inc DBA Airus Lending is a licensed mortgage broker (NMLS #2187418) and does not make loans or credit decisions. Airus Lending works with multiple wholesale lenders to help borrowers compare available loan options. Final approval depends on the lender, automated underwriting findings, documentation, state requirements, and overall borrower profile. Not all applicants will qualify.