Jumbo Loans

If you're looking for a luxury home or you live in an especially expensive community, you might consider getting a jumbo loan. Instead of tying up all your cash, you could qualify for a bigger loan amount than with a traditional mortgage.

The Federal Housing Finance Agency (FHFA) sets conforming loan limits every year. For 2023, the conforming loan limit is $766,550 in most of the country and $1,149,825 in designated high-cost areas. Conforming loans are eligible to be backed by Fannie Mae and Freddie Mac, the two government-sponsored mortgage entities.

Because they exceed conforming limits, jumbo loans are non-conforming and are ineligible to be purchased or guaranteed by Fannie Mae and Freddie Mac. Unlike conforming loans, there are no set limits for jumbo loans. Investors offering jumbo financing can determine their own requirements, including maximum loan amounts (up to several million dollars, in some cases).

Qualifying for a Jumbo Loan:

Generally, you'll need an excellent credit score, a substantial down payment, significant cash reserves or savings, and a low debt-to-income (DTI) ratio.

Jumbo Loan Benefits:

  • Enable buyers to apply for larger home loans
  • More opportunity to negotiate fees and interest

Fixed-Rate Mortgage

Your interest rate stays fixed for the life of the loan.

Adjustable-Rate Mortgage

Your interest rate changes according to a preset schedule.

FHA Loan

Popular with first-time buyers, this loan has a minimum 3.5% down payment and low interest rates.

VA Home Loan

Loan for eligible veterans and active-duty service members, with no down payment in most cases.

Jumbo Loan

Shopping for a higher-priced property? Lock in a competitive rate and stable monthly payments on your ultimate dream home.


USDA Loans offer no-money-down mortgages for rural and suburban buyers.