FAQs (data-driven)

Jumbo Mortgages

• What is a jumbo mortgage?

  A jumbo mortgage loan is for a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). They often have stricter requirements due to not conforming with conventional loan standards.

• Why would I need a jumbo loan?

  Jumbo loans are used for mortgages that meet the minimum loan amount of $832,750 or higher. Used for larger homes that exceed conforming loan limits, in your area.

• Will a down payment be required for a jumbo loan?

  Requirements may vary. There are flexible options for your down payment.

• What is the difference between a jumbo loan and a conventional loan?

  A jumbo loan is used in the event of a mortgage exceeding conforming loan limits in your area. A conventional loan is used when a mortgage is within conforming loan limits. Additional distinctions may apply, such as down payment requirements.

• How much cash reserve do I need?

  Lender requirements may vary. Requirements may include several month’s payments reserved.

• What credit score is required for a jumbo loan?

  The minimum credit score of 680 is required for a jumbo loan. Additional requirements may apply based on requested financing.