Loan program · Core
Jumbo Loans
A jumbo loan is a mortgage larger than the conforming loan limit for the county. Because these loans are not eligible for purchase by Fannie Mae or Freddie Mac, guidelines are set by individual investors and tend to place more weight on credit depth, reserves and documented income.
Guidance by Manny
Who it is designed for
- Buyers purchasing above the conforming loan limit for the county
- Homeowners refinancing a higher balance mortgage
- Buyers with strong credit, reserves and documentable income
Eligible occupancy types
- Primary residence
- Second home
- Investment property on select programs
Down payment or equity
Down payment requirements are set by the investor and are typically higher than conforming programs, with tiers based on loan amount and credit profile.
Major benefits
- Access to higher loan amounts in a single first mortgage
- Fixed and adjustable structures available
- Some jumbo investors allow flexible income documentation for self employed borrowers
Important considerations
- Reserve requirements are usually greater than conforming loans
- Credit score tiers affect pricing more sharply
- Appraisal requirements can be more detailed on unique or high value properties
How qualification generally works
- Documented income, often with two years of history
- Post closing reserves measured in months of housing payment
- Credit depth and history reviewed closely
- Appraisal supporting the value of the property
Documents commonly requested
- Photo ID and Social Security number for each borrower
- Most recent pay stubs covering a full 30 day period, if you receive W2 wages
- W2s and/or federal tax returns for the most recent years requested
- Two months of asset statements for accounts used for down payment and reserves
- Current mortgage statement, homeowners insurance and property tax information on properties you own
- Explanations for large or non payroll deposits
Not sure this is the right mortgage?
Tell Manny what you're trying to accomplish. He can help you compare this program with other financing options that may fit your situation — your income and how it is documented, your credit and assets, the property and how you will use it, your timeline, and the guidelines that apply. Most borrowers have more than one workable path.
Frequently Asked Questions
Related programs and next steps
Conventional Loans
The most widely used financing for primary homes, second homes and rentals.
Learn more SpecialtyBank Statement Mortgages
Qualify with business or personal deposits instead of tax return net income.
Learn more SpecialtyPhysician Loans
Financing built around a physician's employment contract and student loan reality.
Learn moreConsidering jumbo loans?
We will review your documents, compare the realistic options, and give you a written preapproval you can use with confidence. Nothing on this page is a commitment to lend.