Jumbo Loans

A jumbo mortgage is a type of financing that exceeds the limits set by the Federal Housing Finance Agency. Designed to finance luxury properties and homes in competitive real estate markets, jumbo mortgages come with unique underwriting requirements and tax implications.

The value of a jumbo mortgage varies by state and even, county. For most of the country, the limit is $453,100; in regions like Los Angeles with higher home prices, the conforming limit can be up to $679,650.

Unlike conventional loans, a jumbo is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

To get approved, you will need a credit score of 700 and above and a very low debt-to-income ratio. Bigger down payments are typically required.