A jumbo mortgage is any loan that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac — $806,500 in most U.S. counties for 2025. Because these loans can't be sold to Fannie or Freddie, lenders take on more risk and typically require stronger credit, larger down payments, and higher cash reserves. Use this calculator to model your jumbo loan payment.
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Any mortgage above the conforming loan limit ($806,500 in most counties for 2025) is considered jumbo. In high-cost areas like San Jose, San Francisco, and New York City, the conforming limit is higher — up to $1,209,750 — so you'd need to borrow above that threshold to have a jumbo loan.
Are jumbo mortgage rates higher than conventional rates?
Historically yes, but the gap has narrowed. Jumbo rates are typically 0.25–0.5% higher than conforming rates, though some portfolio lenders and private banks offer competitive jumbo rates for high-net-worth borrowers. The best jumbo rates go to borrowers with 740+ credit, 20%+ down, and strong income documentation.
How much do I need to put down on a jumbo loan?
Most jumbo lenders require at least 10–20% down. Some allow 10% for well-qualified borrowers, but 20% is standard to avoid additional pricing adjustments. Unlike conventional loans, there's no PMI requirement structure — lenders simply price the risk into the rate.
What income documentation does a jumbo loan require?
Jumbo loans require full income documentation: two years of W-2s and tax returns, 30 days of pay stubs, and 2–3 months of bank and asset statements. Self-employed borrowers typically need two years of business returns plus a CPA letter. Some lenders offer bank statement jumbo loans for self-employed buyers.
Can I get a jumbo VA or FHA loan?
VA loans have no official loan limit for borrowers with full entitlement, so a large VA loan is possible. FHA has county-specific limits up to $1,209,750 in high-cost areas. These aren't technically "jumbo" in the traditional sense, though some lenders use that term informally.