A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are designed for financing luxury properties or homes in highly competitive real estate markets where prices exceed standard limits.
Higher Loan Amounts: Jumbo loans cover amounts that exceed conforming loan limits, which vary by location. In most areas, any loan above $766,550 (2024) is considered jumbo.
Stricter Requirements: Lenders typically require excellent credit scores (usually 700+), lower debt-to-income ratios, and larger down payments (often 10-20% or more).
No Government Backing: Unlike conventional loans, jumbo loans aren’t backed by Fannie Mae or Freddie Mac, which means lenders take on more risk.
Higher Interest Rates: Due to the increased risk, jumbo loans often carry slightly higher interest rates than conforming loans, though competitive rates are available for well-qualified borrowers.
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