Jumbo Loan
“I want to buy a house in a high priced area.”
When a home's price runs past standard conforming limits, a jumbo loan makes the purchase possible — financing high-value and luxury homes that fall outside conventional loan caps.
What Is a Jumbo Loan?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Because the loan amount is larger, jumbo loans let you finance higher-priced and luxury properties that a conventional loan can't cover.
Qualifying is a bit stricter — lenders typically look for strong credit, a lower debt-to-income ratio, and cash reserves — but the result is a single loan for a home well above the standard limit.
Who a Jumbo Loan Is Right For
- Buyers purchasing a high-priced or luxury home
- Borrowers in high-cost housing markets
- Those who want to finance above the conforming loan limit with one loan
- Buyers with strong credit, income, and cash reserves
- Homeowners refinancing a high-value property
Frequently Asked Questions
How much can I borrow with a jumbo loan?
Jumbo loans start above the conforming loan limit for your county and can range well into the millions, depending on the property and your qualifications.
Do jumbo loans require a larger down payment?
Often yes — down payment and reserve requirements are typically higher than a conventional loan, though exact terms depend on your credit, income, and the loan amount.
Explore other loan programs
Let’s talk numbers.
Talk to a Dream Team loan officer about the Jumbo Loan and find out if it’s your best option.
ALCOVA Mortgage, LLC — NMLS #40508 (www.nmlsconsumeraccess.org). Equal Housing Lender. Informational only; not a commitment to lend. All loans subject to underwriting approval.