Jumbo loans for higher-priced homes, with clear guidance.
If you're shopping in a higher price range, a jumbo loan can help you finance a home that standard conventional limits won't cover. We'll walk you through requirements, payment options, and how to structure your jumbo financing with confidence.
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What is a jumbo loan?
A jumbo loan is a mortgage that lets you borrow more than standard conforming loan limits allow. When your desired purchase price or loan amount sits above those limits, jumbo financing steps in so you can buy the home you actually want, in the neighborhoods you care about.
Because jumbo loans involve larger balances, they may come with different requirements around income, credit, reserves, and down payment. We'll walk you through what that looks like for your specific scenario—not just in theory.
How jumbo loans work
- Loan amounts above standard conforming limits
- Available in fixed-rate and ARM (adjustable-rate) options
- Commonly used in higher-priced markets and luxury segments
- Scenario-specific guidelines for credit, income, and assets
When jumbo may make sense
- Buying in a high-cost area where prices exceed local limits
- Upgrading to a larger or higher-end primary residence
- Purchasing certain second homes or higher-value properties
- Structuring financing around bonus or complex income
How to get a jumbo loan with WeLoan
The path to a jumbo loan doesn't have to be complicated. Here's how we help you move from “could this work?” to a clear approval plan.
1. Start with a quote or intro call
Tell us about the home price range you're considering, your timeline, and what you're trying to accomplish. We'll help you understand jumbo options, rate ranges, and what to expect based on today's market.
2. Review income, assets & credit
We'll review your credit profile, income structure (including bonuses, commissions, or self-employed income), and assets to match you with appropriate jumbo programs.
3. Order appraisal(s) and finalize terms
For higher-value homes, jumbo loans may require one or more appraisals. We coordinate that process and walk you through the results, terms, and next steps.
4. Clear conditions & close
Once underwriting conditions are satisfied—documentation, assets, and property details—we prepare your final numbers and closing package so you can sign with confidence.
Typical jumbo loan requirements
Exact guidelines vary by program and scenario, but jumbo loans commonly include:
- Strong credit history, often with higher minimum scores than standard conforming loans
- Documented income and a Debt-to-Income (DTI) ratio within jumbo program limits
- Verified assets, including reserves after closing in some cases
- Down payment requirements that may start around 10% and be higher depending on loan amount and profile
Jumbo vs. conventional loans
The biggest difference between a jumbo loan and a standard conventional loan is the amount you can borrow. Jumbo loans are designed to go beyond conforming loan limits, so you can finance a higher-priced property in a single mortgage instead of trying to patch together multiple loans.
Conventional
- Up to conforming loan limits (varies by county)
- Backed by Fannie Mae / Freddie Mac guidelines
- Often slightly simpler documentation
- Common for standard primary residence purchases
Jumbo
- Loan amounts above conforming limits
- More emphasis on credit strength & reserves
- May offer similar or competitive rates vs. conforming
- Designed for higher-value homes, higher-cost markets, and larger loan needs
Jumbo loan benefits
For the right buyer, jumbo loans can unlock options that standard loan limits just can't reach.
Jumbo loan FAQs
How much do I need for a jumbo down payment?
Down payment requirements vary by program and loan size. Some jumbo scenarios may allow around 10% down, while others—especially at higher loan amounts—may require 20% or more. We’ll help you understand the range for your specific price point and profile.
Are jumbo rates higher than conventional?
Not always. Historically, jumbo rates were often higher, but pricing can be similar or even favorable in certain markets and scenarios. The best way to know is to have us run side-by-side options based on your credit, income, and target loan amount.
Can I refinance a jumbo loan later?
Yes. You can explore refinancing your jumbo loan if rates improve or if you want to restructure your payment, term, or cash-out needs. As with your original jumbo loan, underwriting will look at your credit, income, equity, and property value.
Is a jumbo loan only for primary residences?
Many jumbo programs are geared toward primary residences, but some may allow second homes or investment properties depending on the profile and structure. We’ll walk through what’s available for your property type and goals.
Ready to explore your jumbo options?
Whether you’re early in the search or already in contract, we can help you compare jumbo scenarios and move forward with a clear plan.
Prefer to start with a different loan type? Explore conventional purchase, FHA loans, down payment assistance options as well.