A jumbo loan is any mortgage above the conforming loan limit set annually by the FHFA. Because jumbo loans aren’t sold to Fannie Mae or Freddie Mac, each lender prices them independently — which means rates and requirements vary dramatically, and shopping multiple lenders matters more than for any other loan type.
Why borrowers choose this program
- Financing for homes above conforming limits
- Multiple wholesale jumbo lenders compared on every file
- Options from 10% down with strong credit
- Fixed and adjustable structures available
Why jumbo pricing rewards shopping
Conforming loans price within a narrow band because everyone sells to the same agencies. Jumbo loans stay on each lender’s books, so appetite drives pricing: the same borrower can see rate quotes half a percent apart on the same day. On a million-dollar loan, that spread is worth hundreds of dollars a month — which is exactly why a broker adds the most value at the jumbo tier.
What jumbo lenders look for
Expect credit of 700+ for the best pricing (options exist lower), down payments from 10–20%, reserves of 6–12 months of payments, and full income documentation. Self-employed jumbo borrowers can combine bank statement programs with jumbo amounts — a niche we handle regularly.