Bigger loan. Same process.

What is a jumbo loan?

"Jumbo" is shorthand for non-conforming: a mortgage Fannie Mae and Freddie Mac will not purchase. The most common reason is size, above the 2026 conforming limit of $832,750 nationwide, or $1,249,125 in the nation's highest-cost counties, which includes Los Angeles and Orange County. Loan amount is not the only path here, as the next section explains. This program finances $832,751 up to $25,000,000 on primary residences, second homes, and investment properties, with fixed-rate terms from 10 to 30 years and 5/6, 7/6, and 10/6 SOFR ARM structures.

Loan-to-value runs as high as 90% on loan amounts up to $2,000,000 with a 680 credit score, and up to 89.99% on loan amounts up to $5,000,000 with a 740 credit score, stepping down to 65% LTV between $5,000,000 and $10,000,000, and further on a case-by-case basis up to $25,000,000. No mortgage insurance is required on most programs, even above 80% LTV. Reserve requirements scale from 6 to 30 months of liquidity depending on LTV and loan size, and debt-to-income runs up to 45% depending on the program. Full income documentation applies throughout, two years of tax returns for self-employed borrowers, and every loan gets a full interior and exterior appraisal, since appraisal waivers are not available at this loan size. Notably, jumbo rates have recently run close to, and at times below, conforming rates for well-qualified borrowers, a reversal of the old assumption that jumbo always costs more.

Why does a loan become jumbo? Usually size, but not always.

Fannie Mae and Freddie Mac only buy loans up to a set ceiling, adjusted annually by the Federal Housing Finance Agency. Anything larger falls outside the agency system and needs jumbo financing instead. That ceiling is higher for multi-unit properties too, scaling up for 2, 3 and 4 unit homes, not just single-family. It is not a specialty product or an exception process. It is full documentation, familiar underwriting, and in plenty of markets, simply the loan more buyers need than the one that fits inside the conforming box.

Loan size is the most common reason a mortgage lands outside agency eligibility, but it is not the only one. A property that is not agency-warrantable, a non-warrantable condo, certain co-ops, or a unique or high-value home that needs a different appraisal approach, can also be underwritten on a non-agency basis even at a balance under the conforming limit. So can a borrower profile that does not fit standard agency guidelines, such as a non-permanent resident with an established U.S. credit history. In those cases, jumbo describes the underwriting path, not strictly the loan size.

This page is a general guide to how jumbo financing typically works, not a quote, a pre-qualification, or the final word on what you qualify for. Terms depend on your credit, reserves, loan amount, and property type, and jumbo is only one way to finance above the conforming limit. If the full documentation or reserve requirements below do not fit your scenario, another structure may offer more flexibility.

2026 conforming loan limits, by unit count

These are the 2026 FHFA limits: the baseline that applies across most of the continental United States, and the ceiling for Los Angeles and Orange County. Your property's county sets which figure applies, and counties between the two extremes fall somewhere in the middle. Multi-unit conforming limits are one of the more overlooked details in jumbo shopping: a 2-unit purchase in Orange County priced under $1,599,375 may still fit inside the conforming system even though the same price on a single-family home would not.

Jumbo and conforming, side by side

This comparison reflects typical agency guidelines against this program's current guidelines. Both sides vary by lender, investor, and individual scenario, so treat the figures as a general frame of reference rather than a guarantee.

How does a jumbo loan come together?

1. Confirm your path to jumbo. Most often that means your loan amount is above your county's conforming limit, but a unique property or borrower profile can land you here too. We will confirm which applies to your scenario.
2. Match your LTV to your credit tier. Jumbo pricing and leverage move together: on loan amounts up to $2,000,000, a 680 score can reach 90% LTV. On larger loans up to $5,000,000, a 740 score opens up to 89.99% LTV, while 680 caps around 80% LTV. We will find the tier that fits your down payment.
3. Document income, assets and reserves. Full documentation applies: two years of tax returns, plus business returns if you are self-employed, verified assets, and 6 to 30 months of reserves depending on your LTV and loan size.
4. Choose your structure and close. Fixed-rate terms from 10 to 30 years, or a 5/6, 7/6, or 10/6 SOFR ARM. Every file gets a full interior and exterior appraisal, since appraisal waivers are not available at this loan size.

What credit score and reserves does a jumbo loan require?

These are general guidelines for a primary residence, one-unit home, condo, or PUD, a starting point rather than a guarantee of your terms. Loan amount changes the picture: smaller jumbo loans reach higher leverage at a lower credit score, while larger loans step down to more conservative tiers. Two to four unit properties, second homes, and investment properties each follow their own, more conservative grid.

Purchase and rate-and-term refinance

Cash-out refinance

The 90% LTV tier is available on primary-residence purchases and rate-and-term refinances up to $2,000,000. Above that amount, maximum leverage steps down to 89.99% and requires a 740 credit score. On loan amounts between $5,000,000 and $10,000,000, purchase and rate-and-term financing steps down to 65% LTV at a 700 FICO with reserves equal to 30% of the loan amount, and cash-out refinancing steps down to 70% or 65% LTV. Above $10,000,000 and up to the $25,000,000 maximum, terms are evaluated case by case, with leverage and reserves tightening further as the loan amount grows. Second homes and investment properties follow their own, more conservative grids: second-home purchases run up to 90% LTV at a 680 FICO on smaller loan amounts, and investment-property purchases up to 80% LTV at a 700 FICO with 24 months of reserves. Ask us for the exact grid for your scenario.

Fixed or adjustable: which jumbo structure fits?

Every jumbo loan is fully amortizing. Negative amortization is not offered. Choose the term and structure that fits how long you plan to hold the loan.

SOFR ARMs are indexed to the 30-day average SOFR with a 2.75% margin, adjust every 6 months after the initial fixed period, and cap at 2/1/5% on the 5/6 ARM or 5/1/5% on the 7/6 and 10/6 ARM. That means the rate can move at most 2% or 5% at the first adjustment, 1% at each adjustment after that, and 5% over the life of the loan. Loan terms shorter than 10 years are not available on jumbo fixed or ARM financing. Our ARM page walks through every structure in detail.

Temporary rate buydowns are also available on many of our jumbo programs, in 3-2-1, 2-1, and 1-0 structures, funded by a seller, builder, or other third party on qualifying purchase transactions. Buydown availability and structure depend on the specific program, so ask us what applies to your purchase. You can model one on the buydown calculator.

What are the qualifying requirements?

• Credit score of 680 or higher, tiered up to 740 for maximum leverage
• Loan-to-value up to 90%, with no mortgage insurance on most programs
• Loan amounts from $832,751 up to $25,000,000
• 6 to 30 months of liquid reserves, tiered by LTV and loan size
• Debt-to-income up to 45% depending on LTV, loan size, and program
• Full income documentation: two years of tax returns, plus business returns if self-employed
• Full interior and exterior appraisal on every file, no appraisal waivers
• Primary residence, second home, and investment property eligible
• Fixed-rate and 5/6, 7/6, 10/6 SOFR ARM structures available
• Up to 4 borrowers per loan, with no maximum borrower age

Which properties and borrowers are eligible?

Eligible

• Primary residence: 1 to 4 unit, condo, PUD, co-op
• Second home: 1 unit, condo including resort-style, PUD, co-op
• Investment: 1 to 4 unit, condo including resort-style, PUD
• U.S. citizens, permanent residents, and temporary residents with U.S. credit (primary residence only, must occupy)

Not eligible

• Manufactured or mobile homes, agricultural properties, and properties with any illegal use
• Condotel or lodging units, timeshares, and units in a mandated rental pool
• Boarding houses and bed-and-breakfast properties
• Community land trusts, and title alternatives such as attorney opinion letters in place of a title policy

Good to know before you apply

Jumbo underwriting has more moving parts than a conforming loan. These are the details that most often catch borrowers off guard, worth knowing going in, even though your exact terms depend on your scenario.

• Gift funds are allowed toward a down payment on many programs, but typically require at least a 5% borrower-funded contribution on higher-LTV purchases.
• Escrow accounts are generally required above 80% LTV. Below that, an escrow waiver is often available depending on your program and state.
• Seller concessions toward closing costs are typically capped around 6 to 9% on primary residences and second homes, and 2% on investment properties.
• Multiple financed properties matter: owning several other financed 1 to 4 unit properties can mean additional reserve requirements on top of the reserves for your subject property.
• Temporary rate buydowns in 3-2-1, 2-1, and 1-0 structures are available on many purchase transactions, funded by a seller, builder, or other third party.
• Credit events like a bankruptcy, foreclosure, short sale, or deed-in-lieu generally require a seasoning period, commonly around seven years from the discharge or completion date.
• A second appraisal can be required on certain higher-priced transactions, or when a property was recently acquired by the seller at a meaningfully lower price.
• Texas homestead properties follow their own equity rules under Texas Section 50(a)(6) and 50(f)(2), which cap total financing and add specific disclosure timelines.

What are the advantages of a jumbo loan?

• No mortgage insurance required on most programs, even above 80% LTV, unlike a conforming loan
• Loan amounts up to $25,000,000, with fixed and ARM structures to fit how long you will hold the loan
• Second homes and investment properties both eligible, not just primary residences
• Cash-out refinancing available, with unlimited cash-out on qualifying lower-LTV scenarios

What are the trade-offs?

• Full documentation required, two years of tax returns, with no reduced-documentation option
• Reserve requirements are substantial, up to 30 months of liquidity at the highest LTV tier
• No appraisal waivers, so every file gets a full interior and exterior appraisal
• Leverage and pricing tighten quickly above $5,000,000 and on second homes or investment properties

About these figures: the ranges on this page describe our jumbo programs as of September 2026 and vary by credit score, loan amount, and property type. They are not quotes, offers, or commitments to lend. Guidelines, rates, and program availability change often, and your terms are set after a full review of your credit, income documentation, assets, and the property. We consider all qualified applicants for credit without regard to race, color, religion, national origin, sex, marital status, age, or any other protected characteristic. Equal Housing Opportunity.