Purchase

Home buyers today have an assortment of Jumbo mortgage options to meet just about every need. Below we will highlight the Jumbo down payment, loan limits and qualifying requirements that buyers will want to know. Be sure to also read the Jumbo purchase FAQs here for more helpful info.

Buyers that have questions can connect with us 7 days a week by calling, or just submit the Quick Call Form for a quick call within minutes.

Jumbo loans are defined as any mortgage balance that exceeds the regular conventional Fannie Mae or Freddie Mac limits. For most locations in the U.S., this limit would be $806,500 on a standard 1-unit property. There are also high-cost areas (mainly California, DC, Colorado, North East) that permit even high conventional loan limits up to $1,209,750. So in short, any mortgage amount beyond this would be considered a Jumbo loan.

Jumbo Mortgage Down Payment & Loan Limits:

• 5% Down Payment Jumbo Loan – eligible buyers can finance up to 95% loan to value up to $1,500,000 – $2m.
• 10% Down Payment Jumbo Loan – eligible buyers can finance up to 90% loan to value up to loan amounts of $2,500,000 – $3m.
• 15% Down Payment Jumbo Loan – eligible buyers can finance up to 85% loan to value up to loan amount of $3,000,000 -$3.5m
• 20% Down Payment Jumbo Loan – eligible buyers can finance up to 80% loan to value up to loan amounts of $4,000,000. Please contact us to learn more about Super Jumbo loans over $4m.

*Please note, the exact loan limit will depend on the property location and if the county is considered high-cost. The limits are based on the final mortgage amount, not the home purchase price.

Jumbo Mortgage Credit Requirements:

• 5% Down Jumbo – Requires a min 680 credit score for all applicants
• 10% Down Jumbo – Requires a min 660 credit score
• 15% & 20% Down Jumbo –  640, case by case, depending on the final loan amount.

Jumbo Mortgage Terms & Loan Structure: 

• No Monthly Private Mortgage Insurance (PMI) with all options.
• Borrowers can choose from a variety of different loan terms like 30, 20, and 15-year fix rates & adjustable-rate terms ARM in 5/1, 7/1 or 10/1 – all with NO pre-payment penalty.
• Single stand-alone 95% and 90% financing options are also available depending on the property state, loan amount, and borrower’s credit profile. Many factors will be reviewed during the initial loan consultation to determine which loan structure is best for you.
• Depending on the state – homebuyers will have the option to do a piggyback loan that consists of a first mortgage (up to the conforming loan limit) plus a second “piggyback” loan for the difference. The 80-10 and 80-15 combo loans are a great way for homebuyers to avoid PMI and ensure they take advantage of the lower conventional loan interest rates on their larger first mortgage.

Please note that the standard conforming loan limits have recently increased to $806,500. Certain high-cost locations are even greater at $1,209,750 – please see a list of the latest 2025 Conforming loan limits for each county in the U.S.

Primary Jumbo Loan Restrictions:

• The 5% down payment requirements listed above are reserved only for owner-occupied homes.
• Second-home (vacation home) purchase transactions are also permitted up to 90% LTV.
• Investment or rental homes will require a minimum of 25% down. Investors can also learn more about DSCR Purchase Loans.
• Most Jumbo programs will require full underwriting documentation regarding the borrower’s income and assets. Please note, “stated” income or reduced income doc programs are not available. *Bank statement income qualifying programs are available for self-employed business owners with a 10%+ down payment. This option allows self-employed buyers to qualify based on their actual business bank deposit average (12 or 24 months) rather than the net income average of tax returns like a standard loan.
• Home buyers should be prepared to show the required mortgage payment reserves. This is the amount of liquid or non-liquid assets remaining after the down payment and closing costs obligations are met.  The number (months) of reserves will depend on many factors like loan amount, down payment and credit score. Non-liquid retirement accounts like IRA or 401K accounts DO satisfy this requirement.
• Only single-family homes, condos, and townhomes are eligible. This includes newly constructed properties that are being sold to you directly by a new home builder (ex: new community spec home)  Building a new home on your own lot is also permitted under the special Jumbo construction-permanent mortgage. This program requires a minimum of 10% down payment. Lot loans, land loans, commercial loans, mobile homes, and manufactured homes are not eligible.
• 1-4 unit properties are eligible depending on the loan amount.
• All applicants must be U.S. citizens.

Special VA Jumbo Mortgage Highlights For Military:

Many Veterans are unaware that high balance VA Jumbo mortgages permit much higher loan amounts. The program offers all the same great benefits as a normal VA loan.  Buyers will still qualify based on their income, debt, credit, and remaining entitlement. This option can offer 100% financing up to $2m loan amounts, depending on property location, qualifying profile and Veteran’s entitlement.

• 100% VA backed financing up to $2m *location dependent
• Loan amounts even higher, up to $4,000,000 are also available. Loans over $2m will require a small down payment and payment reserves
• No mortgage insurance – PMI
• Fix rate and ARM loan options
• No early payoff penalty
• 640 credit score required
• Same low VA interest rates even for high-balance loans
• Only for primary owner-occupied residence

Specialists are standing by to help with questions 7 days a week until 8 pm. For the fastest response, please submit the Quick Call Form. Buyers can also call us at Ph: 800-840-6449.  Our goal is to respond to all requests within minutes during normal hours.