THE OVERVIEW
How this option works
A jumbo mortgage is generally a mortgage amount above the conforming loan limit that applies to the property’s location and unit count. Limits can change over time, and some high-cost areas have different limits.
Jumbo loans are not one uniform product. Lenders may set different requirements for credit, down payment, cash reserves, debt, property type, and documentation. Pricing and terms vary, so compare the full loan estimate.