Loan programs
Jumbo loan
Definition
A jumbo loan is a mortgage larger than the conforming loan limit for its county, so it cannot be sold to Fannie Mae or Freddie Mac. Lenders typically require stronger credit, larger reserves and often a bigger down payment, and pricing can differ from conforming loans in either direction.
Jumbo loan, explained
Whether a loan is jumbo depends on the local limit, not a single national number.
Source: FHFA — conforming loan limits
See jumbo loan in a calculator
The Jumbo Loan Calculator shows how this works with real numbers. Monthly payment, loan-to-value and lifetime cost for a jumbo (non-conforming) mortgage.
Open the Jumbo Loan CalculatorQ.01What is jumbo loan?
A jumbo loan is a mortgage larger than the conforming loan limit for its county, so it cannot be sold to Fannie Mae or Freddie Mac. Lenders typically require stronger credit, larger reserves and often a bigger down payment, and pricing can differ from conforming loans in either direction.
Q.02Are jumbo rates always higher?
No. Jumbo pricing varies by lender and market and is sometimes at or below conforming rates.
Explain it with their numbers
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