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Jumbo Loans

Jumbo loans let you borrow more money if you’re looking at homes in higher-priced real estate markets. Since the loan amounts are larger, they usually have more qualification requirements.

What is a jumbo loan?

Jumbo loans (often referred to as non-conforming loans) are used when you want to buy a home that exceeds conforming loan limits. A conforming loan limit is the mortgage amount that could be backed by Fannie Mae and Freddie Mac.

For many counties, a jumbo loan is when you’re applying for a loan more than:

Single Family

for a single-family home or residence

$806,500

Duplex

for a 2-unit home

$1,032,650

Triplex

for a 3-unit home

$1,248,150

Fourplex

for a 4-unit home

$1,551,250

For Alaska, Hawaii and other higher-cost real estate markets, like San Francisco and New York City, a jumbo loan is when you’re applying for a loan more than:

Single Family

for a single-family home or residence

$1,209,750

Duplex

for a 2-unit home

$1,548,975

Triplex

for a 3-unit home

$1,872,225

Fourplex

for a 4-unit home

$2,326,875

Benefits

  • Allows home buyers to get a larger loan without tapping into savings
  • Offers higher loan amounts with higher loan-to-value (LTV) ratios compared to other loans
  • Offers fixed and adjustable rate mortgage options

Requirements

  • May have cash reserve or deposit requirements
  • May require a higher credit score than other loan types
  • Debt-to-income (DTI) ratio requirements may differ compared to other loan types

Explore other loan options

Conventional loans

A popular option for anyone with good credit and a down payment of 20% or more.

Find out more about conventional loans

Federal Housing Administration (FHA) loans

Helpful if you have a lower down payment, are self-employed or don’t qualify for a conventional loan.

Find out more about FHA loans

Veterans Affairs (VA) loans

Offered to U.S. servicemembers, veterans and military spouses, and are guaranteed by the Department of Veterans Affairs.

Find out more about VA loans

Related Topics

Fixed vs adjustable rate mortgages

Choosing the right type of loan for your needs is an important decision in house-buying.

Learn More

Find out what affects mortgage rates

Your credit score, the type of rate you choose and your property’s location are some of the factors that make a difference.

Learn More

Calculate how much you should borrow

Use our simple home loan amount calculator to figure out how much you can borrow for a loan.

Learn More

Find the mortgage option that’s right for you.  

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