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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.
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:
for a single-family home or residence
$806,500
for a 2-unit home
$1,032,650
for a 3-unit home
$1,248,150
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:
for a single-family home or residence
$1,209,750
for a 2-unit home
$1,548,975
for a 3-unit home
$1,872,225
for a 4-unit home
$2,326,875
Because these loan limits can differ from county to county, you should check the
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A popular option for anyone with good credit and a down payment of 20% or more.
Helpful if you have a lower down payment, are self-employed or don’t qualify for a conventional loan.
Offered to U.S. servicemembers, veterans and military spouses, and are guaranteed by the Department of Veterans Affairs.
Choosing the right type of loan for your needs is an important decision in house-buying.
Your credit score, the type of rate you choose and your property’s location are some of the factors that make a difference.
Use our simple home loan amount calculator to figure out how much you can borrow for a loan.