Jumbo Loan Guide
Jumbo Loans: Above Conforming, Below the Hassle
A jumbo loan is any mortgage above the 2026 FHFA conforming limits — $832,750 baseline, $1,249,125 in high-cost counties (Bay Area, LA, OC, San Diego, DC metro). Jumbo unlocks luxury markets and expensive metros, and rates today often match or beat conventional thanks to portfolio-lender competition. Here is the full guide.
Today's 30-Yr Jumbo
6.25%
/ 6.40% APR
10% downEntry-level jumbo
700 FICOTypical minimum
$3M+Loan amounts available
What Makes a Loan "Jumbo"
A jumbo loan is any conventional mortgage above the FHFA conforming loan limit set each year. Because Fannie Mae and Freddie Mac will not buy these loans, lenders price and hold them in their own portfolios — which is why a sharp jumbo desk can beat conforming rates outright.
Above the Conforming Limit
Any loan above $832,750 (baseline) or $1,249,125 (high-cost counties) is jumbo. The limit is set by FHFA each November for the following calendar year.
Portfolio & Investor Priced
Banks and wholesale jumbo lenders hold or sell these loans privately. Pricing reflects investor appetite, not Fannie/Freddie pricing matrices — which is why jumbo rates move independently.
Often Cheaper Than Conventional
Surprise to most borrowers: in many rate cycles jumbo prices 0.125-0.375% BELOW the 30-yr conventional rate. Competition for high-balance loans is fierce, and we shop 20+ jumbo desks for the lowest one.
Jumbo Down Payment Options
Jumbo no longer means 20% minimum. Modern jumbo lenders accept as little as 10% down with strong credit — here are the four standard tiers and what each one buys you on pricing.
10%
Entry Jumbo
Lowest Entry
Limited lender pool. Requires 720+ FICO, 12 months reserves, and loan amount typically capped at $2M. Some lenders require MI; many do not.
MI may apply · lender-dependent
15%
Standard Mid-Down
Wider Lender Access
More lenders compete here. 700+ FICO, 6 months reserves common. Loan amounts up to $3M without piggyback.
MI rare · usually waived above $1.5M
20%
Sweet Spot
Lowest Rate
20% down unlocks the deepest jumbo pricing tier. No MI required, fewer overlays, fastest underwriting. Up to $3M routine, $5M with reserves.
No MI required · cleanest pricing
25%+
Super Jumbo
Largest Loans
For loans $3M-$10M+, second homes, non-warrantable condos, or unique properties. Best pricing tier, full asset & income review, 12-18 months reserves.
No MI required · portfolio-priced
Pro tip: Moving from 10% to 20% down typically improves your rate 0.250-0.500%. On a $2M loan, that's $400-$800/month over 30 years. We model both at quote time so you see whether the down-payment increase pencils out for your situation.
Where Jumbo Begins: 2026 Conforming Limits
Any loan amount above the FHFA limit for your county is automatically a jumbo. Most U.S. counties use the baseline; designated high-cost metros qualify for the ceiling.
Baseline (most U.S. counties)
$832,750
High-Cost Ceiling
$1,249,125
Several of our licensed states have mid-tier counties between baseline and ceiling — see the geographic guide below for exact amounts where you're buying.
Where Jumbo Matters Most in Our 9 Licensed States
Every state we serve has counties where median home prices push buyers into jumbo territory. These are the highest-impact markets — click through for the local conforming limit, market angle, and rate strategy.
California
San Francisco
Bay Area condos and SFRs routinely cross $1.5M-$3M. Heavy RSU and stock-comp income.
Jumbo above $1,249,125California
San Jose & Silicon Valley
Median home $1.4M+. Tech RSU income and bank statement self-employed dominate.
Jumbo above $1,249,125California
Irvine & Orange County
Median $1.4M, master-planned premium pricing. Many jumbo with bank-statement income.
Jumbo above $1,249,125California
Los Angeles Westside
Beverly Hills, Brentwood, Santa Monica, Manhattan Beach — most purchases require jumbo.
Jumbo above $1,249,125California
San Diego
SD County mid-tier limit $1,104,000. La Jolla, Del Mar, Coronado routinely jumbo.
Jumbo above $1,104,000New Hampshire
Portsmouth & the Seacoast
Rockingham County is Boston-MSA mid-tier. Median home $640K but waterfront pushes jumbo.
Jumbo above $962,550Maryland
Montgomery County (DC Metro)
Bethesda, Potomac, Chevy Chase. Federal, NIH, biotech executives use jumbo routinely.
Jumbo above $1,249,125Maryland
Frederick County
I-270 tech corridor and upper-end Frederick neighborhoods regularly jumbo.
Jumbo above $1,249,125Virginia
Northern Virginia (DC Metro)
McLean, Great Falls, Vienna, Arlington. Federal contractor and IC workforce.
Jumbo above $1,249,125Don't see your market? Every Colorado mountain county (Eagle, Pitkin, Summit), Idaho Teton, Florida Monroe (Keys), and many others have above-baseline limits. Ask for your county's exact limit →
Jumbo Reserve Requirements
The single biggest difference between jumbo and conventional: you must show enough liquid assets to keep paying the mortgage if your income disappears. Here's the standard ladder.
| Loan Scenario | Reserves Required | What Counts |
|---|---|---|
| Primary residence, loan to $1.5M, 20% down | 6 months PITI | Checking, savings, brokerage, money market. 60% of retirement. |
| Primary residence, loan $1.5M-$3M | 12 months PITI | Same as above. Some lenders allow CD ladders and trust assets. |
| Second home, any jumbo loan amount | 12 months PITI | Reserves on BOTH primary AND second home required. |
| Investment property jumbo | 18 months PITI | Reserves on subject + 6 months on each other financed property. |
| Super jumbo ($3M+) or non-warrantable condo | 12-24 months | Lender-dependent. Asset depletion programs available. |
| Bank Statement / Asset-Depletion jumbo | 12-24 months | In addition to qualifying assets used for income. |
Liquidity tip: Reserves don't have to be in cash — brokerage accounts and 60% of 401(k)/IRA balances count. We routinely structure jumbo files where the down payment comes from one account and reserves from another.
Jumbo Programs Worth Knowing
Beyond standard full-documentation jumbo, several specialty programs handle income types that conventional underwriting struggles with.
Standard Full-Doc Jumbo
W-2 income, 2 years tax returns, 700+ FICO, 6-12 months reserves. The default for most borrowers in expensive markets.
Bank Statement Jumbo
Qualifies on 12-24 months business or personal bank statements instead of tax returns. Ideal for self-employed founders, consultants, and small-business owners.
Asset Depletion Jumbo
Qualifies on liquid assets divided over a 5-10 year horizon (no income required). Common for retirees, trust beneficiaries, and HNW borrowers between jobs.
VA Jumbo
VA loans have NO loan amount cap with full entitlement. Above the conforming limit, you cover 25% of the EXCESS as a down payment. Veterans qualify for true jumbo amounts with VA pricing.
Interest-Only Jumbo
10-year interest-only period, then amortizes over remaining 20 years. Lower monthly payment during IO window. Used by buyers expecting bonus or stock-comp cash flow to pay down principal in lumps.
Super Jumbo ($3M-$10M+)
For loan amounts above $3M. Portfolio-priced by private banks and specialty lenders. Often the cleanest fit for unique properties: estates, non-warrantable condos, mixed-use, or large acreage.
Jumbo vs. Conventional vs. Non-QM: How They Differ
Jumbo is the natural step up from conventional once you cross the conforming limit. Non-QM picks up where jumbo's standard guidelines stop.
| Factor | Jumbo This Page | Conventional | Non-QM |
|---|---|---|---|
| Loan amount | Above $832,750 (or $1,249,125 in high-cost) | Up to conforming limit | Any amount; rules differ by program |
| Min down payment | 10% (typical 20%) | 3-5% | 10-20% |
| Min FICO | 700 (some 660) | 620 | 620-700 depending on program |
| Mortgage insurance | None at 20% down; rare below | PMI — drops at 78% LTV | None on most programs |
| Reserves required | 6-24 months PITI | 0-6 months | 6-12 months |
| Documentation | Full doc OR bank statements OR asset-depletion | Full doc (W-2 or tax returns) | Bank statement, DSCR, ITIN, asset, P&L |
| Rate vs. 30-yr conv | Often 0-0.375% LOWER in 2026 | Benchmark | +0.50% to +2.00% premium |
| Property types | Primary, 2nd home, investment, non-warrantable condo | Primary, 2nd home, investment | Same + ITIN borrowers, foreign nat'l |
If you're a strong W-2 file in a high-cost market, you'll likely be in the jumbo column. If you're self-employed and can't show 2 years of clean tax returns, the right call is often Non-QM jumbo (Bank Statement, DSCR, or Asset-Depletion).
Estimate Your Jumbo Loan Payment
Includes a real-time check that flags whether your loan amount actually crosses into jumbo or sits in conventional territory. Rate auto-fills with today's jumbo rate if published on /mortgage-rates/.
Who Should Choose a Jumbo Loan
Jumbo is the right answer in these situations. Outside them, you're either in conforming territory or in Non-QM specialty programs.
Buying in a High-Cost Market
Bay Area, OC, Westside LA, San Diego coastal, NoVA, MD DC suburbs, NH Seacoast, CO ski counties — jumbo is the standard tool, not the exception.
Strong W-2 Income, Large Loan
Tech, finance, medical, executive comp packages. Standard full-doc jumbo with 20% down often beats conventional pricing outright.
Self-Employed Founder or Owner
Bank Statement Jumbo qualifies on 12-24 months of business bank deposits. No tax-return income hit from write-offs. We close these regularly above $2M.
Stock-Comp / RSU Heavy
Tech and finance RSU income requires specialized vesting-history underwriting. Our jumbo desks have specific overlays for RSU-heavy borrowers.
Non-Warrantable Condo Buyer
Many luxury condos fail Fannie/Freddie warranty rules. Jumbo portfolio lenders underwrite each project individually — we know which desks accept your specific building.
Second-Home Buyer
Vacation home in a high-cost market (Aspen, Tahoe, Florida Keys, NH Seacoast) almost always lands in jumbo. Reserves on both homes required.
Jumbo Loan FAQ
The questions every jumbo borrower asks before pulling the trigger.
What exactly makes a loan "jumbo"?
Any mortgage above the FHFA conforming loan limit for your county. In 2026 that's $832,750 in most counties and $1,249,125 in designated high-cost areas (Bay Area, LA, OC, San Diego, DC metro, Eagle CO, Teton ID). Even one dollar above your county's limit is a jumbo.
Are jumbo rates higher than conventional?
Not necessarily. In many rate cycles — including most of 2025-2026 — jumbo prices 0.125% to 0.375% BELOW the 30-year conventional rate. Portfolio lenders compete aggressively for high-balance loans because they hold them. The "jumbo penalty" is largely a relic of the 2008-2012 cycle.
How much down payment do I need for a jumbo loan?
10% is achievable with strong credit (720+) and reserves. 15% opens a wider lender pool. 20% is the sweet spot for best pricing — no MI, fastest underwriting, deepest lender competition. For super jumbo (above $3M), expect 25-30% minimum.
What are reserve requirements?
You must show liquid assets equal to a number of monthly mortgage payments (PITI). Standard jumbo: 6 months. Loans above $1.5M: 12 months. Second homes and investment jumbo: 12-18 months. Liquid means checking, savings, brokerage, money market. Retirement accounts count at 60% of value.
Can I get a jumbo VA loan?
Yes. VA loans have no maximum loan amount with full entitlement. Above the conforming limit, you cover 25% of the AMOUNT OVER the limit as a down payment — not 25% of the entire loan. Veterans qualify for true jumbo amounts at VA pricing (typically the best rates available).
Can I use a jumbo loan for an investment property?
Yes — minimum 25% down typical, 18 months reserves on the subject property plus 6 months on each other financed property. Rate is roughly 0.50% higher than primary-residence jumbo. For pure cash-flow underwriting (qualify on rent vs. payment), DSCR Non-QM jumbo is often the better tool.
What's the maximum jumbo loan size?
Standard wholesale jumbo desks go to $3M comfortably and $3.5M-$5M with reserves. Above $5M, we move to "super jumbo" or private-bank programs that go to $10M+. We have desks for all tiers and know which private banks accept which property types.
Do jumbo loans require mortgage insurance?
Usually no — even at 10-15% down. Most jumbo lenders don't require PMI because they hold the loans in their own portfolios and price the risk into the rate directly. A small subset of 10%-down jumbo programs require lender-paid MI baked into the rate. We disclose this clearly at quote time.
Can I refinance my existing jumbo loan?
Yes. Jumbo refinance options include rate-and-term (lower rate or change term), cash-out (tap equity up to 65-80% LTV typically), and conversion to interest-only. If you're self-employed and your tax returns now make qualifying difficult, Bank Statement Jumbo refinance is a common path.
How long does a jumbo close take?
30-40 days for purchases. 35-45 days for cash-out refis. Bank statement and asset-depletion jumbo files take 5-10 days longer due to manual underwriting. Super jumbo above $3M can take 45-60 days if private-bank-priced.
Find Out If Jumbo Is the Right Tool
Free analysis with no credit pull at the first call. We'll quote standard jumbo, bank statement jumbo, asset-depletion, and VA jumbo side-by-side — and tell you straight which gives the lowest 5-year total cost. Pre-approval in 24 hours once you're ready.
☎ (877) 870-0007Mon-Fri 8am-5pm PT · Licensed in 9 states · NMLS #2134550
Terms & Conditions: Jumbo loan rates and pricing are illustrative based on a 740 FICO, 70% loan-to-value, single-family primary residence, 30-year fixed rate, and a loan amount above the FHFA county conforming limit. Your actual rate depends on credit profile, debt-to-income, property type, occupancy, loan amount, reserves, and current market conditions at lock time. APR includes estimated closing costs and is for comparison purposes. Reserve, documentation, and overlay requirements vary by wholesale lender. The 2026 baseline conforming loan limit is $832,750 with a high-cost ceiling of $1,249,125; some counties have mid-tier limits between these amounts. Subject to credit, property, and program approval. OnPoint Mortgage Pro is a licensed mortgage broker; NMLS #2134550. Equal Housing Lender.