Mortgage glossary
Jumbo loan
Definition: A jumbo loan is a mortgage for an amount above the conforming loan limit, used to finance higher-priced homes that Fannie Mae and Freddie Mac cannot purchase under their guidelines.
Because jumbo loans are not backed by the agencies, lenders set their own standards, which often means higher credit minimums, larger reserves and more detailed income review. Two appraisals can be required on larger loan amounts.
Our jumbo options allow up to 90% LTV with a minimum score of 660 and loan amounts up to $3,500,000, for owner occupied homes, second homes and investment properties. Jumbo ARMs are available in 5/6, 7/6 and 10/6 structures. Additional terms and conditions apply, and all borrowers must qualify.
Related terms
Reviewed by Kyle Richardson, NMLS #863464. General information, not advice for your specific situation. All glossary terms
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