Program highlights
- 90% max LTV
- Min credit score of 660
- Max loan amount of $3,500,000
- Owner occupied, 2nd homes and investment properties
- Jumbo ARMs: 5/6, 7/6, and 10/6
- Cash-out (unlimited, but varies on LTV)
What is a jumbo loan?
A jumbo loan is a mortgage for an amount above the conforming loan limit set each year for Fannie Mae and Freddie Mac. Because these loans are larger than what those agencies buy, jumbo lenders set their own guidelines, which usually means closer review of credit, income, and reserves.
How it works
Our jumbo program finances up to 90% of the home's value, so a qualified buyer can put as little as 10% down. The maximum loan amount is $3,500,000, and the minimum credit score is 660. Jumbo financing is available for owner-occupied homes, second homes, and investment properties.
You can choose a fixed rate or an adjustable-rate mortgage. Our jumbo ARMs come in 5/6, 7/6, and 10/6 structures. The first number is the fixed period in years, and the 6 means the rate adjusts every six months after that. An ARM can make sense if you expect to sell, pay down, or refinance before the fixed period ends. We walk through the adjustment caps and worst-case scenario before you choose one.
Jumbo loans also support cash-out refinancing. The amount of cash available is not capped by a set dollar figure, but it varies based on your loan to value.
Jumbo underwriting typically looks for:
- Reserves: several months of payments in savings or retirement accounts after closing. Requirements vary by loan size and property type.
- Documented income: W-2s, tax returns, or other full documentation. If your income is hard to document, see our self-employed and bank statement page.
- Debt-to-income: usually tighter than agency loans.
- Appraisal: larger loans can require a more detailed appraisal review.
Who it fits
Jumbo loans fit buyers purchasing above the conforming limit who have strong credit, steady income, and savings beyond the down payment. They also fit second home buyers and investors who want financing on higher-value properties. If your purchase is only slightly above the conforming limit, a high balance agency loan or a larger down payment might keep you in conforming territory, and we will compare that for you.
What you need to apply
- Two years of W-2s or personal tax returns, plus business returns if self-employed
- Recent pay stubs
- Two or more months of statements for bank, brokerage, and retirement accounts
- Details on any other properties you own
- A valid ID
How we help in Austin
Many neighborhoods in central Austin, Westlake, Tarrytown, Lake Travis, and parts of the Hill Country regularly trade above conforming limits. Jumbo deals in this market move fast and often compete with cash buyers, so we get your file reviewed up front and help your Realtor present a strong offer. With Lock & Shop and TBD approvals available, you can shop with more certainty. We lend jumbo in all 12 of our licensed states.
Additional terms and conditions apply. Not all loan types are compatible with this product. Subject to underwriting conditions. Not a promise to make a loan. All borrowers must qualify.
Jumbo Loans: common questions
What is the minimum down payment on a jumbo loan?
Our jumbo program goes up to 90% loan to value, so a qualified buyer can put as little as 10% down. The required down payment can be higher depending on loan size, property type, and credit profile. Second homes and investment properties often need more down than a primary residence. We confirm your exact requirement during pre-approval.
What credit score do I need for a jumbo loan?
Our jumbo minimum credit score is 660. Higher scores can open up more down payment flexibility and better pricing, and underwriters also weigh reserves and debt-to-income closely on larger loans. If your score is near the minimum, we can review your credit report with you and point out anything worth addressing before you apply.
How large of a loan can I get?
Our jumbo program goes up to a $3,500,000 loan amount, subject to loan to value, credit, income, and reserves. Owner-occupied homes, second homes, and investment properties are all eligible, although requirements differ between them. If you need financing beyond this amount, call us and we will talk through what other options may exist.
What do 5/6, 7/6, and 10/6 ARMs mean?
The first number is how many years the rate stays fixed: five, seven, or ten. The 6 means that after the fixed period, the rate can adjust every six months, within set caps. These can make sense if you plan to sell or refinance before the fixed period ends. We show you the caps and a worst-case example before you decide.
Can I do a cash-out refinance on a jumbo loan?
Yes. Our jumbo program allows cash-out refinancing, and the cash amount is not capped at a fixed dollar figure, but it varies based on your loan to value, credit score, and property type. Texas has specific rules for cash-out loans on a homestead, so we review how those apply to your home before you commit.