Jumbo Loans

Loans above conforming limit
Generally slightly higher rates
Stricter underwriting criteria

Jumbo loans are those which exceed baseline Conforming loan limit ($726,200 for single-family in 2023), and therefore cannot be purchased by Fannie Mae and Freddie Mac. These are portfolio products offered by large Wall Street investors and banks through their retail and wholesale channels.

Jumbo underwriting parameters are generally more restrictive than on Conforming loans, requiring higher credit scores, larger down payment (generally, at least 20%), lower debt ratios, and certain post-closing reserves (funds remaining in borrower's bank accounts after settlement).

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