What is Jumbo Loan?
A mortgage above current FHFA conforming limits for higher-value properties, requiring stronger credit and larger down payments than conforming loans.
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits change over time and can be higher in expensive markets. Jumbo loans typically require higher credit scores (700+), larger down payments (10-20%), and more reserves.