Jumbo Loans

A jumbo loan is a mortgage with a loan amount that exceeds the conforming loan limit applicable to the property’s location and number of units.

Conforming loan limits are established annually by the Federal Housing Finance Agency (FHFA) and determine the maximum loan amounts Fannie Mae and Freddie Mac may acquire. A mortgage above the applicable conforming limit is generally considered a jumbo mortgage.

No. The $832,750 amount is the 2026 baseline conforming loan limit for a one-unit property in most areas of the United States.

Certain designated high-cost areas have higher conforming loan limits. For a one-unit property, the 2026 high-cost ceiling is $1,249,125.

This means a mortgage above $832,750 may still be a conforming loan depending on the property’s location.

 Yes. Conforming loan limits can vary by county because certain higher-cost housing markets qualify for limits above the national baseline.

The applicable conforming loan limit also depends on the number of units in the property.

Check the current conforming loan limit for your county.

There is no single nationwide maximum loan amount for jumbo mortgages.

Unlike conforming mortgages, jumbo loans are not subject to one FHFA maximum loan amount. Instead, individual lenders and investors establish their own maximum loan amounts and eligibility requirements.

Some jumbo programs can accommodate loans of several million dollars depending on the lender, property, transaction, and borrower qualifications.

Dovetail Mortgage has access to jumbo financing options with loan amounts up to $4 million for qualified borrowers.

Availability, maximum loan amount, loan-to-value limits, property eligibility, credit requirements, reserves, and other underwriting criteria vary by lender and program.

Because Dovetail Mortgage works with multiple wholesale lenders, our loan experts can explore available jumbo programs based on your particular financing needs.

Jumbo mortgages may have different or more restrictive underwriting requirements than conforming mortgages because of their larger loan amounts.

Depending on the lender and program, qualification may consider factors such as credit history, debt-to-income ratio, down payment or equity, income documentation, assets, and financial reserves.

Requirements vary by lender and loan program.

There is no universal minimum credit score that applies to every jumbo mortgage.

Credit requirements vary by lender, loan amount, loan-to-value ratio, occupancy, property type, and other aspects of the transaction.

Because Dovetail Mortgage works with multiple wholesale lenders, our loan experts can review available programs to determine which options may fit your circumstances.

There is no single down-payment requirement for all jumbo loans.

The amount required can vary depending on the lender, loan amount, credit profile, property type, occupancy, and other underwriting factors. Larger loan amounts or certain property types may require additional borrower equity.

A Dovetail Mortgage loan expert can help you compare the down-payment requirements of available jumbo programs.

Requirements vary by lender and loan program.

Some jumbo programs may structure financing differently from conforming mortgages and may not use traditional private mortgage insurance in the same way.

When comparing jumbo options, borrowers should consider the entire financing structure, including down payment, interest rate, fees, reserves, and other program requirements.

Many jumbo loan programs require borrowers to demonstrate sufficient financial reserves after closing.

Reserve requirements can vary considerably depending on the lender, loan amount, number of financed properties, property type, occupancy, and borrower profile.

Yes. Jumbo financing may be available for qualified borrowers purchasing or refinancing a second home.

Loan-to-value limits, reserve requirements, credit standards, and other underwriting criteria may differ from those applicable to a primary residence.

Some jumbo loan programs allow financing for qualifying investment properties.

Program availability and underwriting requirements vary by lender, property type, loan amount, and borrower qualifications.

Yes. Depending on the lender and available loan program, jumbo mortgages may be offered with either fixed or adjustable interest rates.

Borrowers considering an adjustable-rate mortgage should understand the initial fixed-rate period, adjustment schedule, index, margin, and applicable rate caps.

No. Jumbo mortgage rates are not necessarily higher than conforming mortgage rates.

Pricing can be influenced by market conditions, lender appetite, loan amount, credit profile, loan-to-value ratio, occupancy, property type, and other factors.

Because jumbo loans are offered by different lenders and investors, the relationship between jumbo and conforming mortgage rates can change over time.

Yes. Jumbo financing may be available for both rate-and-term refinancing and, depending on the lender and program, cash-out refinancing.

Eligibility, maximum cash-out amounts, loan-to-value limits, reserve requirements, and other guidelines vary by lender and loan program.

Yes. Jumbo mortgages are commonly used to finance higher-priced properties when the required loan amount exceeds the applicable conforming loan limit.

However, a property does not have to be considered a luxury home to require jumbo financing. In higher-cost housing markets, a home may require a jumbo mortgage simply because the financing amount exceeds the conforming loan limit for that location.

Jumbo mortgage guidelines can vary significantly among lenders. Different lenders may have different maximum loan amounts, down-payment requirements, reserve requirements, credit criteria, property guidelines, and financing structures.

As a mortgage broker, Dovetail Mortgage works with multiple wholesale lending partners rather than offering the products of only one lender.

This allows our loan experts to compare available jumbo programs and help qualified borrowers explore financing options based on their individual circumstances.