Loan types
Jumbo loans when the loan amount is above the conforming limit.
A jumbo loan finances an amount above the conforming limit set for that county. Higher-priced homes in the Bay Area often land here.
Who it is for
- Buyers of higher-priced primary homes, second homes, or investment properties
- Borrowers with stronger credit, reserves, and a documented down payment
- Homeowners refinancing a balance above the conforming limit
How it usually works
- The conforming limit changes by year and by county. High-cost counties allow a higher limit before a loan becomes jumbo.
- Jumbo loans usually ask for a larger down payment, more money left in the bank after closing, and a cleaner credit file than a standard conventional loan.
- Pricing is set by the lender. A jumbo rate is not automatically higher or lower than a conforming rate.
What to have ready
- Full income documentation
- Asset statements showing the down payment and reserves
- A clear picture of other properties you own
- Photo ID
Guidelines change, and lenders add their own rules. The description above is a starting point, not a quote and not an approval.