Jumbo loans are a type of conventional mortgage specifically geared towards higher priced properties. Any conventional mortgage that is above the loan limit of the county where the subject property is located is considered a jumbo loan. For example, for 2022 the conforming loan limit is $647,200, however this limit is increased in higher priced counties like Los Angeles, which has a conforming loan limit of $970,800. Jumbo loans are inherently riskier for a lender, as they cannot be guaranteed by Fannie Mae and Freddie Mac, the regulating entities for the secondary mortgage market in the United States.
Many lenders are only able to offer jumbo loans with a minimum of 10% down, however we have programs available for as little as 3% down on jumbo loans for qualified borrowers. Inquire with our Mortgage Experts to learn how you can qualify for a jumbo loan.