01What makes a loan jumbo?+
The loan amount exceeds the conforming limit for the property’s county and number of units. In most areas, the 2026 limit for a one-unit property is $832,750. Some high-cost areas have higher limits. The purchase price alone does not determine whether the loan is jumbo.
02Do I have to put 20% down?+
No. While 20% is a common benchmark, lower-down-payment options exist with some lenders. Those options usually depend on strong qualifications, the loan amount, and property use. A larger down payment can change the pricing, reserve requirements, and available loan choices.
03What credit score do I need?+
Jumbo lenders generally look for strong credit, but there is no single minimum across all programs. Requirements can become stricter for larger loans or smaller down payments. Your payment history, debts, income, and reserves also matter.
04What are cash reserves?+
Reserves are eligible assets you still have after paying the down payment and closing costs. Lenders often measure them in months of mortgage payments. They are not an additional closing fee, but you must document enough eligible assets to meet the program’s requirement.
05Are jumbo rates always higher?+
No. A jumbo rate can be higher or lower than a conforming rate for a particular borrower and market. I’ll compare the rate, points, fees, any mortgage insurance, and cash required with you so you can see which option fits your plans.
06Can I get a jumbo loan if I am self-employed?+
Yes. Self-employment does not automatically require Non-QM financing. A fully documented jumbo loan may work when your tax returns and other records support the payment. Alternative-documentation options are also worth considering when standard income calculations do not fit.
07Are jumbo and Non-QM the same thing?+
No. Jumbo describes the loan’s size relative to the conforming limit. Non-QM describes a different mortgage classification. A jumbo loan can be a Qualified Mortgage, and a Non-QM loan can be above or below the conforming limit.
