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Jumbo loans
Above the conforming limit every lender writes its own rules, which means pricing and guidelines vary more in this category than they do in any other.
Last reviewed 22 August 2026 · Mark Ruhl, NMLS #105591
Where jumbo starts
The 2026 baseline conforming limit for a one-unit property is $832,750. Above that number, Fannie Mae and Freddie Mac won't buy the loan, so the lender either keeps it on its own books or sells it into a private market, and that single fact drives everything else on this page.
Some counties have higher limits than the baseline. Portland-metro counties sit at the standard limit, so confirm your specific county with me before you assume where jumbo begins for you.
What changes above the line
| Requirement | Typical jumbo |
|---|---|
| Down payment | 10% – 20%+ |
| Credit score | 700 – 740+ |
| Reserves | 6 – 12 months of payments |
| Debt-to-income | Often capped near 43% |
| Appraisal | Sometimes two, on larger loans |
Reserves are the requirement that surprises people the most. A lender wanting twelve months of full payments sitting in the bank after you close is normal at this level, and it catches the borrowers who put every dollar they had into the down payment.
Why shopping matters more here
Conforming loans are essentially commodities, because every lender is selling the same product to the same two buyers, so the pricing all clusters together. Jumbo has no such gravity holding it in place. Two lenders can differ by half a point on the very same file, and their guidelines can differ enough that one of them declines what the other approves comfortably.
So this is the clearest case on the whole site for using a broker rather than walking into one bank. Portfolio lenders and credit unions occasionally have jumbo products priced well below the market because what they really want is the deposit relationship, and you would never find those by comparison shopping online.
Common questions
Are jumbo rates higher than conforming?
Not always. Jumbo has periodically priced below conforming, because lenders want high-balance borrowers with strong profiles. It's worth checking rather than assuming.
Can I avoid jumbo with two loans?
Sometimes, yes. A conforming first plus a second mortgage keeps the first loan under the limit, and whether that beats a single jumbo depends on where pricing sits that week. It's a real strategy and it's worth running.
What about self-employed jumbo borrowers?
That's a common situation, and it's a well served one. Between full-doc jumbo, bank statement programs, and asset-depletion qualifying (where your portfolio gets converted into a qualifying income figure), there's usually a path.
Is this the right one for you?
Tell me the situation in plain language and I'll tell you which program actually fits, including the times when the answer turns out to be a different one than the page you're reading.