High Balance, Jumbo and Super Jumbo Mortgage
A Jumbo Mortgage loan is a mortgage written for an amount greater than a given market’s Conforming Loan Limit.
The conforming loan limit is the maximum mortgage amount that Fannie Mae and Freddie Mac will buy from a loan originator. In most areas of the U.S., this amount is $417,000, but it’s greater in federally designated high-priced markets.
Can I get a jumbo loan?
To buy a home in the “jumbo” category and qualify for a mortgage amount larger than your area’s Conforming Loan Limit, you’ll need to meet specific down payment, credit score and debt-to-income ratio requirements. But the availability of a variety of jumbo products means there’s some flexibility in these terms — even loans that only require a 10 or 15 percent down payment, or that allow a higher DTI ratio with a lower purchase price or higher credit score.