Jumbo
For loan amounts above the conforming limit.
Drake explains this one himself
Every program on this site gets a short video from Drake — the same explanation he would give you on a call, so you can hear it before you ever have to make one.
This one has not been recorded yet. Until it is, the writing below covers the same ground.
What it is
A jumbo loan is any loan larger than the conforming limit that the Federal Housing Finance Agency sets each year for the county you are buying in.
Because these loans fall outside the standard agency guidelines, lenders set more of their own terms — which means the differences between lenders get wider, not narrower.
Who it may suit
- Buyers purchasing above the county conforming loan limit
- Buyers with strong credit and documented reserves
- Buyers in the higher-priced Scottsdale, Paradise Valley, and North Phoenix markets
Worth knowing
- Credit, reserve, and documentation requirements are typically tighter than conventional.
- The conforming limit changes annually and varies by county, so the line between conventional and jumbo moves.
- Comparing lenders matters more here than on any other program.
General information only. Program guidelines change, and what you qualify for depends on a full review of your situation. Nothing on this page is a commitment to lend or an offer of credit.
Not sure whether Jumbo is the one?
That is the normal position to be in. Six short questions and I will tell you which programs are actually worth comparing for your situation.