What Is a Jumbo Loan?
A jumbo loan is a mortgage that exceeds the conforming loan limit set annually by the Federal Housing Finance Agency (FHFA) — the maximum amount Fannie Mae and Freddie Mac will back. Because jumbo loans fall outside those limits, they follow a lender's own underwriting guidelines rather than standard conforming rules, which is where working with an experienced loan officer matters most.
What to Expect
Jumbo loans typically call for stronger credit, a larger down payment, and more cash reserves than conforming loans, since the lender is taking on more risk with a bigger loan amount. That said, jumbo doesn't have to mean complicated — Barry has access to a broad wholesale network and can shop competitive jumbo rates on your behalf.
Who It's For
- Buyers purchasing in high-cost markets where conforming limits fall short
- Buyers financing luxury or higher-value properties
- Borrowers with strong credit and reserves looking for flexible underwriting