Loan Programs  |  06

Jumbo Loans

For the homes that don't fit in a standard-size box.

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The quick version

How it works

A jumbo loan is any mortgage above the conforming loan limit set each year by the FHFA. Because Fannie Mae and Freddie Mac won't buy these loans, lenders set their own guidelines, which usually means stronger credit, more cash reserves, and a larger down payment than a standard loan. In return, jumbo loans finance luxury homes, waterfront property, and higher-priced markets that standard loans can't touch. As a broker, we shop multiple jumbo lenders so you're not stuck with one bank's appetite or one bank's pricing.

Highlights

Above conforming limits

Financing for higher-priced and waterfront homes.

Multiple lenders shopped

Jumbo guidelines vary a lot from lender to lender.

Fixed and adjustable terms

Options to fit how long you'll own the home.

Second homes welcome

Many programs cover vacation properties.

FAQ

Questions people actually ask

Tap a question to see the answer.

1When does a loan become jumbo?+
When it's larger than the conforming loan limit for the county, which the FHFA sets every year. High-cost counties have higher limits. We'll tell you the current number for your area.
2Do jumbo loans have higher rates?+
Not always. Jumbo pricing depends on the lender and your profile, and strong borrowers sometimes see rates close to or even below conforming loans.
3How much do I need to put down?+
Jumbo loans typically require more down than standard loans, and the requirement varies by lender, loan size, and property type. We'll match you with the program that fits.
4What are cash reserves, and how much do I need?+
Reserves are savings left over after closing, measured in months of mortgage payments. Jumbo lenders usually want more reserves than standard loans.
5Will I need two appraisals?+
Sometimes. Some lenders require a second appraisal on larger loan amounts to confirm the value.
6Can I use a jumbo loan for a vacation home?+
Yes. Many jumbo programs allow second homes, and some allow investment properties.
7Is there an alternative to a jumbo loan?+
Sometimes a first mortgage at the conforming limit plus a second mortgage can work better. We'll price both ways.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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