Jumbo Loans in Plano and Frisco: What Counts as Jumbo?

The short answer

A jumbo loan is a mortgage larger than the conforming loan limit set each year for the county. If your loan amount goes over that limit, it is considered jumbo and follows different guidelines. Many Plano and Frisco homes fall in that range.

What lenders typically look for

• Stronger credit. Jumbo guidelines are often tighter.
• Larger down payment. Often 10% to 20%, depending on the lender and amount.
• Cash reserves. Many lenders want several months of payments in the bank.
• Documented income and assets.

Why a broker helps here

Jumbo programs vary a lot from lender to lender, including down payment, reserves and how self-employed or asset income is treated. Comparing several lenders is where a broker adds the most value.

Frequently asked questions

Are jumbo rates always higher?

Not always. They can be close to conforming rates depending on the market and lender. Compare real quotes.

Shopping a higher-priced home? Call (469) 414-5554.

By Kelly Welton, Mortgage Broker (NMLS #314183), Mohave Mortgage Texas Branch. Mohave Mortgage NMLS #1830581 · Texas Branch NMLS #2690682 · Equal Housing Opportunity. General information only, not a commitment to lend or financial advice. Programs, rates and guidelines vary and change.