Loan Type:

Jumbo loans are non-conforming loans that exceed the maximum loan limits set by Fannie Mae and Freddie Mac for conforming loans.

Loan Amount:

Jumbo loans are typically offered for loan amounts that exceed $548,250 (as of 2021) in most areas but can go up to several million dollars.

Down Payment:

Jumbo loans may require a larger down payment than conforming loans, typically 10-20% or more, depending on the lender’s requirements and the borrower’s creditworthiness.

Credit Score:

The minimum credit score required for a jumbo loan varies by lender, but most lenders require a score of at least 700.

Interest Rates:

Jumbo loans typically have higher interest rates than conforming loans, due to the higher risk for lenders.

Documentation:

Jumbo loans may require more documentation than conforming loans, including detailed income verification and asset verification.

Fees:

Jumbo loans may have higher fees than conforming loans, including application fees, appraisal fees, and closing costs.