What is a jumbo mortgage?

A jumbo mortgage is a type of mortgage loan that exceeds the conforming loan limit set by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. These limits vary depending on the location of the property, but generally, if the loan amount exceeds $766,550 (2024 limit) it is considered a jumbo mortgage. Our jumbo loan limit is around $2 million.

The process of obtaining a jumbo mortgage is similar to that of a conforming loan, but lenders may have stricter credit and income requirements for borrowers.

Jumbo mortgages can be used to purchase primary residences, second homes, and investment properties. They can also come in different forms, like fixed-rate mortgages, adjustable-rate mortgages, and interest-only mortgages.

It's important to keep in mind that the process of obtaining a jumbo mortgage can be more difficult and time-consuming than that of a conforming loan and it's important to work with a lender who is experienced in handling jumbo mortgages. Additionally, the requirements for down payments and credit scores may be higher for jumbo mortgages, and it's important to consider these factors when evaluating different loan options.

CapCenter offers jumbo mortgages and list loan limits by county on our service area page. Jumbo loan limits are around $2 million.