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Overview: What Is A Jumbo


A jumbo loan is a special kind of mortgage for particularly expensive homes. The specific dollar amount varies by state and county and is determined each year by the Federal Housing Finance Agency which, among other things, oversees Fannie Mae and Freddie Mac. Generally, however, a jumbo loan applies to homes selling for a half-million dollars or more. Sometimes substantially more.

For those of us unlikely to be purchasing a multi-million-dollar home this year, it’s easy to assume anyone in that sort of income range could just as easily pay cash for their home – or homes – and avoid the headaches and costs of financing. Not everyone able to reasonably consider an expensive home has unlimited resources, however, and even those who could conceivably simply write that check may wish to protect their savings and maintain some financial flexibility along the way.

The financial industry even has an acronym for the sort of borrowers most likely to take out a jumbo home loan. It’s HENRY – High Earners; Not Rich Yet. These are folks who are doing quite well for themselves and who by all indications will accumulate wealth rapidly over the years, but who haven’t entirely “arrived” just yet. They’re still working, or investing, or otherwise stoking the fires of opulence. They may have substantial savings and a great retirement package already set up. At some point, they decide to purchase the sort of home the represents where they’re going as much as where they are. What sort of folks need a jumbo mortgage? HENRY.

There are, of course, many different reasons someone might apply for a jumbo mortgage loan. It is nevertheless not the easiest loan to secure or the first option most homebuyers are likely to consider. You should always explore all of your options before committing to a specific mortgage or any other sort of loan, but this is particularly important when it comes to jumbo loans.

Qualifying For A Jumbo Loan

A conventional jumbo loan usually requires a strong credit score, reliable income, substantial documented savings, and a low debt-to-income ratio.

If your current credit score is below 700, it will be very difficult to find a lender willing to approve such a substantial non-conforming loan amount. Be prepared to document your income from the past several years, especially if you’re self-employed or own your own business. You’ll also be asked to verify your liquid assets; if you’re for some reason unable to make a mortgage payment with your regular income, lenders want to know you have some back-up funding available. Finally, you’ll need to establish that you have a favorable debt-to-income ratio – your DTI. As the name suggests, your debt-to-income ratio is essentially the total amount you owe all creditors compared to your reliable income over a set period of time. For a jumbo mortgage, your DTI should be around 36% or lower, although some lenders will consider a DTI as high as 43% if other qualifications look strong.

Jumbo loans used to require down payments of 30% or more. In recent years, it’s become possible to secure a conventional jumbo loan with a down payment of as little as 10% or 15% of the total price. While this makes purchasing a more expensive property somewhat easier than a higher down payment would allow, it also means a much higher jumbo loan amount financed over time. That in turn means higher monthly payments and more interest paid over the life of the loan.

Who Are Fannie & Freddie?

Like anything involving mortgages, national economics, and the federal government, it’s easy to get lost in the details when discussing Fannie Mae and Freddie Mac. We’ll focus here on the parts which most impact the jumbo home loan marketplace.

“Fannie Mae” refers to the Federal National Mortgage Association, while “Freddie Mack” is the Federal Home Loan Mortgage Corporation. How similar or different they are depends on who you ask and what you’re needing from them. Both purchase qualifying mortgages from lending institutions in order to indirectly encourage home ownership. Banks and other lenders like the security of knowing they can pass along such large loans – thus reducing their risk and increasing their cash flow. This, in turn, makes them more likely to approve similar mortgages going forward and helps keep interest rates low due to the reduced risk involved.

Fannie and Freddie then repackage their mortgages in such a way that they become part of various investment packages used by hedge funds, pension plans, etc. They’ve been publicly-owned since 2008, meaning they’re run by the federal government as part of promoting the “general welfare” of all citizens. All profits go into the U.S. Treasury.

Why this matters to anyone considering a jumbo mortgage is that Fannie and Freddie only buy “conforming” mortgages – those which meet their own specific requirements. One of these is a limit on the total amount borrowed to purchase a home. The amount is adjusted each year, and allows for higher home prices in some places than others. Loans above this amount are “non-conforming,” meaning they’re ineligible for purchase by Fannie or Freddie. Non-conforming mortgages are a much higher risk for lending institutions, especially those which involve a very large amount to begin with – like jumbo loans. This means it’s more difficult to qualify for a jumbo mortgage loan and you’re likely to face more requirements and higher upfront fees.

Loanry® is here to help you get your Jumbo Loan


Why Loanry?

A jumbo loan can be an intimidating prospect. You may have questions or need time to think or discuss your options with trusted friends or loved ones. One of the many advantages of utilizing an online content mall like – or any of the sites in the family – is that our information and resources are available whenever you are, day or night, rain or shine, weekends or holidays. And if you reach out with questions or wish to be connected to a potential lender, we’ll do everything we can to surprise you with how quickly we respond.

Our online tools are operational around the clock as well. If you want to compare interest rates, check your credit score, or play with adjusting various elements of a home mortgage, do so at your convenience – watching your kid’s karate practice, standing in line at the grocery store, or visiting your local library. When you’re ready to request lender recommendations, submit your information at your leisure, when and where you choose. You don’t have to worry that you’ve forgotten a form or might need to look up a number when you’re in your own home office or sitting in your favorite recliner. Take your time. No one’s staring at your from across a desk wondering whether or not you measure up or late for their next appointment.

We’ll do our best to respond promptly, and most online lenders pride themselves on efficiency as well. It’s not unusual for money to show up in your account within a day or two once approved. Sure, some questions or situations may require a little longer, but rest assured you are always a priority – even when you’re handling most of your business at 3 a.m. in your cow pajamas.


Buying a home is one of the biggest decisions most of us will ever make. For many families, it’s their single largest investment and source of wealth. That makes every decision about the process a bit more daunting than when we’re buying a car, taking out a credit card, or even going back to school.

The number one goal of any home purchase should be finding the best fit for yourself and your loved ones. Whether you have a spouse, a grandmother, several kids and a live-in nanny or it’s just you and the dogs, homes are all about living safely, comfortably, and to the fullest.

That said, it’s always worth considering the underlying monetary value involved. That is, in fact, part of that quality of life you’re no doubt striving for in buying the home to begin with. Is the property worth what you’re being asked to pay for it? Are the terms of the loan clear and appropriate for your credit history and current income? And is there every reason to believe as you go forward with the process that this loan and subsequent repayment will put you in a better position than you are in now in terms of both your credit score and your net worth?

These can be complicated questions, and you may not have all of the answers. That’s OK. But don’t lose sight of the impact any mortgage has on your finances and credit right now and down the road. Owning your own home and making those payments on time regularly puts you in a stronger position to secure future loans on better terms, meaning it’s easier and costs you less when you need to buy a car, pay for a wedding, or finance an education. It’s not all about money, but it is at least partly about the things that money lets you do.


One of our goals here in the family is to connect you with reputable online lenders and to simplify your efforts to find solutions to your financial needs. More than that, however, we hope to provide a setting in which you feel prepared to more effectively explore your options and make those decisions.

That’s why we want to be more than a collection of websites or forms. Our family of connected sites forms what we think of as a “content mall” – a library of financial knowledge and online tools. With, we simplifying real estate values and help you make more informed decisions about your property. At, we compare helpful debt to the unpleasant variety and look at ways to turn the bad kind into something better. is all about understanding your personal and small business taxes and maximizing your ability to navigate the ever-changing requirements of each. and can help you solve your short or long-term financing needs, but they’re also packed with information about how credit works, how to understand your credit scores and credit reports, and how to prepare yourself for better credit options in the future.

We have thousands of informational blogs organized by topic and freely accessible from any internet-connected device you choose. Our video library is growing almost as rapidly if you find that format more accessible. You can follow us on any of the major social media platforms to stay up-to-date and be part of the family yourself. When you’re ready, a single ID and password will help us best keep track of your goals and basic information as you navigate our online “content mall.”


Did You Hear?

“Some people look for a beautiful place. Others make a place beautiful.”

Hazrat Inayat Khan (Sufi Philosopher and Musician)

Educate Yourself

Learning Large: The Ins & Outs of Jumbo Loans

What is this unusual loan with the funny name? Who needs one and how do I know if that includes me? We can help you break down the basics of jumbo loans, what you’ll need to qualify, and possible pitfalls along the way. Whether you’re trying to understand debt-to-income ratios or figure out what documentation to bring, don’t worry – we’ve got you covered.

The most important question to ask of any mortgage is whether or not it’s the right fit for you – your wants and needs, and your circumstances. Just because you can get approved for something doesn’t mean it’s the best choice for you. Your budget matters, as do your short and long-term goals. More than any other sort of loan, a mortgage is a long-term commitment and the stakes are high.

On the other hand, there’s nothing quite so personal as your home, and very little that makes us feel quite so proud or accomplished. Once you’ve weighed your options and confronted your fears, don’t forget to celebrate your success. Welcome to your new home. Let’s make the most of it.

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We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


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Pros & Cons of Jumbo Mortgages

You've found the perfect home. It's expensive, but a great deal for what you'd get. Is it time to make the leap with a Jumbo Mortgage?

Pros: Purchase More Expensive Homes

If the home you wish to buy falls outside the price range set by the FHFA in order to qualify as a “conforming” loan, you’d be unable to finance it without the availability of a jumbo home loan. High-end homes would only be available to buyers able to pay cash.

Pros: One Home, One Loan

Prior to the creation of the jumbo home mortgage, buyers whose homes cost more than the amount allowed by FHFA sometimes took out two separate conventional mortgages for half of the amount each. This meant two mortgage payments to keep up with for the life of the loan.

Pros: Terms Unique to Each Borrower

Because these are “non-conforming” loans, the specifics of terms and rates are entirely between lender and borrower. While there are certainly industry norms for jumbo mortgages, there are fewer rules governing them. Consequently, you may be able to negotiate unique loan structures for your specific circumstances

Cons: Difficult to Qualify

Most lenders will expect a very strong credit score (700 or above) and extensive documentation of your income, outstanding debts, and employment history. Most will expect proof of enough cash reserves to make several months of payments should your income or other circumstances change.

Cons: Upfront Fees & Closing Costs

Because the loan amount is higher, closing costs tend to be higher as well. Larger down payments are often expected, and there may be additional fees intended to offset the higher risk of such a large loan.

Cons: Higher Interest Rates (Or Not?)

Traditionally, jumbo loans have carried higher interest rates than conventional mortgages. The difference between rates has been shrinking in recent years, however, and some borrowers with exceptional credit are actually securing lower rates than they could with a “conforming” loan.

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Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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