Jumbo Loans

A jumbo loan is a mortgage for a loan amount above the conforming loan limit set for the county. Because it cannot be sold to Fannie Mae or Freddie Mac, each lender sets its own guidelines.

Justin Lazzaro, NMLS #1229453 | Reasy Financial, LLC, NMLS #2446155 | Licensed in Arizona, Pennsylvania, Florida, and Texas

Who a jumbo loan fits

Jumbo lending is where working with a broker matters most, because guidelines and pricing vary widely from one lender to the next.

Higher priced homes

Buyers and owners in markets where the loan amount needed is above the county's conforming limit.

Strong, well-documented files

Jumbo lenders generally look for higher credit scores, lower debt ratios, and cash reserves after closing.

Who it usually does not fit

If a larger down payment keeps your loan amount at or under the conforming limit, conventional financing is usually simpler and may cost less.

How qualifying works

1

We document the full picture

Income, assets, and reserves are documented in detail. Self-employed borrowers should expect a closer look at business returns.

2

We match you to a lender

Some jumbo lenders use automated findings and others underwrite by hand. I place the file where your profile fits the guidelines.

3

Appraisal and final approval

Larger loan amounts can require a second appraisal or an appraisal review before the lender issues final approval.

Conforming loan limits are set each year by the Federal Housing Finance Agency and are higher in designated high-cost counties.

How it compares to other loans

The main differences between these loans are the loan amount and how income is documented.

How jumbo loans compare to other loan types
Loan typeLoan amountOften a fit for
Jumbo loansAbove the conforming loan limitHigher priced homes with fully documented income
Conventional loansUp to the conforming loan limitBorrowers with established credit and documented income
Bank statement loansVaries by lender, including jumbo amountsSelf-employed borrowers whose tax returns understate income
Asset depletion loansVaries by lender, including jumbo amountsBorrowers with substantial assets and limited paycheck income

Three things to know before you apply

1

Reserves matter

Expect to show several months of housing payments in liquid or retirement accounts after closing, and more if you own other financed properties.

2

Guidelines are lender specific

One lender may allow what another will not on debt ratios, property types, or recent self-employment. The guideline matters as much as the price.

3

Loan limits change every year

A loan amount that is jumbo today may be conforming after the next limit increase, which can open up better options.

Guidelines change. I confirm current requirements with the lender before quoting anything.

Common questions about jumbo loans

Short answers to common questions. Program rules vary by lender, so treat these as general guidance, not a loan decision.

What counts as a jumbo loan?

Any loan amount above the conforming limit for the county where the property is located. The limit is higher in designated high-cost areas.

Do I need a large down payment?

Requirements vary by lender, loan amount, and credit profile. Jumbo loans generally require more down than conforming loans do.

Can I buy a second home or rental?

Yes, many jumbo lenders allow both, with tighter guidelines than they apply to a primary residence.

What if I am self-employed?

Full documentation jumbo loans use tax returns. If your returns understate your income, a bank statement or asset depletion loan may fit better.

Can I refinance with a jumbo loan?

Yes. Rate and term and cash-out refinances are available, with lender-specific limits on how much equity you can take out.

Where do you offer these loans?

I am licensed in Arizona, Pennsylvania, Florida, and Texas, and I compare jumbo guidelines and pricing across multiple wholesale lenders.

Ready to talk it through?

Pick a time that works for you. We'll go over your goals and next steps, no pressure, just a conversation. Prefer to call or text instead? Reach me directly at (412) 638-4982, or book a quick Zoom if that's easier.