Jumbo Home Loan

Are you looking for a home loan that will cover a larger than usual mortgage? Maybe you’re finally buying your dream home, or perhaps you’re home shopping in an extremely expensive neighborhood. Whatever the reason, a jumbo loan is what you need to get your hands on the funds to close the deal.

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What is a Jumbo Loan?

Jumbo loans are designed to help homebuyers seeking mortgages that exceed the conforming loan limit set by the Federal Housing Finance Agency (FHFA) for loans which can be purchased by Fannie Mae and Freddie Mac. Jumbo loans are also called “nonconforming loans.”

The baseline conforming loan limit for 2021 was set at $548,250, a nearly $40,000 increase from  2020. Conforming loan limits are set higher in areas where the median house cost exceeds the baseline. This means borrowers in high-cost areas can get conforming loans based on the loan limits in their county, with a maximum limit of $822,375.

A jumbo loan can help you get financing for a $1 million or even a $2 million home. However, you’ll need to be ready to provide a lot of information with your loan application, and be prepared for a very thorough underwriting process.

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TermConforming 30 year fixed
Rate5.875%
APR6.078%

98004 | $800,000 | Credit Score 800+ | 25 Down

TermConforming 15 year fixed
Rate4.875%
APR5.269%

98004 | $800,000 | Credit Score 800+ | 25 Down

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Qualifying for Jumbo Loans

It’s harder to qualify for a jumbo mortgage loan because the requirements are much more stringent than for conforming loans.

Credit Score

Your credit score will typically need to be over 700 to get approved for a jumbo loan. The higher your FICO score, the better your chance of approval. Jumbo mortgages require the lender to have absolute confidence in your ability to repay the loan, and a good credit rating is a sign that you handle your finances well.

Down Payment

How much you can put down will definitely affect your jumbo loan options. While no-or low-down payment jumbo loans are available through the VA home loan program, you’ll need good credit to qualify. For all other jumbo mortgages, you can count on a big down payment being a factor in getting your application approved.

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Debt to Income Ratio (DTI)

Lenders will also scrutinize your debt to income ratio to see if you can handle the hefty monthly payments that are part of a jumbo loan. However, if you have a high enough credit score, down payment, and income, you may be able to get some wiggle room on your DTI ratio.

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When Does a Jumbo Loan Make Sense?

A jumbo home loan makes sense in a few key scenarios, especially when your home comes with a hefty price tag:

  • You’re Buying in a High-Cost Area: If you’re shopping in cities like San Francisco, Seattle, or Bellevue, where even modest homes can often exceed conforming loan limits, a jumbo loan may be your only option to finance the purchase.
  • You’re Buying a Luxury or High-Value Property: Jumbo loans are designed for homes priced above $806,500 in most counties (and up to $1,209,750 in high-cost areas). If you’re looking at a high-value property, jumbo financing can help bridge the financial gap.
  • You Have a Strong Financial Profile: Jumbo loans require very good credit, low debt-to-income ratios, and significant cash reserves. If you meet these requirements, you may be able to qualify for better rates and terms.
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Working With Sammamish Mortgage

At Sammamish Mortgage, all of our Loan Officers (LOs) are salaried. This means they always put the client first, making sure you get the best loan for your budget, not the biggest one to earn a commission.

We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We’re proud to say we close most of our loans in 30 days or less. We offer a wide variety of home loans, including jumbo loans, so you can start looking for a home as soon as possible.

For more information on your jumbo loan options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho and Colorado. Our friendly team of experienced mortgage professionals will advise you on which loan program best meets your needs.

Are you ready to apply for a jumbo mortgage and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!

FAQs

What’s the 2025 conforming loan limit?

That depends on the location. For instance, the conforming loan limit in most counties in Washington State is $806,500, but in high-cost areas like Seattle, it can go up to $1,037,300.

Do jumbo loans require a larger down payment?

Yes, typically a down payment of at least 20% or more is recommended, though some lenders offer jumbo loans with lower upfront costs, depending on the loan amount and borrower qualification.

Are jumbo loans fixed or adjustable rate?

Jumbo loans are available in both fixed-rate and adjustable-rate options, depending on your financial goals and lender offers.

Are jumbo loans harder to qualify for?

Yes, they tend to have stricter underwriting, and require strong income and low debt-to-income ratios.

Can I use a jumbo loan for an investment property?

Yes, but you’ll need to provide full documentation and a large down payment.

Can I do a cash-out refinance with a jumbo loan?

Yes, you may be able to cash out up to 80% to 90% of your home’s value, depending on the lender.

Are jumbo loan interest rates higher?

Often yes, rates may be slightly higher than conforming loans due to increased lender risk.

States we lend in

Our loan officers are ready and waiting to help you apply for your home loan.

Washington Washington Oregon Oregon

Getting a Jumbo Loan in WA, OR, CA, ID or CO

Now is a great time for looking into getting a jumbo loan in the neighborhood of your dreams. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.

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