Jumbo mortgages are designed to fund luxury houses and homes in highly competitive local real estate markets. They have unique underwriting criteria and tax implications. Loans are made in amounts up to $10 million.
A jumbo loan exceeds Fannie Mae’s and Freddie Mac’s conforming lending restrictions. The maximum for most of the United States is $647,200 as of 2022, except for Alaska, Hawaii, Guam, and the United States Virgin Islands, where the cap is $970,800. Jumbo loans feature higher interest rates since lenders are taking on more risk.
Free Jumbo Loan Qualifier