Jumbo Loans: When a Regular Mortgage Isn’t Enough
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.
What is a jumbo loan?
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan in 2024 is $766,550 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie Mae and Freddie Mac, meaning the lender is not protected from losses if a borrower defaults. Since they can't be resold, jumbo loans generally remain on the lenders' own books, making them a type of portfolio loan.
Mortgage loans from our partners
on New American Funding
on New American Funding
Mortgage loans from our partners
on New American Funding
on New American Funding