A jumbo loan is a mortgage that exceeds specific dollar amounts set by the Federal Housing Finance Agency. What’s considered a jumbo mortgage depends on where the property is located. For most places in the U.S., a mortgage on a 1-unit property is considered a jumbo loan if it exceeds $417,000. However, in places like Hawaii and in certain high-cost counties, jumbo loans may have even higher limits. For example, in San Francisco county, a loan is only considered “jumbo” if it exceeds $625,500 (even though the median house price is much higher than that).
Most lenders offer both fixed-rate and variable-rate jumbo loans.
The main reason that jumbo loans even matter is because many lenders treat jumbo mortgages differently from non-jumbo loans (also called conforming loans). Compared to conforming loans, jumbo loans may have different:
All else being equal, this means that it may be harder to qualify for a jumbo loan from some lenders.
With SoFi, there’s no such thing as a “jumbo loan.” We offer the same great rates and experience no matter how much or how little you need to borrow. Our goal is to accelerate your success.