Send us a message

Contact us today

Main office

(303) 595-0110

What Loan Amount Is Considered A Jumbo Loan?


The Spire

Planning to buy property in a pricier neighborhood? If yes, you will likely need to borrow more than the conforming loan limits allow, and that’s where jumbo loans come in. 


Notably, jumbo loans do not have upper limits and aren’t backed by Fannie Mae and Freddie Mac. For this reason, lenders usually have stricter guidelines for borrowers receiving jumbo loans.

The Federal Housing Finance Agency (FHFA) sets conforming loan limits annually, which sets the baseline for jumbo loans. The current jumbo mortgage limit is $548,250 in most parts of the US and $822,375 in areas with a higher cost of living like Alaska, Hawaii, Guam, and the US Virgin Islands. It is important to note that these limits apply only to single-unit properties; there are higher conforming limits for multi-unit properties.


To qualify for a jumbo loan, a minimum credit score of 700 is a must, but depending on the lender, the minimum FICO score can be as high as 720. In addition, lenders look for a debt-to-income ratio not higher than 43%. Some mortgage lenders might be more flexible if you have plentiful cash reserves. 

The minimum down payments on jumbo loans are usually higher and vary from one lender to another. 

Jumbo loans could be the perfect option if you are planning to buy a more expensive home. While these mortgage loans exceed the limits for conforming loans, you can find them as long as the qualification criteria are met.

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.