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Jumbo loans.
For loan amounts above the conforming limit in your county. Different guidelines, different documentation, same officer.
Above the conforming limit
What makes a loan jumbo
Fannie Mae and Freddie Mac will only buy loans up to a maximum amount, set annually and varying by county. Above that line, the loan cannot be sold to them, so it is written to a private investor’s guidelines instead. That is a jumbo loan.
The line moves. A loan that was jumbo two years ago may be conforming today in the same county. Worth asking rather than assuming.
What is different in practice
- Stricter credit and cash reserve requirements. Investors typically want to see that you have funds left over after closing
- More documentation, particularly around the source of your funds
- Often two appraisals rather than one
- Guidelines that vary meaningfully between investors, which is where having a shelf of partners matters
Self-employed and buying at this level? A bank statement loan often qualifies you for more than a jumbo file built on tax returns will.
Find out what you qualify for.
A licensed loan officer reviews what you send and tells you where you stand, in writing. No cost, and no obligation to go further.