Jumbo Loans
Bigger dreams need bigger loans. When the home you want exceeds conventional loan limits, a jumbo loan gives you the financing to match—with rates that may surprise you.
Who Is This Loan For?
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✅ Buyers purchasing homes above the conforming loan limit ($832,750 in most areas for 2024)
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✅ High-income professionals buying luxury or high-cost-area properties
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✅ Buyers in expensive markets in NJ, South FL, or metro PA where home prices exceed standard limits
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✅ Move-up buyers upgrading to a larger or premium home
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✅ Investors purchasing high-value properties (select programs)
What Is a Jumbo Loan? Loan?
Most mortgages follow limits set by Fannie Mae and Freddie Mac—these are called conforming loans. In 2026, the conforming limit is $832,750 in most U.S. counties (higher in designated high-cost areas).
When you need to borrow more than that limit, you need a jumbo loan.
Jumbo loans are not backed by Fannie Mae or Freddie Mac. Instead, lenders fund them directly, which means:
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Loan amounts from $832,750 to $3 million+ depending on the program
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Competitive interest rates — often comparable to or only slightly above conforming rates
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Flexible terms — 15-year, 30-year fixed, and ARM options
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Multiple property types — primary, second home, and investment
The trade-off? Jumbo loans typically require stronger credit, higher down payments, and more reserves than conforming loans. But if you've got the financial profile, the terms can be excellent.
At Team Malik, we work as both a direct lender and a broker, giving us access to multiple jumbo programs. That means more options and better pricing for you. Licensed in Florida, New Jersey, and Pennsylvania.
Jumbo Loan Requirements
Loan Amount
Starts above the conforming limit:
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Most counties: $832,751+
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High-cost areas (parts of NJ): May start higher
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Maximum: $2–3 million+ depending on program and qualifications
Credit Score
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700+ for most programs (some allow 680)
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Higher scores unlock better rates and terms
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Clean credit history with no recent major derogatory events
Down Payment
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10–20% is typical
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10% down available for strong borrowers (high credit, high income, significant reserves)
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20%+ avoids PMI and gets the best rates
Income & Employment
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Stable, verifiable income — W-2s, tax returns, pay stubs
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Typically 2 years of consistent employment in the same field
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Self-employed borrowers: 2 years of tax returns showing stable or increasing income
Cash Reserves
This is where jumbo loans differ most from conforming:
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6–12 months of mortgage payments in liquid reserves after closing
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Some programs require up to 18 months for larger loan amounts
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Reserves can include checking, savings, investments, retirement accounts
DTI Ratio
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Generally 43% or below
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Some programs allow up to 45% with strong compensating factors (high credit, large reserves)
Property Types
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Primary residences
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Second/vacation homes
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Investment properties (select programs)
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Single-family, condos, townhomes, 2–4 unit properties
Jumbo vs. Conforming Loans
The purple branding on jumbo gives it a premium, luxury feel — perfect for borrowers shopping for high-value properties 💎
The Jumbo Loan Process
Step 1 — Financial Review
We review your full financial picture: income, assets, credit, debts, and reserves. Jumbo underwriting is more detailed than conforming, so we want to make sure your file is rock-solid before submitting. Turnaround: 1–2 business days.
Step 2 — Pre-Approval
You'll receive a pre-approval letter showing sellers and agents you're qualified for the purchase price. In competitive luxury markets, a strong pre-approval makes a real difference.
Step 3 — Home Search
Find your property. Whether it's a waterfront home in South Florida, a luxury condo in northern NJ, or a historic estate in PA—we've got you covered.
Step 4 — Appraisal & Underwriting
Jumbo appraisals are thorough—sometimes two appraisals are required for higher loan amounts. Underwriting reviews every detail of your financial profile. Timeline: 3–4 weeks.
Step 5 — Closing
Final review, sign, close, and get the keys to your new home. Total timeline: 30–45 days.
Frequently Asked Questions
Are jumbo loan rates much higher than conventional?
Not necessarily. In today's market, jumbo rates are often very close to conforming rates—sometimes even lower for the strongest borrowers. We shop multiple programs to find you the best rate.
Can I get a jumbo loan with 10% down?
Yes, some programs allow 10% down for borrowers with excellent credit (720+) and significant reserves. You'll likely pay PMI until you reach 20% equity, but it can make sense if you want to preserve cash.
Do I need to be a W-2 employee?
No. Self-employed borrowers qualify with 2 years of tax returns. We also have bank statement jumbo programs for self-employed borrowers who show strong deposits but lower taxable income.
Can I use a jumbo loan for an investment property?
Yes, select programs allow jumbo financing for investment properties. Expect higher down payments (25–30%) and stricter reserve requirements.
What if I'm buying in a high-cost area?
Some counties have higher conforming limits (up to $1,149,825 in 2024). If your loan falls between the standard limit and the high-cost limit, you may qualify for a high-balance conforming loan instead of a true jumbo—often with better terms. We'll check your county.
Is there a maximum loan amount?
It depends on the program. Most of our jumbo programs go up to $2–3 million. For ultra-high amounts, specialized programs exist. Let's discuss your specific needs.
Explore Other Loan Options
FHA Loans → Low down payment and flexible credit. Great for first-time buyers.
DSCR Loans → Qualify on rental income. Built for investors.
Bank Statement Loans → Self-employed? Use your deposits to qualify.
Your Dream Home Shouldn't Be Limited by Loan Limits
Tell us what you're looking for and we'll find the jumbo program that fits. Multiple programs, competitive rates, and a team that knows how to close high-value loans.
Malik Shalmiyev · NMLS #1542149
Team Malik Mortgage · Rize Mortgage (Standard Mortgage Capital LLC, NMLS #1604663) Licensed in FL, NJ & PA