Jumbo loans for purchases and refinances above conforming limits
A jumbo (non-conforming) mortgage finances a home for more than the conforming loan limit in your county. Buyers and refinancers use jumbo loans for higher-priced primary homes, second homes, and some investment properties. Expect stronger credit, larger down payments or equity, and more reserves than a typical conforming loan—exact overlays vary by lender.
NMLS #1660690 · Reviewed by UMortgage+
Key facts
Figures below are typical industry education ranges. Exact overlays, credit floors, CLTVs, and timelines change—confirm with a loan officer against current NEXA Lending guidelines and your scenario.
| When you need jumbo | Loan amount above the conforming limit for your county (see ). |
|---|---|
| Down payment / equity (typical) | Often higher than conforming—commonly 10–20%+ depending on occupancy and credit (confirm overlays). |
| Credit (typical) | Stronger scores usually required for best pricing; mid-tier scores may still qualify with more down/reserves. |
| Reserves | Often several months of PITI; larger loans need more. |
| Property types | Primary, second home, and some investment—guidelines differ. |
| Terms | Fixed and ARM options are common in the jumbo market. |
Who it's best for
- Buyers in higher-priced markets above conforming limits
- Move-up buyers needing a larger loan amount
- Refinancers with jumbo balances seeking rate/term or cash-out
Who should look elsewhere
- Purchases that fit under conforming or high-balance conforming limits
- Borrowers without the reserves or down payment jumbo overlays require
Pros and cons
Pros
- Finances homes above conforming caps
- Fixed and ARM structures available
- Can be paired with strong-credit pricing when markets are favorable
Cons
- Higher down payment / equity expectations
- More reserve requirements
- Appraisal and property standards can be stricter
- Pricing not always better than conforming
How it works in 4 steps
Discovery or apply
Share goals, credit picture, property, and timing. We check which product path fits.
Compare scenarios
See payment, cash to close or draw amount, and trade-offs before you choose.
Underwriting / automation
We clear conditions—or, on automated equity products, complete e-sign and verification steps.
Close & fund / draw
Sign documents, fund the loan, and (for HELOC) start using your line when available.
Illustrative payment on a $900,000 jumbo purchase
Assume $900,000 price, 20% down ($180,000), loan amount $720,000, 30-year fixed. At a sample note rate of 6.75% (placeholder only—not today's rate): P&I ≈ $4,670/month before taxes and insurance.
Same price with 15% down (loan $765,000) at the same sample 6.75%: P&I ≈ $4,962/month before taxes, insurance, and any mortgage insurance if required by the investor.
Not a rate quote, APR disclosure, or commitment to lend. Actual rates, caps, fees, and payments depend on credit, occupancy, property, index, margin, lock period, and market conditions. Ask a loan officer for a personalized Loan Estimate or HELOC/HELOAN disclosure.
Frequently asked questions
What counts as a jumbo loan in 2026?
A jumbo loan is generally any mortgage above the conforming loan limit set for the county (and unit count). Limits change annually. For your county, see . Amounts above that limit typically need jumbo (non-conforming) underwriting and pricing.
How much down payment do jumbo loans require?
Many jumbo programs look for larger down payments than conforming loans—commonly in the 10–20%+ range depending on occupancy, credit, and loan size. Exact minimums are lender overlays, not a single national rule.
How do jumbo rates compare with conforming loans?
Jumbo pricing moves with credit markets and investor appetite. Sometimes jumbo rates are close to conforming; sometimes they are higher. Always compare a live quote for your credit, LTV, and property type rather than assuming a spread.
What reserves do jumbo lenders want?
Jumbo underwriting often requires more cash reserves (months of PITI) than conforming loans, especially on larger balances or investment/second homes. Reserves can be a bigger hurdle than the rate itself.
Can I refinance a jumbo loan?
Yes—rate-and-term and cash-out jumbo refinances exist when equity, credit, and property guidelines are met. Break-even math still applies.
Jumbo vs. high-balance conforming—what's the difference?
Some high-cost counties have higher conforming ("high-balance") limits. Loans under that higher limit may still be conforming. True jumbo sits above the applicable conforming limit for that county.
Educational content only. Guidelines change. Confirm details with UMortgage+ powered by NEXA Lending, LLC, before you apply.
Price a jumbo scenario
a loan officer will check conforming vs. jumbo and reserve requirements. Call (480) 233-7897.