What Do You Need to Qualify for a Jumbo Loan?
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A jumbo loan is any mortgage above your county's conforming limit, which starts at $832,750 for a one-unit home in most of the country in 2026. Most jumbo lenders look for at least 10% down, a credit score around 700 or higher, a debt-to-income ratio of 43% or less, and savings you still have after closing. Each lender sets its own rules, so the exact numbers vary.
Last updated November 8, 2026How much do you need to put down?
Most lenders ask for at least 10% down on a jumbo loan, and some ask for as much as 30%. Putting down 20% or more usually avoids private mortgage insurance. With less than 20% down, a lender may require it or may handle the loan another way, so ask each lender how it treats a smaller down payment. A second home or an investment property usually takes a bigger down payment than the home you live in.
What credit score and debt-to-income ratio do lenders want?
Many jumbo lenders look for a credit score of 700 or higher, and some ask for 720 or better. Others accept scores from 660 to 680, depending on the rest of your application.
Your debt-to-income ratio is your monthly debt payments, including the new mortgage, divided by your gross monthly income. The usual jumbo limit is 43%. Some lenders go to 45% or 50% depending on the loan, and a ratio under 36% can earn you better terms.
How much savings do you need after closing?
Lenders call this cash reserves: money left over once the down payment and closing costs are paid. They count it in months of your full housing payment, meaning principal, interest, taxes and insurance. For a jumbo loan, a lender can ask for as much as 12 months. Some lenders count part of a vested 401(k) toward it. Second homes and investment properties usually need more.
On a high-priced home, the lender may also order two appraisals, because there are fewer similar sales nearby to compare it with.
Jumbo or conforming: which one fits?
It comes down to how much you borrow, not what the home costs. Take a $950,000 home in a county where the 2026 limit is $832,750. With 10% down, the loan is $855,000, which is over the limit, so it's a jumbo loan. With 20% down, the loan is $760,000, which is under the limit, so it can be a conforming loan.
It depends on your situation:
- Your loan is above your county's limit: a jumbo loan is the usual route.
- Your loan is just over the limit: a larger down payment may bring it under, as long as you still have the reserves the lender wants.
- You're buying in a high-cost county: your conforming limit is higher than $832,750. For one unit it goes as high as $1,249,125 in most of the country. Every county in Alaska, Guam and the U.S. Virgin Islands is set at $1,249,125, and Hawaii's counties run from $1,249,125 to $1,299,500. Look up your county on FHFA's list, and see how FHA and conforming loan limits work before you assume you need a jumbo.
- You're comparing rates: each lender prices jumbo loans on its own, so compare a jumbo quote with a conforming quote from the same day. Our 30-year fixed jumbo rates page shows the current as-low-as rate.
| Jumbo loan | Any loan above your county's conforming limit |
|---|---|
| 2026 conforming limit, one unit | $832,750 in most areas; up to $1,249,125 in high-cost areas. Alaska, Guam and the U.S. Virgin Islands: $1,249,125; Hawaii: $1,249,125 to $1,299,500 |
| Down payment | Commonly at least 10%; some lenders ask for up to 30% |
| Mortgage insurance | Depends on the lender; some require it with less than 20% down |
| Credit score | Commonly 700 or higher; some lenders accept 660 to 680 |
| Debt-to-income ratio | Commonly 43% or less; some lenders go to 45% or 50% |
| Cash reserves | Up to 12 months of housing payments, depending on the lender |
| Appraisal | Some lenders order two on a high-priced home |
Related questions
Sources
- https://www.fhfa.gov/news/news-release/fhfa-announces-conforming-loan-limit-values-for-2026
- https://www.fhfa.gov/document/fullcountyloanlimitlist2026_hera-based_final_flat.csv
- https://www.consumerfinance.gov/ask-cfpb/what-is-a-jumbo-loan-en-116/
- https://www.experian.com/blogs/ask-experian/what-is-a-jumbo-loan/
- https://www.newamericanfunding.com/loan-types/jumbo-loan/requirements-for-jumbo-loans/
- https://www.sofi.com/learn/content/jumbo-loan-requirements/
- https://www.lower.com/mortgages/jumbo-loan/how-to-qualify-for-a-jumbo-loan
- https://www.chase.com/personal/mortgage/jumbo-mortgage
Sourced from licensed loan officers and brokers in the FreeRateUpdate network.
Educational information only, not individualized financial or legal advice. Program details and rates change; verify current terms with a licensed loan officer before making a decision.