Highlights:

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-Generally for loan amounts of $806,500+, although many go down to lower loan amounts.

-Maximum loan amount of $5,000,000.

-A higher credit score is required than what is needed for Conventional or government (FHA, VA, and USDA) loan programs.

-Additionally, there are more restrictive DTI and down-payment requirements.

-Jumbo loans can sometimes require two appraisals.

-Jumbo loans almost always have a “reserve” requirement, which is documentation that, after accounting for funds due at closing, the borrower will have a minimum threshold of liquid assets available.

-The interest rates are often higher than a Conventional loan, but can sometimes be lower.