Jumbo Loans
Jumbo mortgages for higher-priced homes
When the loan is larger than the conforming limit set each year by the FHFA, it is a jumbo. In Brooklyn brownstone neighborhoods, Manhattan, Bergen County and South Florida, many purchases land here.
Key facts
- Available in
- New York, New Jersey, Florida, Pennsylvania
- Loan size
- Above the annual conforming limit for Kings County
- Down payment
- Typically 10-20%+
- Reserves
- Usually 6-12+ months of payments
- Options
- Fixed, ARM and interest-only
Who it's for
- Brownstone and townhouse buyers
- Luxury condo buyers
- High-income professionals
- Buyers who need interest-only or ARM flexibility
Jumbo guidelines vary far more from lender to lender than agency loans do, which is exactly where a broker earns its keep. Reserve requirements, maximum loan size and treatment of RSUs or bonus income all differ.
In New York, purchases of $1 million or more also carry the mansion tax, paid by the buyer. We include it in your cash-to-close estimate from day one.
Popular in Brooklyn
Brighton Beach, Manhattan Beach, Midwood, Mill Basin & Bergen Beach, Bay Ridge, Dyker Heights, Borough Park, Flatbush & Ditmas Park
Questions
How much down do I need for a jumbo?
Many programs start at 10-20% down depending on loan size and credit.
Are jumbo rates higher?
Not always. Jumbo pricing sometimes matches or beats conforming pricing for strong borrowers.
Can a jumbo be a CEMA?
Yes. Large loans are where Purchase CEMA savings are biggest.
Questions about Jumbo Loans?
A licensed loan officer will walk you through the numbers, usually the same day.