Jumbo Loan Mortgages - Summit Mortgage

Sometimes, the home you want exceeds the financial limits of a conventional loan. As of 2025, the Federal Housing Finance Agency (FHFA) has set one-unit loan limits at $806,500 in most areas of the US. In some areas of the US, the limits are higher based on property values. That means anything beyond that limit requires a jumbo loan. It’s worth noting that loan limits typically adjust annually, so you’ll want to work with a Summit Mortgage loan officer to explore the current standard.

Pros:

Allows financing for homes that exceed local conventional loan limits
Eliminates the need for a large upfront payment to reduce the balance below conventional loan limits

Cons:

Reserve funds will have to be verified
You’ll need a higher credit score than non-jumbo loan programs require

Best for:

People buying a home above the local conventional loan limit
People who want to maintain flexibility with their assets

What are your jumbo loan mortgage options?

Summit Mortgage has multiple jumbo loan programs to consider based on your needs and financing goals.

Jumbo loan program details

Loans up to $4 million (higher on a case-by-case basis)
Purchase or refinance terms (rate term and cash out available)
Loan terms from 10–30 years
Available on primary, second, or investment properties
Fixed and adjustable rates
Financing up to 85% loan to value
Single-family properties only

Terms for jumbo loans

Jumbo loans require a minimum credit score of 680 (depending on loan-to-value) and a maximum debt-to-income ratio of 43%.

Jumbo Home Loan

Loans up to $4 million, fixed and adjustable rates, 10–30 year terms.

85%

Loan to value financing
680

Min. credit score
43%

Debt-to-income ratio

Check Rate

Am I eligible for a jumbo loan?

Use these resources to calculate numbers and check your credit status. Then, connect wit a Summit Mortgage loan officer.

Is a jumbo loan right for my financial situation?

A jumbo loan isn’t right for every homebuyer. Start by asking if you can afford the 15–20% down payment required for a jumbo loan. That money can come from selling your current home, having equity available for a down payment, or having cash assets for the down payment. You will also need reserves after closing (those can be liquid assets/savings or investments).

Looking for an expert opinion? A Summit Mortgage loan officer can help you determine if today is the right time for a home improvement loan.

Schedule a free consultation

A local Summit Mortgage loan officer has the expertise to guide your decision-making process, answer questions, and get you approved with the best jumbo loan program for your unique situation. Find a loan officer who’s right for you.

Calculate your potential savings

Use our mortgage calculator to estimate your monthly payment by adjusting factors like purchase price, down payment, interest rate, and term. Then, connect with a loan officer to explore mortgage and refinance options that fit your budget.

How do I apply for a jumbo loan?

Applying for a jumbo loan or determining if this type of loan is right for you is simple! Use our Quick Start Form to connect with a Summit Mortgage loan officer who can help guide you through the process.

Curious about what comes next? View our step-by-step application checklist to learn about the process and take your first step toward homeownership.

Get Started

Common jumbo loan questions

Are jumbo loan rates higher?

It depends. Jumbo loans offer a competitive rate if the homebuyer meets the traditional requirements for qualifying, including income, assets, credit, etc. If the homebuyer wants to qualify without meeting those requirements, they may be placed into a non-qualifying mortgage. These programs allow more flexibility for qualifying but come with higher interest rates.
What is the limit on a jumbo loan?

In 2025, this limit will be $806,500 in most counties. Look up specific areas here.
Do jumbo loans require Private Mortgage Insurance (PMI)?

Not usually. Jumbo loans typically do not require Private Mortgage Insurance (PMI) because they usually mandate a 20% down payment. PMI, which protects lenders on conventional loans with lower down payments, isn’t needed when borrowers have substantial equity upfront.
Is a jumbo loan considered a conventional loan?

Yes. A jumbo loan is a conventional loan in most cases. However, it is called non-conforming, meaning it doesn’t conform to the same limitations of a conforming or standard conventional loan.

Some jumbo loans are not conventional; those are non-qualified mortgage programs.
Do jumbo loans have lower interest rates?

It depends. Many factors, including down payment amount, loan to value, credit rating, debt to income, etc., determine interest rates. Standard jumbo rates are very competitive with non-jumbo loan rates.
Do jumbo loans come in both adjustable and fixed rates?

Yes. Most jumbo programs have fixed- and adjustable-rate options. Some even have interest-only options.
Do jumbo loans have a temporary interest rate “buy-down” option?

Yes. Many jumbo loan programs have buy-down options.
Does the jumbo program have a penalty for paying off the loan early?

It could. It depends on the type of jumbo loan program. Each investor has different requirements and stipulations for their loans. It is essential to discuss any concerns you have with a Summit Mortgage loan officer. They will look into the loan programs available and determine which is the best first for you. The loan officer will also review any fees associated with the loan during servicing.
Are jumbo loan mortgages good for investment properties or construction funding?

Perhaps. There are a wide variety of jumbo loan options. Some allow for investment property purchases. Some may even offer one-time closing/construction loan funding.

Is a jumbo loan right for you?

A jumbo loan might be the right option if you purchase a home in a higher price range and need financing beyond conventional loan limits.

Schedule a free consultation with our mortgage experts

Summit Mortgage employs some of the most experienced loan officers in the country. Our in-depth knowledge of jumbo loans, combined with our commitment to understanding your goals, will ensure your homebuying experience is as smooth and rewarding as possible. Find a loan officer near you.

Next steps to find your home loan

Congratulations, you’re on your way to finding the loan that’s right for you. If you’re ready to get matched with a Summit Loan Officer to help you with the next steps, use our Quick Start Form.

If you’d like more information first, explore our online resources to learn about the key questions to ask your lender.

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