Jumbo
Jumbo loans finance homes above the conforming/agency loan limits — once your loan amount exceeds the FHFA cap for your county (and the High Balance cap above that), you're in Jumbo territory. We offer Jumbo as a direct PRMI product with full underwriting delegation, which means we approve and close in-house rather than shipping your file to a wholesale lender. Higher loan amounts, similar speed to a standard conforming purchase.
Key Benefits
- Loan amounts up to $3,000,000 (and higher case-by-case)
- Direct PRMI product with full underwriting delegation — no wholesale handoff
- Down payments as low as 10% on primary residence (qualifying scenarios)
- Primary residence, second home, and investment property — 1–4 units
- Purchase, rate-and-term refinance, and cash-out refinance all available
- Standard full-documentation underwriting via Fannie/Freddie AUS
- No mortgage insurance — Jumbo does not carry MI even below 20% down
Who It's For
Buyers and homeowners whose loan amount exceeds the conforming and High Balance limits in their county — typically high-balance markets (coastal metros, dense urban areas, expensive Texas neighborhoods) or anyone financing a higher-value home, second home, or investment property. Also borrowers with significant assets who want flexibility on loan amount or property type beyond what conventional caps allow.
When do you actually need a Jumbo loan?
First, check whether you're really above conforming. The FHFA conforming limit is $832,750 (2026 baseline) for a 1-unit property — and that limit goes higher in designated high-cost counties (some California counties up to $1,249,725). If your loan amount fits inside the High Balance ceiling for your county, you're still on a conforming/conventional loan — not Jumbo — and you'll typically get better pricing. Use the Conforming Loan Limit Lookup on our Conventional page to check your county before assuming you need Jumbo.
If your loan amount is above the High Balance limit for your county, Jumbo is the right path. Common scenarios: $1M+ purchases in any market, $1.5M+ second homes in vacation areas, large investment properties, and high-balance refinances pulling cash out for renovation or business capital.
How big can a Jumbo loan get?
We close PRMI Jumbo up to $3,000,000 on the most common scenarios, and higher amounts can be considered case-by-case for strong files (well-qualified borrowers with significant reserves and high credit scores). Loan size, down payment, FICO, and property type interact — bigger loans typically require either higher credit scores, lower LTVs, or both.
Typical structure: a $1M–$2M primary-residence purchase with 10–20% down and a 720+ FICO is the most common Jumbo file we close. Above $2M, expect FICO and LTV requirements to tighten. Above $3M, we look at the file individually.
Down payment — Jumbo is more flexible than you might think
Old reputation: Jumbo means 20% down minimum. That's no longer true. PRMI Jumbo allows down payments as low as 10% on a primary residence (qualifying borrowers — typically 720+ FICO, full documentation, and demonstrated reserves). Second homes and investment properties carry slightly higher down payment requirements but still meaningful flexibility compared to the old jumbo market.
Why does this matter? On a $1.2M purchase, 10% down vs 20% down is the difference between needing $120K vs $240K at closing. That's a real difference for high-income buyers who haven't yet built large liquid reserves — physicians, attorneys, business owners who've been reinvesting in their business.
Credit score requirements
Jumbo qualification starts at a 680 FICO on our most flexible tier — meaningfully more accessible than the old 720+ Jumbo floor that was standard a decade ago. Best Jumbo pricing kicks in around 740+; above 760 you're in the best-rate territory. Below 680, we'd look at alternative structures (larger down payment, lower LTV) or recommend credit-improvement steps before applying.
A quick note: Jumbo rate pricing is more credit-sensitive than conforming. A 760 FICO vs a 700 FICO on a Jumbo can mean a 0.25–0.50% rate difference — which on a $1.5M loan is real money over time. If your credit is borderline, we may suggest some quick wins (paying down credit utilization, disputing inaccurate items) before locking.
Property types and occupancy — what's eligible
- Primary residence — 1-4 units. The most common scenario; best LTV/pricing.
- Second home — 1-unit. Common in resort and vacation markets.
- Investment property — 1-4 units. Tighter LTV; expect 65–75% LTV max depending on units and program.
- Property types: SFR, PUD, warrantable condos, multi-unit (1-4). Some Jumbo programs accept non-warrantable condos at reduced LTV.
- Manufactured homes: case-by-case on Jumbo (more conservative than agency).
Cash-out refinance on Jumbo
Jumbo cash-out is available on owner-occupied, second home, and investment properties. LTVs run lower than rate-and-term — typically max 75–80% LTV on a 1-unit primary, less on multi-unit or investment. Cash-out is common for renovation funding, debt consolidation at mortgage rates, business capital injection, and buying out a co-owner in a divorce or estate scenario.
Texas note: Texas Section 50(a)(6) home-equity rules apply to cash-out on a Texas homestead, with specific disclosure and structural requirements that go beyond standard cash-out underwriting. We handle these regularly and walk you through what to expect.
Jumbo vs Non-QM Jumbo — when does each apply?
Full-documentation Jumbo (this page) is what you want when your income is documented the traditional way — W-2s, paystubs, tax returns. Self-employed income that shows on tax returns counts. The qualification process is similar to a conforming loan, just with higher loan amounts.
If your tax returns understate your real income — typical for self-employed business owners with significant write-offs — Non-QM Bank Statement loans may be a better fit (qualify on 12-24 months of bank deposits instead of returns). See our Non-QM page for that path. The two products solve different problems: Jumbo for high-balance loans with standard documentation; Non-QM for borrowers whose documentation doesn't fit the standard box.
Why direct underwriting matters on Jumbo
PRMI holds full underwriting delegation on Jumbo. Practically, that means we underwrite, approve, and close in-house — your file isn't shipped to a wholesale lender's queue, waiting in line behind their other broker files. Two real impacts: timeline (we close faster) and certainty (we make the credit decision, not a third party reviewing our work).
On a Jumbo purchase where a seller is choosing between offers, the ability to commit to a tight closing timeline matters. In-house underwriting and delegation is how we deliver that.
The Jumbo Process
- 1
Tell us your scenario
Loan amount, occupancy, down payment, property type. We confirm whether Jumbo is the right fit vs conforming High Balance (which can extend conventional pricing into low-Jumbo territory in high-cost counties).
- 2
Get pre-approved
Full underwriting upfront — credit, income, assets, AUS approval. A real Jumbo pre-approval is what sellers in higher-balance markets want to see.
- 3
Underwrite & appraise
Jumbo files require a more thorough appraisal review and typically tighter documentation than conforming — we handle this in-house so timelines stay tight.
- 4
Close
Standard purchase or refi closing. 30–45 days is normal; we close faster than the market average on Jumbo because we have full delegation.
Frequently Asked Questions
What loan amount makes a loan "Jumbo"?
Any loan amount above your county's conforming + High Balance ceiling. The 2026 conforming baseline is $832,750 for a 1-unit property, with high-cost counties going up to $1,249,725. If your loan is above that ceiling, it's Jumbo. Below it — even if it's above the baseline $832,750 — you may still qualify for High Balance conforming pricing, which is typically better than Jumbo. Always check your county before assuming.
How much down payment do I need on a Jumbo?
As low as 10% on a primary residence in qualifying scenarios (720+ FICO, full documentation, sufficient reserves). 15–20% is more common across the broader Jumbo market and gets you the best pricing tiers. Second homes typically require 20–25% down minimum; investment properties 25%+. The old assumption that Jumbo always requires 25–30% down is outdated.
What FICO score do I need for a Jumbo loan?
680 is the entry-level FICO on our most flexible Jumbo tier. Best pricing kicks in around 740+; above 760 you're in the best-rate bucket. Below 680, we'd look at alternative structures (larger down payment, lower LTV) or recommend credit-improvement steps before applying. Jumbo rate pricing is more credit-sensitive than conforming — a 60-point FICO gap can mean a meaningful rate difference, which compounds over the life of a large loan.
Do Jumbo loans require mortgage insurance?
No — Jumbo loans don't carry mortgage insurance, even below 20% down. This is a meaningful advantage vs conventional/conforming, where loans below 20% down require PMI until you reach 20% equity. On a $1.2M Jumbo with 10% down, you'd avoid roughly $300–500/month in mortgage insurance you'd otherwise pay on a high-LTV conventional loan.
Can I do a Jumbo on a second home or investment property?
Yes on both. Second home Jumbo is common in resort/vacation markets — typically 20%+ down, similar credit and documentation as primary. Investment property Jumbo carries tighter LTV limits (typically 65–75% max depending on units and program) and slightly higher rate pricing, but the option exists. We close investment Jumbos regularly.
How does cash-out work on a Jumbo refinance?
Owner-occupied Jumbo cash-out typically goes up to 75–80% LTV on a 1-unit, less on multi-unit. Cash-out on second home or investment property is more conservative — typically 60–70% LTV. Common uses: renovation, debt consolidation at mortgage rates, business capital, buying out a co-owner. Texas Section 50(a)(6) rules apply to cash-out on a Texas homestead and add specific structural requirements; we walk you through them when relevant.
What's the difference between Jumbo and a 'High Balance' conforming loan?
High Balance conforming is still a conventional/conforming loan — Fannie or Freddie — at amounts above the baseline $832,750 limit but below your county's high-cost ceiling. Pricing and underwriting follow conventional rules. Jumbo kicks in only when you're above the High Balance ceiling for your county. Practically: High Balance prices better than Jumbo when you qualify, so we check first.
How long does a Jumbo loan take to close?
Typical Jumbo timeline is 30–45 days. Because PRMI underwrites and approves in-house with full delegation, our Jumbo timelines tend to run faster than the market average — we're not shipping the file out to a wholesale lender and waiting in their queue. On a clean file with responsive documentation, sub-30-day Jumbo closings are achievable.
I'm self-employed. Will Jumbo work for me?
Depends on whether your tax returns reflect your real income. If they do — solid net business income on Schedule C or K-1s — Jumbo works fine. If your returns understate your real income because of significant write-offs (the typical self-employed scenario), our Non-QM Bank Statement program may be the better fit — qualify on 12-24 months of deposits instead of returns. We compare both for self-employed borrowers and pick whichever works better.
Can I include rental income from the property to qualify for an investment Jumbo?
Yes — on investment property Jumbos, projected rental income from the subject property (documented via lease or Form 1007 market-rent appraisal) can be used as qualifying income, subject to the standard 75% vacancy factor and program-specific rules. This is how investment Jumbo qualification typically works — it lets the property's own cash flow contribute to your qualifying picture.
Are there reserves requirements on Jumbo?
Yes — Jumbo files require demonstrated reserves (liquid assets you'd have left after closing). Typical requirement is 6–12 months of PITIA in reserves, depending on loan size and scenario. Larger loans and investment properties carry higher reserve requirements. Acceptable reserves include checking/savings, brokerage accounts, retirement accounts (often discounted to 70% of balance for vesting purposes), and some other liquid assets.
Does the property need a special appraisal for Jumbo?
Jumbo appraisals are typically more thorough than conforming — sometimes requiring a second appraisal review or a desk review on top of the primary appraisal, especially above certain loan amount thresholds. The appraiser also tends to be more conservative on Jumbo files. We coordinate this in-house so the appraisal phase doesn't stretch your timeline.
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