Buying a high-value home with a jumbo loan, step by step
Step 1: is your purchase jumbo?
In brief
Compare the loan amount you plan to borrow, not the purchase price, with the conforming loan limit for the county where the home sits. A larger down payment can bring a loan under the limit. Limits differ by county and by number of units and are reset each year by FHFA.
Last reviewed against the primary sources listed below.
Three quick checks
- Find the county on FHFA's conforming loan limit table.
- Subtract your planned down payment from the price.
- Compare the result with the limit for a one-unit home, or the right unit count.
If you are close to the line
A small change in down payment can move a loan from jumbo to conforming. Ask lenders to quote both ways on a Loan Estimate.
Buyer questions
Is the jumbo threshold based on the price or the loan?
On the loan amount. A high price with a large down payment can still be a conforming loan.