what are considered jumbo loans 
a loan is considered jumbo if the amount of the mortgage exceeds loan servicing limits set by fannie mae and freddie mac currently 766 550 in 2024 for a single family home in all states except hawaii alaska and a few federally designated high cost markets where the limit is 1 149 825 2the bottom linea jumbo loan also known as a jumbo mortgage is a type of financing that exceeds the limits set by the fhfa and cannot be purchased guaranteed or securitized by fannie mae or freddie mac homeowners applying for a jumbo loan must undergo more rigorous credit requirements than those applying for a conventional loan approval requires an excellent credit score and a very low dti ratio the average apr for a jumbo mortgage is often on par with conventional mortgages while down payments are approximately 10 to 15 of the total purchase price 