Jumbo Loans

Jumbo loans are mortgages higher than the conforming loan amount of $417,000. Jumbo loans are generally higher in interest rate than conventional loans and also require larger down payment for a purchase or more equity for a refinance.  The minimum down payment is usually at least 10% on these loans due to the higher risk, limited mortgage insurance availability, and lenders of these products like to see higher credit scores and a more reserves in the borrowers' asset accounts.