--- title: What Is A Jumbo Loan and Is It Right For Me? description: A Jumbo loan has a principal loan amount that is bigger than conforming loan limits. For 2018, the maximum conventional loan amount is $453,100 (ranging up to $679,650 in high-cost areas) for a single-family home. image: https://info.carringtonmortgage.com/hubfs/Jumbo%20Loan%20Article%20(3).jpg --- [Skip to content](https://info.carringtonmortgage.com/knowledge-base/what-is-a-jumbo-loan-and-is-it-right-for-me#main-content) ![bell icon](https://info.carringtonmortgage.com/hubfs/raw_assets/public/Templates/2022/svg/Alert-Notifications-Icon.svg) [![Carrington Mortgage Services](https://info.carringtonmortgage.com/hs-fs/hubfs/carrington_logo_final_2col_rgb.png?width=250&height=57&name=carrington_logo_final_2col_rgb.png)](https://www.carringtonmortgage.com) - [About Us](https://www.carringtonmortgage.com/our-mission) - [Careers](https://www.carringtonhc.com/careers) - [Investors](https://www.carringtonhc.com/investors) - [Contact Us](https://www.carringtonmortgage.com/contact-us) [Recent Transfer](https://www.carringtonmortgage.com/new-customers) [Customer Login](https://www.carringtonmortgage.com/login) MAKE HOME WORK Manage My Home arrow-down-anticon/submenu Manage My Mortgage arrow-down-anticon/submenu Learning Center MAKE HOME WORK Manage My Home arrow-down-anticon/submenu - I Am Ready to Start - [Buy a Home](https://www.carringtonmortgage.com/home-loans/buy-a-home/check-existing-customer) - [Refinance My Home](https://www.carringtonmortgage.com/home-loans/refinance-a-home/refinance-step) - What Loan Is Right For Me? 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For 2018, the maximum conventional loan amount is $453,100 (ranging up to $679,650 in high-cost areas) for a single-family home. **Is a Jumbo Loan Right For Me?** If you need to borrow more than the above-stated conforming loan limits, then yes, a Jumbo loan is the way to go for you. - 30 year & 15 year loans - Low fixed rates - ARM loan options available - ≥680 credit scores OK - Finance up to 85% loan-to-value - Maximum loan amount of $2,500,000 for primary and secondary homes, $1,000,000 for investment properties **Things You Should Know About a Jumbo Loan:** The requirements for Jumbo loans offered by most financial institutions are similar to those for conventional loans. However, as you might suspect, some qualifications to get a bigger loan can be more robust. - For more expensive properties, lenders may require two separate appraisals - Minimum down payment of 20% typically required - Lender may require 6-to-12-months of financial reserve beyond the down payment to ensure the borrower can cover the mortgage payments - Most Jumbos do not require private mortgage insurance - More paperwork and documentation may be required to demonstrate financial capacity - Because of larger amount borrowed, closing costs may be higher than with conventional loans A Jumbo mortgage loan with a sound financial institution may be a good way for you to finance your home, especially if it is in the $450,000+ range, depending on the area. Carefully consider the financial commitment that you can afford for any home purchase, but especially for those on the higher end of the spectrum. ## Related Articles [![Jumbo Loan Article (2)](https://info.carringtonmortgage.com/hubfs/Jumbo%20Loan%20Article%20(2).jpg)](https://info.carringtonmortgage.com/knowledge-base/cash-out-refinance-when-does-it-make-sense) ### [Cash-Out Refinance: When Does It Make Sense?](https://info.carringtonmortgage.com/knowledge-base/cash-out-refinance-when-does-it-make-sense) A cash-out refinance allows you to access the equity in your home for extra cash if you have considerable equity in the home. For example, if your home is worth $250,000... ![Jill](https://app.hubspot.com/settings/avatar/d41d8cd98f00b204e9800998ecf8427e) [Jill](https://info.carringtonmortgage.com/knowledge-base/author/jill) [Read More](https://info.carringtonmortgage.com/knowledge-base/cash-out-refinance-when-does-it-make-sense) [![Student Loan Debt Article](https://info.carringtonmortgage.com/hubfs/Student%20Loan%20Debt%20Article.jpg)](https://info.carringtonmortgage.com/knowledge-base/student-loan-debt-can-you-still-afford-a-home) [Home Loans](https://info.carringtonmortgage.com/knowledge-base/tag/home-loans) [Mortgage Payment](https://info.carringtonmortgage.com/knowledge-base/tag/mortgage-payment) [Homeowner](https://info.carringtonmortgage.com/knowledge-base/tag/homeowner) ### [Student Loan Debt: Can You Still Afford a Home?](https://info.carringtonmortgage.com/knowledge-base/student-loan-debt-can-you-still-afford-a-home) While it is true that student loan debt impacts many parts of your life, it does not entirely impact your choice to obtain a mortgage. 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