Jumbo Smart

A jumbo loan is a mortgage for amounts over conforming loan limits. If you’re buying or refinancing a home and need a loan amount that exceeds these limits, in most cases you’ll need a jumbo loan. 

Conforming loan limits are loan amounts that define what’s a jumbo loan and what isn’t. They’re set by the Federal Housing Finance Agency. In 2024, the conforming loan limit for most of the U.S. was $766,550. So if you bought or refinanced a house for more than that amount, you’d probably need a jumbo loan.

Conforming loan limits are higher in certain parts of the U.S. where home values are more expensive, like Alaska, Hawaii and California. You can see all the limits on this FHFA map.  

It’s hard to make comparisons because so many factors affect the rate you get. Looking at Rocket Mortgage rates on September 17, 2024, jumbo mortgage rates were lower than 30-year fixed conventional rates. But the best way to find out what your rate will be is to talk to us or apply.  

Because jumbo loan amounts are larger, generally you’ll need better credit, more income and lower debt compared to conventional loans.