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Jumbo loan

More borrowing power, more benefits

A jumbo mortgage can help you get the financing you need in today's market. Plus, Wells Fargo customers may qualify for special relationship benefits.

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What is a jumbo loan?

Jumbo loan basics

  • A jumbo mortgage has a loan amount higher than the conforming loan limit set by the Federal Housing Finance Agency (FHFA). That means it can't be sold to Fannie Mae or Freddie Mac, which makes it riskier for the lender.
  • Because of the added risk, jumbo loans usually have higher qualification standards for borrowers.
  • Jumbo loan amounts are available with a variety of fixed-rate and adjustable-rate mortgage terms.

Jumbo loan benefits

  • You can use a jumbo loan to finance a primary home, second home, or investment property.
  • A larger loan amount can help if you're buying in a high-cost area or need to refinance a mortgage with a high balance.
  • You can lower your monthly mortgage payments on a new jumbo loan without refinancing, with a recast loan. We’ll recalculate your monthly principal-and-interest payments — using the reduced principal balance and your then-current interest rate — over the remaining mortgage term. You will have a lower monthly mortgage payment but may pay more interest over the full mortgage term than by making a principal reduction without using the recast option. Certain timing and other requirements must be met which will be explained to you at the time a recast request is made. Consult with a home mortgage consultant for more details.
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Already a Wells Fargo customer?

You may qualify for a closing cost credit or interest rate discount based on eligible new and existing assets with Wells Fargo.

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Other mortgage loan types to consider

Fixed-rate mortgage

Predictable payments for the life of your loan

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Adjustable-rate mortgage

Lower introductory rate, which changes periodically in the future

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FHA loan

Flexible credit and income guidelines with down payments as low as 3.5%

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VA loan

Financing for service members through the Department of Veterans Affairs

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Talk with a home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to discuss eligibility.
FHA loans have the benefit of a low down payment, but consider all costs involved, including up-front and long-term mortgage insurance and all fees. Ask your home mortgage consultant to help you compare the overall costs of all your home financing options.

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Jumbo loans FAQs

Compared to conventional mortgages, jumbo loans may take slightly longer. Jumbo loans often take around 30 to 45 days, while conventional loans can often close in about 25 to 30 days, depending on the lender and borrower qualifications.
Jumbo home loans are not backed by government-sponsored enterprises like Freddie Mac or Fannie Mae, so they usually don't require PMI. However, some lenders may require PMI if your down payment is low.

Getting a jumbo loan often means meeting stricter requirements. For example, you may need:

  • A down payment of at least 20%, potentially more for bigger loans.
  • A credit score of 720 or higher
  • A debt-to-income ratio of 43% or lower
  • Cash reserves to cover at least 12 months of mortgage payments.

The specific requirements vary by lender.

You can with a recast loan. With a recast loan, we recalculate your monthly principal-and-interest payments — using the reduced principal balance and your then-current interest rate — over the remaining mortgage term. This gives you a lower monthly mortgage payment, but you may pay more interest over the full mortgage term than by making a principal reduction without using the recast option.

Certain timing and other requirements must be met, which a mortgage consultant can explain to you at the time a recast request is made. Contact a home mortgage consultant for more details.

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If you extend your loan term, you may pay more interest over the life of your loan.

If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.

Not eligible with FHA and VA loans. Additional limitations may apply.
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Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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