What we'll cover
How jumbo loan rates are determined
Requirements for jumbo loans
Jumbo loan limits across different states
Homes aren’t one-size-fits-all, and neither are mortgages. Just like families may need more space as they grow, a larger property may require a heftier mortgage than a smaller home with a lower price tag. A jumbo loan could make sense for you if you’re buying a costlier home and need to borrow more than the conforming loan limits allow.
Here’s what you need to know about the 2024 jumbo loan limits.
What are jumbo loans?
Essentially, a jumbo loan is a mortgage that exceeds baseline amounts set by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guidelines. Because jumbo loans do not have upper limits established by the agencies mentioned, it’s up to your lender to determine the ceiling amount for jumbo loan limits.
A jumbo mortgage can be used to finance primary homes, vacation homes and investment properties. Like a standard mortgage loan, jumbo loans can also be refinanced to adjust term length, lower the rate or (for primary residences) take out cash.
Read more: Jumbo, fixed or another type of loan? Learn which is right for you.
Minimum and maximum loan amounts
If you are wondering whether you’ll need a jumbo loan, you need to consider the limits set for conforming loans. The agency-set maximum limits for these loans provide a baseline for jumbo loans.
Most parts of the country have one maximum loan amount for conforming loans. In some high-cost areas, such as Washington D.C. and certain California counties, the threshold for the maximum conforming loan is higher.
For 2024, the Federal Housing Finance Agency (FHFA) raised the maximum conforming loan limit for a single-family property to $766,550 from $726,200 (in 2023). In certain high-cost areas, the ceiling for conforming mortgage limits is 150% of that limit, or $1,149,825 for 2024.
See our county-by-county chart below, which highlights all counties with 2024 conforming loan limits above the standard $766,550.
Keep in mind, the FHFA may increase conforming loan limits again for 2025. If you are planning on taking out a mortgage loan in 2025, check back here for updates on loan limits.
Why do conforming loans have limits?
The FHFA sets upper limits for conforming loans each year by county. Anything above those upper limits is considered a jumbo loan and is non-conforming, meaning it exceeds the size of a mortgage that government- sponsored enterprises Freddie Mac or Fannie Mae will buy or guarantee. Because jumbo loans cannot be sold to either of these enterprises, lenders take on more risk.
Jumbo loan requirements
Because a jumbo loan means you’re taking out a larger-than- typical mortgage, lenders impose stricter jumbo loan requirements on borrowers than they might for a traditional loan. They will examine several aspects of your financial health to assess whether you can afford a bigger mortgage and if you are likely to pay it back on schedule.
Lenders will look at the following benchmarks:
Credit score: The credit score required for a jumbo loan is typically at least 680.
Debt-to-income (DTI) ratio: Lenders look for a low DTI ratio, usually around 40 percent or less.
Down payment minimum: While a 20% down payment may not be required for conforming loans, some lenders require 20% (or more) for jumbo loans. Depending on the property location, Ally Home offers down payments from as low as 10.01%.
Many lenders also will check to make sure you have enough cash reserves to cover six to 12 months' worth of mortgage payments.
What are jumbo loan rates?
Like with most loans, you have to pay interest in exchange for the jumbo mortgage amount lent by your financing company. Your rate may be fixed or adjustable, depending on the terms and mortgage type you choose. Rates can vary and are influenced by individual factors and Federal Reserve benchmarks.
Jumbo loan limits by state
The chart below shows 2024 jumbo loan limits in the U.S. counties and territories with conforming loan limits above the standard $766,550 for a single-unit property. If a state or county is not listed, then its limit is the standard.
State | Counties | One-unit Limit |
|---|---|---|
Alaska | All | $1,149,825 |
California | Alameda County Contra Costa County Los Angeles County Marin County Orange County San Benito County San Francisco County San Mateo County Santa Clara County Santa Cruz County | $1,149,825 |
Napa County | $1,017,750 | |
San Diego County | $1,006,250 | |
Ventura County | $954,500 | |
San Luis Obispo County | $929,200 | |
Monterey County | $920,00 | |
Sonoma County | $877,450 | |
Santa Barbara County | $838,350 | |
Colorado | Eagle County Garfield County Pitkin County | $1,149,825 |
Routt County | $1,012,000 | |
Summit County | $1,006,250 | |
San Miguel County | $994,750 | |
Boulder County | $856,750 | |
Adams County Arapahoe County Broomfield County Clear Creek County Denver County Douglas County Elbert County Gilpin County Jefferson County Park County | $816,500 | |
Washington, D.C. | District Of Columbia | $1,149,825 |
Florida | Monroe County | $929,200 |
Guam | Guam | $1,149,825 |
Hawaii | All | $1,149,825 |
Idaho | Teton County | $1,149,825 |
Maryland | Calvert County Charles County Frederick County Montgomery County Prince George's County | $1,149,825 |
Massachusetts | Dukes County Nantucket County | $1,149,825 |
Essex County Middlesex County Norfolk County Plymouth County Suffolk County | $862,500 | |
New Hampshire | Rockingham County Strafford County | $862,500 |
New Jersey | Bergen County Essex County Hudson County Hunterdon County Middlesex County Monmouth CountyMorris County Ocean County Passaic County Somerset County Sussex County Union County | $1,149,825 |
New York | Bronx County Kings County Nassau County New York County Putnam County Queens County Richmond County Rockland County Suffolk County Westchester County | $1,149,825 |
Pennsylvania | Pike County | $1,149,825 |
Tennessee | Cannon County Cheatham County Davidson County Dickson County Macon County Maury County Robertson County Rutherford County Smith County Sumner County Trousdale County Williamson County Wilson County | $943,000 |
Utah | Summit County Wasatch County | $1,149,825 |
Wayne County | $997,050 | |
U.S. Virgin Islands | St. Croix Island St. John Island St. Thomas Island | $1,149,825 |
Virginia | Alexandria City Arlington County Clarke County Culpeper County Fairfax City Fairfax County Falls Church City Fauquier County Fredericksburg City Loudoun County Madison County Manassas City Manassas Park City Prince William County Rappahannock County Spotsylvania County Stafford County Warren County | $1,149,825 |
Washington | King County Pierce County Snohomish County | $977,500 |
West Virginia | Jefferson County | $1,149,825 |
Wyoming | Teton County | $1,149,825 |
How to shop for a jumbo loan
Be sure to research multiple lenders to compare factors including loan requirements and interest rates. You’ll also want to examine the loan terms that are offered to ensure you find a lender that fits your needs and timeline. It's generally recommended to get mortgage pre-approval or apply to several lenders to receive multiple Loan Estimates so you can be sure you are ready to buy when it’s time for closing.
Is a jumbo loan right for you?
If you are in the market for a bigger home, you might also be in the market for a jumbo mortgage. So, as you conduct your home search, keep an eye on current jumbo loan limits as they can change annually. Talking to a home loan expert could help you make the right decision for your financial situation.
