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Jumbo loan limits 2024: What you need to know

·5 min read

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.

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