Buy, build, refinance, or renovate a luxury home above the conforming loan limit. Jumbo lending designed for high-net-worth buyers, custom-home builders, self-employed professionals, and Veterans in all 50 states.
Conventional portfolio jumbo for primary residences, second homes, and investment property. VA jumbo for fully entitled Veterans. In-house portfolio jumbo for borrowers and scenarios that fall outside conventional and VA guidelines.
Jumbo purchase up to $10 million. Jumbo cash-out and debt consolidation refinance. Jumbo rate-and-term refinance. Jumbo construction up to $4.5 million across four structures: One-Time Close (OTC), Two-Time Close (TTC), Modified Hybrid, and 2nd Mortgage Construction for luxury renovations and additions. Jumbo renovation with custom portfolio rehab funds.
Anything above the FHFA county conforming limit becomes jumbo. The 2026 baseline conforming limit for one-unit properties is $832,750. High-cost counties carry limits up to $1,249,125. Verify the limit for any U.S. county at buildbuyrefi.com/county-loan-limits.
A unique in-house structure that lets a homeowner keep a low-rate first mortgage and finance up to $750,000 in renovation, addition, or major remodel work. Up to 90 percent loan-to-value of the property's future appraised value. The construction loan converts to a fixed-rate second mortgage at project completion. In situations with substantial existing equity, the structure may extend over the standard limit subject to in-house underwriting approval.
Pair a jumbo mortgage with a separate in-house consumer loan up to $50,000 at the same closing. Funds may be used for furnishings, appliances, immediate post-close updates, moving costs, window treatments, or reserve rebuild. Underwritten in-house alongside the mortgage. Subject to credit approval and applicable state regulations. Cannot be used as the source of the down payment.
Qualified jumbo buyers may receive up to 30 percent off the buyer's or seller's agent commission through participating brokerages, applied as a credit at closing in most states. On a $5 million jumbo purchase at a 2.5 percent commission, that is up to $37,500 returned to the buyer. Available on home and land purchases and sales in all 50 states. Must be set up before signing a buyer representation agreement.
Up to 100 percent VA jumbo financing for fully entitled Veterans on qualifying credit profiles. Conventional jumbo down payment and maximum LTV vary by program tier, loan size, occupancy, and documentation method, confirmed during prequalification.
Credit score requirements vary by program and loan size. Specific minimums and the credit profile that earns the best program access on a given file are confirmed during prequalification with a loan officer.
BuildBuyRefi.com originates jumbo home loans in every state. Discount points are not permitted in MA, NY, RI, or TN.
A 60-second eligibility check or a call to our jumbo lending team, available seven days a week including evenings and weekends. Spanish-speaking bankers available.
Talk to a Jumbo SpecialistSpanish-speaking bankers available. No obligation to apply. The first conversation determines whether the program fits your situation.
This page is for borrowers financing a residential property at a loan amount that exceeds the FHFA county conforming limit, including primary residences, second homes, and qualifying investment properties. It covers conventional portfolio jumbo, VA jumbo for eligible Veterans, jumbo construction, and jumbo renovation.
If your loan amount is at or below the conforming limit for your county, you may be better served by our standard purchase, cash-out, construction, or renovation pages. Verify the conforming limit for any U.S. county at buildbuyrefi.com/county-loan-limits.
Investor financing on five-or-more-unit residential or commercial property is a separate commercial program and is not covered here. Call us directly at 844-999-0639 to discuss commercial scenarios.
BuildBuyRefi.com is a direct portfolio jumbo lender, not a broker. We underwrite in-house, close in our name, and run an internal loan committee that reviews exception files when compensating factors warrant it.
That means more flexibility and decision-making control than a broker who refers your file to a wholesale lender, where every decision sits one company removed from you.
A jumbo home loan is any residential mortgage with a loan amount that exceeds the conforming loan limit for the county where the property is located.
The Federal Housing Finance Agency (FHFA) sets these limits each year. They cap the loan amounts that Fannie Mae and Freddie Mac will purchase from lenders on the secondary market. When a loan exceeds that threshold, it falls outside conventional agency guidelines and into jumbo territory.
For 2026, the baseline conforming limit on a one-unit property in most U.S. counties is $832,750. High-cost counties, mostly in coastal markets and major metros, carry elevated limits that reach $1,249,125 for one-unit properties. Multi-unit properties and high-cost areas use higher limits.
If your loan amount exceeds the applicable county limit, you are financing a jumbo loan. Verify the specific limit for any U.S. county at [buildbuyrefi.com/county-loan-limits](https://www.buildbuyrefi.com/county-loan-limits).
Conventional conforming loans follow Fannie Mae and Freddie Mac selling guides. Every lender uses the same playbook. Jumbo loans follow whatever the lender's portfolio program or secondary-market investor will accept.
That is why jumbo programs vary dramatically from one institution to another. One bank caps jumbo loans at $1.5 million. Another extends to $3 million. We write structured portfolio jumbo to $10 million on the right file and review larger requests by committee.
The underwriting box is set by the lender, not by an outside agency.
The FHFA adjusts conforming loan limits each November based on the national average home price index. When home prices rise, conforming limits typically increase the following year.
High-cost counties are designated separately under FHFA rules and may carry limits up to 150 percent of the baseline.
If you live in a fast-growing market, confirm whether your target county is standard-limit or high-cost before assuming you need jumbo financing. Buyers in higher-priced suburbs of major metros sometimes find their property falls inside a high-cost county where a conforming loan still works.
Jumbo loans require deeper documentation, stronger reserves, more liquidity, and tighter LTV ceilings at the largest loan sizes. The trade-off is access to financing that conforming agency programs simply do not extend.
Brokers who shop your file to wholesale lenders layer one set of guidelines on top of another. Direct portfolio jumbo lending tends to close faster and with fewer surprises because the underwriter reviewing your file works for the same company that funds and decisions the loan.
Qualification for a jumbo home loan rests on five elements:
Documented income that supports the proposed payment
A credit profile that meets the program tier you are targeting
Liquid reserves beyond down payment and closing costs
A property type the program will accept
A loan amount and LTV combination that fits an available program tier
Eligibility is reviewed on the file as a whole. A borrower with strong income but average credit gets reviewed differently from a borrower with thin income but deep liquid reserves.
The program is not pass-fail on any single line item.
The borrowers most commonly approved for jumbo financing share certain attributes, though no single profile is required:
High-income earners. W-2 executives, attorneys, finance professionals, and other salaried borrowers with documented income that supports a jumbo payment.
Self-employed business owners. Established business owners whose tax returns reflect sustained earnings, with at least two years of self-employment history.
Veterans and active-duty service members. VA-eligible borrowers with full or partial entitlement, evaluated under residual income rather than a hard DTI ceiling.
Real estate investors. Borrowers acquiring jumbo investment property as part of a documented portfolio.
High-net-worth borrowers. Borrowers whose qualifying income is supplemented by substantial documented liquid assets and investment portfolios.
Physicians, dentists, and licensed professionals. Medical and dental professionals 18 to 36 months out of training with strong contracted future earnings, eligible under physician mortgage programs at jumbo loan amounts.
First-time jumbo buyers. Buyers entering a high-cost market for the first time, often using a combination of W-2 income, gift funds, and documented reserves.
Portfolio jumbo programs accept a wider range of property types than agency conforming programs. Eligibility varies by program tier, occupancy, and appraisal support:
Single-family detached primary residences, second homes, and qualifying investment property
Condominiums and townhomes that meet program project review standards
2-to-4-unit residential properties for owner-occupied or qualifying investment scenarios
Properties on substantial acreage, subject to residential use determination and appraisal support
Specialty residential builds (covered in Section 6) including barndominium, log, timber frame, ICF, SIP, modular, and 3D-printed construction
Manufactured homes, eligible under VA jumbo only for Veterans on permanent foundations titled as real property
Some property and transaction types fall outside our jumbo programs and we tell you up front rather than waste your time:
Chattel manufactured homes. Manufactured homes on rented or leased land are not financed.
Five-or-more-unit residential or commercial property. These are commercial loans, handled separately.
Properties with active environmental liens or unresolved title defects. Underwriting cannot clear these without remediation.
Most jumbo buyers face the same uncomfortable squeeze at closing. The down payment moved a meaningful chunk of liquid net worth into the property. Closing costs at a jumbo size add another tens of thousands. Reserves are still expected post-close.
And the new home almost always needs furniture, appliances, window treatments, paint, or quick post-move updates.
We built a structure that handles this directly. The Purchase Plus $50,000 Consumer Loan pairs a jumbo mortgage with a separate in-house consumer loan up to $50,000 at the same closing.
The cash strain is bigger at jumbo loan sizes. Down payment on a $2 million purchase at 80 percent LTV is $400,000. Closing costs at jumbo loan amounts can run several thousand dollars more than a conforming closing.
Reserve documentation depth at jumbo loan sizes goes well beyond standard conforming verification.
A borrower who closes with their liquidity stretched thin often faces a choice: liquidate investment positions ahead of schedule, or accept slow post-close timing on furnishings and updates while reserves rebuild.
Our Purchase Plus product is the third option. The borrower keeps their investment positions intact and accesses up to $50,000 of separate consumer credit at the same closing.
The mortgage is underwritten and approved under standard jumbo program guidelines. The in-house consumer loan is underwritten separately under consumer-lending criteria during the same file.
Both loans are issued in-house by the same institution, which lets the closing be coordinated as a single event. The consumer loan funds at closing or shortly after. The funds are available right away.
The consumer loan funds may be used for legitimate non-housing purposes that often arise around a major home purchase:
Furnishings and major appliances for the new home, including kitchen appliances, washer and dryer, beds, dining sets, outdoor furniture, and home gym equipment
Immediate post-close updates that do not require a renovation product (paint, flooring, light fixtures, blinds, hardware, minor kitchen and bath upgrades)
Moving costs, including long-distance moves, professional packers, vehicle transport, and storage
Window treatments, custom shades, or motorized blinds at scale on a larger home
Reserve rebuild after closing, which matters more on jumbo files because reserve documentation is part of qualification
Other approved consumer loan uses as confirmed during application
The consumer loan cannot be used as the source of the down payment on the mortgage. It is a separate product with its own credit and underwriting decision.
The Purchase Plus $50,000 product is available for qualified jumbo borrowers, subject to credit approval, available capacity in the in-house consumer loan program, and applicable state regulations.
Not every borrower will qualify for the full $50,000. The consumer loan amount is set by the underwriting analysis applied to all in-house consumer loans: credit profile, debt service capacity, income stability, and reserves.
Read the full details on the consumer loan program here.
Non-VA borrowers seeking loan amounts above the county conforming limit get access to in-house portfolio jumbo programs underwritten with direct decision-making authority.
No agency overlay. No third-party approval chain. No secondary market investor dictating program parameters. The loan is reviewed, approved, and funded in-house.
Standard portfolio jumbo extends up to $10 million under structured guidelines. Loan amounts above $10 million are reviewed case-by-case based on liquidity position, income stability, and overall financial strength of the borrower file.
Maximum loan-to-value under portfolio jumbo programs varies by loan size. Larger loan amounts generally carry more conservative LTV allowances. This reflects the reduced secondary market liquidity for high-balance loans and the increased portfolio exposure tied to larger individual transactions.
Specific LTV maximums for each tier are confirmed during prequalification based on the complete borrower and property profile. LTV is also influenced by credit profile, property type, occupancy, income documentation method, and reserves.
Portfolio jumbo programs accept a range of borrower profiles, income documentation methods, and property types that standard agency programs do not support:
Owner-occupied primary residences, second homes, and qualifying investment properties
All 50 states. Discount points are not permitted in MA, NY, RI, or TN
W-2, self-employed, 1099, retirement, pension, Social Security, and disability income types accepted
12-month and 24-month bank statement income programs for self-employed borrowers and business owners whose tax-return income does not reflect actual cash flow
Co-borrowers allowed and counted in qualifying income, credit, and assets
Internal committee review available for files above standard thresholds with documented compensating factors
Pairs with the Real Estate Commission Savings program for up to 30 percent off agent commissions through participating brokerages
Pairs with the in-house consumer loan up to $50,000 for qualified borrowers
Self-employed borrowers, business owners, and high-net-worth individuals whose net taxable income does not reflect their actual earning capacity may qualify under bank statement income programs.
Twelve-month and twenty-four-month personal and business bank statement options are available for portfolio jumbo borrowers.
Bank statement programs calculate qualifying income based on average monthly deposits over the selected period, with an expense factor applied to business statements. This approach better reflects the actual cash flow of an established business than net taxable income that has been reduced by legitimate deductions.
We do not offer stated-income or no-doc programs. The bank statement option is fully documented, just documented through a different evidence path than tax returns.
Buyer's agent commissions on a jumbo purchase add up fast. On a $2 million home, a 2.5 percent buyer's agent commission is $50,000. On a $5 million home, it's $125,000. On a $10 million home, it's $250,000. After the 2024 NAR settlement reshaped how commissions get negotiated, that money is increasingly the buyer's responsibility to pay or negotiate.
The BuildBuyRefi.com Real Estate Commission Savings Program lets qualified jumbo buyers receive up to 30 percent off the buyer's agent commission, applied as a credit at closing in most states.
How the savings work:
Available on jumbo home or land purchase transactions
Available on the sale side too if you are selling a property and using a participating brokerage
Up to 30 percent of the buyer's or seller's agent commission credited back
Applied at closing through the settlement statement in most states
Available in all 50 states through the participating brokerage network
Pairs with VA jumbo, conventional portfolio jumbo, jumbo construction, and jumbo renovation programs
What this means in practice on a jumbo file:
A $3 million purchase with a 2.5 percent buyer's agent commission represents $75,000 in commission. A 30 percent savings on that commission is $22,500 returned to the buyer at closing. On a $5 million purchase at the same commission rate, the savings reach $37,500 at closing. On a $10 million purchase, $75,000.
Stacked with the Purchase Plus $50,000 Consumer Loan described in Section 3, a jumbo buyer can structure a transaction where mortgage closing, post-close furnishings, and commission savings all work together to materially improve their cash position at and after closing.
Critical timing note: The Real Estate Commission Savings Program has to be set up before you sign a buyer representation agreement with an agent. Once a representation agreement is signed outside the participating brokerage network, the savings cannot be applied retroactively. Contact BuildBuyRefi.com before engaging an agent if you plan to use the program.
Full program details, including eligibility details and state-by-state availability can be reviewed on our real estate commission savings guide.
Reserve documentation at jumbo loan sizes goes beyond the standard verification common in conforming lending. The specific reserve requirement depends on loan size, LTV, credit profile, and program tier and is confirmed during prequalification.
Underwriters review liquid accounts, retirement accounts, investment portfolios, and any other documented sources of financial strength. The depth of reserve documentation expected generally increases with loan size and LTV.
For eligible Veterans, active-duty service members, and surviving spouses, the VA loan program offers the highest-flexibility jumbo tier in residential mortgage lending.
The VA removed published loan limits for fully entitled borrowers in 2020. There is no preset agency ceiling on the loan amount a VA-eligible borrower may request.
VA jumbo loans through BuildBuyRefi.com are underwritten in-house under portfolio guidelines. Most transactions fall within amounts the portfolio can accommodate under standard guidelines. Larger loan sizes may be considered based on borrower profile, residual income strength, entitlement status, and overall risk layering, subject to in-house committee review.
Veterans who have not yet taken full advantage of the VA loan program should understand this is the strongest mortgage tool available to them at any loan size:
No mortgage insurance required regardless of loan amount
100 percent financing available for fully entitled Veterans on qualifying credit profiles
Competitive interest pricing on portfolio VA jumbo, subject to market and file-specific factors
Residual income rather than a strict debt-to-income ratio is the primary qualifying measure, which allows more flexibility for borrowers with higher debt loads or variable income structures
VA jumbo financing may allow up to 100 percent financing for fully entitled Veterans on qualifying credit profiles, subject to residual income verification and in-house underwriting approval. Credit and entitlement requirements are confirmed during prequalification.
All financing percentages are subject to underwriting review and are not a guarantee of approval.
The VA loan program uses residual income, not a hard debt-to-income ceiling, as its primary qualifying measure. Residual income is the dollar amount of net income remaining each month after every major obligation, including the proposed housing payment, is accounted for.
Because residual income evaluates what is left over rather than what percentage of gross income is committed to debt, it tends to favor borrowers with higher debt loads or variable income.
Compensating factors carry meaningful weight here:
Strong liquid reserves
Long history of on-time payment
Low revolving credit utilization
Significant disposable income
Documented assets that extend well beyond the closing requirement
In-house underwriting with portfolio decision authority allows these factors to be considered in context rather than filtered through agency scoring models.
Most VA lenders do not offer jumbo construction. The ones who do typically broker the file out and lose control of the timeline.
We originate VA jumbo construction in-house through both One-Time Close (OTC) and Two-Time Close (TTC) structures. Construction loan administration, draw management, inspection coordination, and conversion mechanics all happen under our roof.
We offer VA jumbo renovation loans under our Two-Time Close (TTC) program in-house.
| VA Jumbo OTC Parameter | Standard |
|---|---|
| Property | Owner-occupied, single-family primary residence |
| Standard structure | Up to $4.5 million |
| Minimum credit score | Confirmed during prequalification |
| Acreage | Subject to residential use determination and appraisal support |
| Larger structures | Internal committee review with compensating factors |
| PMI | Not required |
| States | All 50 |
VA Jumbo One-Time Close construction is structured as a single closing covering both the construction period and the permanent mortgage. Subject to underwriting approval and program guidelines.
| VA Jumbo TTC Construction Parameter | Standard |
|---|---|
| Property | Primary and second homes eligible |
| Standard structure | Up to $4.5 million |
| Minimum credit score | Confirmed during prequalification |
| Acreage | Subject to residential use determination and appraisal support |
| Renovation | Eligible |
| Larger structures | Internal committee review required |
VA Jumbo Two-Time Close construction uses a separate construction loan and a permanent mortgage at a second closing. Many lenders restrict jumbo construction to primary residences only; our portfolio TTC structure may allow second-home construction.
Many lenders restrict jumbo construction to primary residences only. Our VA jumbo two-time close structure may allow second-home construction financing under qualifying scenarios, which is a real differentiator for Veterans building a vacation home or secondary property.
Jumbo construction financing is a specialty within portfolio lending that most banks cannot support. The draw management process. Inspection requirements. Title work coordination. Conversion mechanics. Each step requires dedicated in-house expertise.
We handle construction loan administration in-house. Full draws. Inspections. Closings. No outsourcing.
Standard jumbo construction extends up to $4.5 million across these structures, with larger projects considered through internal committee review. We offer four construction structures, each suited to a different scenario.
OTC closes once. Covers both land acquisition and the construction period. Converts to the permanent loan when construction is complete.
The borrower locks a single interest rate and completes a single closing. This eliminates the second closing, the second round of closing costs, and the rate exposure during the build period that a two-close structure creates.
OTC works best for a single-family primary residence build on land you either own or are acquiring as part of the same transaction. The loan funds in construction draws as milestones are met and inspected. We handle the draw and inspection process directly.
VA jumbo OTC is available for fully entitled Veterans on owner-occupied primary residences. Conventional portfolio jumbo OTC is available for non-VA borrowers across a wider property type range.
TTC uses a separate construction loan that covers the build period, then converts to a permanent mortgage at a second closing.
The two-time close structure provides flexibility one-time close does not:
Second-home construction
Multi-phase projects
Scenarios where the borrower wants to lock a permanent rate closer to completion rather than at the start
VA jumbo two-time close programs may allow second-home construction. Non-VA portfolio TTC is available for qualifying borrowers and projects.
The Modified Hybrid combines elements of OTC and TTC. It is designed for projects and borrower scenarios where neither pure structure is the best fit.
Specific situations where Modified Hybrid applies are confirmed during pre-application review. The structure is offered in-house under the same portfolio jumbo construction guidelines as OTC and TTC.
This is one of the most differentiated products in our jumbo lending portfolio. Almost no lender offers it at this scale.
The 2nd Mortgage Construction Program lets a homeowner keep their existing low-rate first mortgage in place while financing a major renovation, addition, or extensive remodel through a separate second-lien construction loan.
Key program parameters:
Up to $750,000 in renovation, addition, or remodel funding
Up to 90 percent loan-to-value of the home's future appraised value (after-renovation value)
The construction loan converts to a fixed-rate second mortgage at project completion
In-house origination, underwriting, and conversion administration
In situations with substantial existing equity in the property, the structure may extend over the standard limit subject to in-house underwriting approval
This product is purpose-built for the luxury homeowner who locked in a low first-mortgage rate and does not want to refinance the entire mortgage just to fund a major project.
A cash-out refinance at current rates would force the borrower to give up the locked rate on the first mortgage. The 2nd Mortgage Construction Program preserves the first-mortgage rate and finances the project as a separate structure.
Use cases that fit this product:
Luxury kitchen and primary suite remodels
Ground-up additions or second-story additions
Accessory dwelling unit (ADU) construction
Pool, outdoor kitchen, and outdoor living space additions
Major systems and structural upgrades on existing luxury properties
Historic property restoration that does not require a full refinance
Because this is an in-house portfolio product, eligibility, terms, and structure are confirmed during prequalification with a loan officer.
Portfolio jumbo construction programs accept a wider range of residential build styles than standard agency construction programs. The following build types may be eligible, subject to appraisal support and in-house underwriting review:
Brick or frame single-family homes (traditional stick-frame)
Modular homes assembled from factory-built sections on a permanent foundation
Jumbo barndominium construction (steel-frame, post-frame, or hybrid metal-and-wood)
Jumbo log cabin construction (solid log or log-sided on permanent foundation)
Jumbo timber frame homes (heavy-timber post-and-beam with exposed structural members)
ICF (Insulated Concrete Form) construction
SIP (Structural Insulated Panel) construction
Earth contact homes where comparable sales support the appraisal
Jumbo 3D-printed home construction where local zoning, county building department, and appraisal support the build
Accessory Dwelling Unit (ADU) structures as part of the primary residence
Condo and townhome construction where eligible by program
Property type eligibility varies by program tier, occupancy, and appraisal support. Not all property types are available under all program tiers.
Every construction file requires builder approval before closing. We review the builder's licensing, insurance, project history, and financial stability. We also review project plans, specifications, and the itemized construction budget.
The build budget must include a contingency line, typically 5 to 10 percent of total construction cost, to absorb unforeseen overages.
Borrower-as-general-contractor scenarios are not eligible under standard jumbo construction. Self-build files are not eligible. A licensed third-party builder is required.
For the dedicated full construction loan program page covering FHA, USDA, and VA one-time close, see [buildbuyrefi.com/otc-one-time-close-construction-loan-programs-for-fha-usda-and-va](https://www.buildbuyrefi.com/otc-one-time-close-construction-loan-programs-for-fha-usda-and-va).
For buyers acquiring a property that needs major renovation, or homeowners refinancing into a project that will substantially alter or restore the property, jumbo renovation financing adds custom portfolio rehab funds to the base loan amount.
Eligible projects and renovation amounts are confirmed during prequalification.
The program scope covers historic property restoration, luxury renovations, and major structural or systems upgrades that exceed the scope of conventional rehab programs:
Whole-home renovations on an existing primary residence, second home, or qualifying investment property
Historic home restoration where work meets current code while preserving period-appropriate finishes
Luxury kitchen and bath remodels at jumbo project budgets
Structural changes including additions, footprint expansions, or roof restructures
Major systems upgrades (electrical, plumbing, HVAC, energy systems)
Site improvements integral to the home (driveways, retaining walls, landscaping tied to property value)
Renovation programs across the full range of loan amounts, including FHA 203(k), VA Renovation, and portfolio rehabilitation options, are detailed on our Renovation Home Loan Program Guide.
Jumbo renovation loans use a future-value appraisal that accounts for the planned work. Renovation funds are held in escrow and disbursed in draws as work is completed and inspected.
The borrower receives a single permanent loan that funds the property purchase or refinance plus the rehab budget.
Approved contractors must be licensed and insured. The renovation budget must include a contingency line. Plans, specs, and the contractor agreement are reviewed during underwriting.
If you want to keep your existing low-rate first mortgage in place rather than refinance the whole loan, the 2nd Mortgage Construction Program described in Section 6 may be the better fit for your project.
Down payment varies by program. A qualified VA-eligible Veteran with full entitlement may purchase a jumbo home with no down payment, subject to qualifying credit and residual income.
Conventional jumbo and portfolio jumbo programs carry down payment requirements that vary by loan size, occupancy, documentation method, and program tier. Larger loan amounts generally carry larger down payment floors.
The specific down payment that applies to a given scenario is confirmed during prequalification.
Down payment funds must be sourced and seasoned per standard mortgage rules. Sourced means the underwriter knows where the money came from. Seasoned means the funds have been in the account long enough to demonstrate stable ownership.
Acceptable sources include:
Savings or checking accounts held in the borrower's name with verified accumulation history
Sale of an existing asset, with documentation of the sale and deposit
Retirement account distributions or loans, with source and tax-treatment documentation
Brokerage account liquidations with statements showing prior balance, sale, and transfer
Gift funds from an immediate family member, with a signed gift letter and donor source documentation
Business funds for self-employed borrowers, with at least 2 months of business statements supporting the withdrawal
Cash on hand without a paper trail is not acceptable on a jumbo file. Large unexplained deposits trigger underwriting questions. Every deposit above the underwriter's threshold within the documentation period must be sourced.
Yes. Jumbo borrowers may use gift funds from immediate family members toward down payment with a properly documented gift letter and donor source documentation.
Most jumbo programs require the borrower to contribute a minimum portion of the down payment from their own funds. The exact rule varies by program tier and is confirmed during prequalification.
Credit requirements at jumbo loan sizes are generally more conservative than conforming program requirements. The specific credit score that qualifies a borrower for a given program depends on the program tier, loan size, LTV, reserves, income documentation method, and overall file strength.
Jumbo programs are not pass-fail on credit score alone. The credit profile that earns the best program access on a specific file is confirmed during prequalification with a loan officer.
Credit review on a jumbo file evaluates the complete credit profile, not the score alone:
Active tradelines demonstrating recent management of credit obligations are required. High scores on a thin credit profile may trigger additional documentation requirements.
Derogatory events receive heightened scrutiny regardless of the current score.
Late payments on housing obligations are evaluated more conservatively than other late payments.
Public records including bankruptcy, foreclosure, deed-in-lieu, or short sale within standard waiting periods may affect program eligibility and route to internal committee review.
Recent inquiries are reviewed for evidence of additional borrowing not yet on the credit report.
Sometimes, depending on which program tier you are targeting and what compensating factors are present:
VA jumbo files have meaningful flexibility under residual income evaluation. Strong residual income, low revolving utilization, on-time housing payment history, and long-tenured employment all weigh in favor of approval where the base credit metrics are tighter.
Conventional portfolio jumbo files with credit profiles below the standard tier are typically routed to an internal committee for review on a case-by-case basis. The committee can approve files with compensating factors that automated agency underwriting would decline.
A short pre-application review with a loan officer can identify whether your specific file would route through standard underwriting or through committee review.
Income documentation requirements at jumbo loan sizes reflect the larger underwriting risk that comes with bigger loan amounts. Every income source must be documented as stable and likely to continue.
Salaried borrowers using W-2 income should plan to provide:
Two years of complete federal 1040 tax returns with all schedules
Two years of W-2s from all employers
Most recent 30 days of paystubs with year-to-date earnings
Verification of employment from the current employer
Documentation of bonus, commission, or variable income with two-year continuance history if used in qualifying
Self-employed jumbo borrowers face a higher documentation bar:
Two years of personal federal 1040 tax returns with all schedules
Two years of business tax returns (1120, 1120S, 1065) where a separate entity exists
Year-to-date profit and loss statement signed by the borrower (or CPA-prepared, depending on file)
Business license verification and active operations documentation
For self-employed borrowers and business owners whose tax-return income does not reflect actual cash flow, bank statement income programs provide an alternative path:
12-month or 24-month personal or business bank statement programs
Qualifying income calculated as average monthly deposits over the selected period
Business statement programs apply an expense factor to reflect operating costs
Two years of self-employment history required to use the program
Tradelines, reserves, and credit profile reviewed alongside the bank statement income
Additional income types may qualify under jumbo programs:
Retirement income from pension, IRA, 401(k), or annuity, with award letter or distribution history
Social Security and disability income with award documentation
Investment and dividend income with two-year continuance history
Rental income from documented investment property holdings
Asset depletion or asset utilization for borrowers with substantial documented liquid assets
Active IRS repayment plans are permitted for the most recent year's tax liability. Tax liabilities for prior years must generally be paid in full before closing.
The current year's repayment plan must be in good standing with all monthly payments current. The minimum monthly payment under the repayment plan is included in DTI.
How Debt-to-Income Works on Jumbo Files
DTI ceilings on jumbo files are generally tighter than conforming program ceilings, though the specific DTI ceiling that applies depends on the program tier, loan size, and other factors. VA jumbo files use residual income rather than a hard DTI ceiling.
Files near the DTI ceiling are evaluated against compensating factors: strong reserves, long employment history, low revolving utilization, and significant non-income assets. Specific DTI parameters are confirmed during prequalification.
Timeline depends on file complexity, documentation completeness, and whether the loan requires committee review.
A standard jumbo file with complete documentation at application typically follows the same calendar arc as a complex conforming loan. Files requiring committee review or involving specialty property types, complex income structures, or very large loan amounts should plan for additional time.
1. Pre-application and eligibility review. Initial credit, income, and property scenario review. Often completed in a single conversation. The output is a clear path forward or a list of items the borrower needs to resolve before formal application.
2. Application and disclosures. Borrower submits application. Lender issues Loan Estimate within 3 business days as required by RESPA. Borrower returns intent to proceed.
3. Documentation collection and processing. Borrower provides full documentation. Processor reviews, orders verifications, and confirms package completeness before submission to underwriting.
4. Underwriting and committee review. Underwriter reviews the full file against program guidelines. If committee review applies, the file is presented for decision. Conditions are issued.
5. Conditional approval and condition clearing. Borrower provides remaining documentation. Final conditions cleared. Closing disclosure issued at least 3 business days before closing per RESPA.
6. Closing and funding. Loan closes per state-specific closing rules. Funds disburse per the closing disclosure.
The most common reasons jumbo files run longer than expected are preventable:
Documentation provided in installments rather than at application
Missing verification items that require third-party turnaround
Specialty property appraisal delays where the appraiser must travel or where comparable sales require expanded research
Committee review for files above standard thresholds, which adds calendar days but not weeks
Complex income that requires CPA confirmation, business returns, or 12-to-24-month bank statement reviews
Title issues including liens, easements, or unresolved property history items
Builder package incomplete on construction files (plans, specs, budget, builder approval items)
A complete file at application is the single biggest factor in fast jumbo closings.
We originate jumbo loans in all 50 states. Demand concentrates in markets where home prices have moved well above the conforming threshold or where high-cost county designations cluster.
Virginia. One of the most active jumbo markets in our portfolio, driven by the Northern Virginia DC-metro corridor, Richmond, and the Hampton Roads area. Federal contractor and military-officer income are common qualifying profiles. Jumbo loan limits in high-cost counties exceed $1 million.
California. California has the highest concentration of high-cost counties in the country. Los Angeles, San Francisco Bay Area, San Diego, Orange County, and Sacramento generate sustained jumbo origination volume. Borrower profiles range from tech-sector W-2 to entrepreneurial bank-statement self-employed.
Texas. Texas jumbo activity centers on Houston, Dallas-Fort Worth, San Antonio, and Austin. Texas has no state income tax, which simplifies tax return analysis. Property tax rates run higher than the national median, which factors into DTI.
Florida. Florida jumbo activity covers Miami, Naples, Tampa, Orlando, and the Florida Keys. Significant inbound migration drives second-home and primary-residence purchase activity. Hurricane insurance costs factor into qualifying analysis.
New Jersey. New Jersey jumbo demand concentrates in northern New Jersey and the New York metro corridor. Origination fee structures are higher than most states. Property tax rates are among the highest in the country and significantly affect DTI.
Other markets with consistent jumbo origination include New York, Massachusetts, Washington, Colorado, Hawaii, Maryland, and the District of Columbia.
Some state regulations affect how jumbo loans are originated:
Discount points are not permitted in MA, NY, RI, or TN
High-cost loan thresholds vary by state and may trigger additional disclosure requirements
Prepayment penalties are restricted in most states under federal Dodd-Frank rules
Manufactured home dealer-direct financing is not offered in New York
These rules are reviewed during prequalification and applied to the disclosure package before closing.
Even within a single metro area, conforming limits can vary by county. A borrower targeting a property just above the standard conforming limit in a high-cost county may find the same loan amount falls within the high-cost conforming threshold and stays out of jumbo territory.
Confirm the specific limit for your target county at [buildbuyrefi.com/county-loan-limits](https://www.buildbuyrefi.com/county-loan-limits) before assuming you need jumbo financing.
The calculator below estimates the cash you would need to close a jumbo purchase or construction transaction. It supports three scenarios: Conventional Purchase, VA Purchase, and Jumbo Construction.
For Construction, it also handles three land scenarios: buying land at closing, owning land with an existing balance, or owning land free and clear.
The calculator returns estimated loan amount, LTV percent, down payment in dollars and percent, and total cash to close based on your inputs. Numbers are illustrative, not a quote, pre-qualification, or commitment to lend.
Purchase Details
Five expanded scenarios showing how jumbo borrowers in different situations work through approval. Every scenario is illustrative. Outcomes depend on full underwriting and credit approval.
A retired military officer with full VA entitlement is purchasing a single-family primary residence in Northern Virginia at $1,800,000. Strong residual income from military pension and current civilian income. Liquid reserves documented. No down payment. Requesting 100 percent financing.
Loan structure: VA jumbo purchase, $1,800,000 loan amount, 100 percent LTV. Residual income carries the qualification rather than DTI. The file goes through in-house VA underwriting with the complete financial picture reviewed in context. No mortgage insurance required. No down payment required.
This shows how full VA entitlement allows a Veteran to purchase at this price point without a down payment when the underlying qualification profile is strong.
Illustrative example only. Not a guarantee of approval, results, or specific loan terms.
A business owner has been operating a profitable services company in Houston for 8 years. Net taxable income on his federal returns is substantially lower than business cash flow due to legitimate deductions and depreciation. Business bank account deposits over the prior 24 months average $47,000 per month. He is purchasing a single-family property at $3,200,000.
Loan structure: portfolio jumbo bank statement program, 24-month business bank statement income calculation with applied expense factor. Reserve documentation includes brokerage and retirement balances supporting the loan size. Specific LTV, down payment, and qualifying terms confirmed during underwriting.
This shows how the bank statement program addresses the gap between net taxable income and actual cash flow for established self-employed jumbo borrowers.
Illustrative example only. Not a guarantee of approval, results, or specific loan terms.
A Veteran with full VA entitlement is purchasing 5 acres of land in Colorado and building a 3,800-square-foot custom timber frame home. All-in cost including land, construction, and contingency reserve is $1,950,000. Strong residual income from a combination of military retirement pay and current employment. Liquid reserves documented. No existing mortgage obligation.
Loan structure: VA jumbo OTC construction program, $1,950,000 loan amount under a single closing covering land acquisition and construction. The 5-acre parcel is reviewed for residential use determination and appraisal support. Timber frame build is eligible under portfolio construction guidelines.
This shows how the one-time close structure lets a Veteran finance a custom specialty build at jumbo loan sizes without two separate closings.
Illustrative example only. Not a guarantee of approval, results, or specific loan terms.
A buyer is purchasing a single-family estate in California at $6,500,000 with a requested loan amount of $4,225,000, representing approximately 65 percent LTV. W-2 income from a senior executive position. Substantial documented investment portfolio. Strong liquid reserves.
Loan structure: portfolio jumbo purchase. The borrower's 65 percent LTV request supports underwriting flexibility relative to higher-LTV scenarios. The file would be subject to internal committee review given the loan size, and would require complete documentation of income, assets, and reserves at the depth appropriate for a transaction of this size.
This shows how the LTV scaling structure and committee review process apply at the higher end of the portfolio jumbo range.
Illustrative example only. Not a guarantee of approval, results, or specific loan terms.
A physician 18 months out of residency is purchasing a primary residence in northern New Jersey at $1,400,000. Significant student loan debt remains on income-driven repayment. Strong contracted future earnings as an attending physician at a hospital system. Limited time to save a 20 percent down payment.
Loan structure: physician mortgage program, jumbo loan amount, with reduced down payment relative to standard jumbo and minimal or zero PMI depending on the program structure selected. Student loan debt treatment under physician mortgage guidelines uses income-driven repayment plan minimums rather than fully amortized payments, which improves DTI.
This shows how the physician mortgage program at jumbo loan sizes supports medical professionals whose career income trajectory differs from standard underwriting models. Full physician mortgage details at [buildbuyrefi.com/physician-mortgage-loans](https://www.buildbuyrefi.com/physician-mortgage-loans).
Illustrative example only. Not a guarantee of approval, results, or specific loan terms.
Tap any item to mark it complete. Files arriving with these items in hand close materially faster and run into fewer surprises during underwriting. Categories are color-coded for clarity.
USDA Rural Development is structured as a low-to-moderate-income rural housing program. There is no USDA jumbo. Three structural reasons:
Income ceiling. USDA borrowers must fall at or below 115 percent of area median income for the county where the property is located. The ceiling effectively caps qualifying capacity well below jumbo loan sizes.
No high-balance equivalent. USDA does not have an equivalent to the FHFA high-balance conforming structure or to VA's removal of published loan limits.
Geographic eligibility. USDA loans are available only in USDA-designated rural and suburban areas. Most luxury and high-cost markets fall outside the eligibility map.
USDA Rural Development guarantees mortgages through the Section 502 Guaranteed Rural Housing Loan program. As a practical matter, USDA loans rarely approach jumbo loan amounts because the income ceiling caps qualifying capacity well below jumbo territory.
Borrowers with rural property who need a loan amount above the conforming limit fall outside USDA eligibility on size grounds. Their alternatives are conventional portfolio jumbo and, for eligible Veterans, VA jumbo.
Most rural-property jumbo borrowers we work with end up on portfolio jumbo or VA jumbo programs with property type considerations addressed during underwriting.
For USDA program details and eligibility guidance, see [buildbuyrefi.com/usda-rural-development-home-loan-programs](https://www.buildbuyrefi.com/usda-rural-development-home-loan-programs).
Properties on large acreage parcels, custom rural builds, equestrian properties, and other rural property types are commonly financed through portfolio jumbo. Specific acreage eligibility, residential use determination, and appraisal support are confirmed during prequalification.
Discuss rural jumbo scenarios with a loan officer before assuming a property won't qualify under standard programs.
| Factor | Conforming Conventional Loan | Conventional Portfolio Jumbo |
|---|---|---|
| Maximum loan amount | County conforming limit ($832,750 baseline; up to $1,249,125 in high-cost) | Up to $10 million on jumbo purchase |
| Underwriting authority | Fannie Mae or Freddie Mac selling guide | Lender's portfolio guidelines |
| Mortgage insurance | Required above 80% LTV | Not required at any LTV under our portfolio program |
| Documentation depth | Standard agency documentation | Deeper, especially on income and reserves |
| Credit score requirements | Agency standards (vary by program) | More conservative; varies by program tier and loan size, confirmed in prequalification |
| Reserve documentation | Standard agency reserve verification | Deeper, scales with loan size and confirmed in prequalification |
| Income documentation flexibility | Tight to agency rules | Bank statement and asset-based options on portfolio |
| LTV ceiling on cash-out | Per agency program limits | Varies by program tier and loan size |
| Rate-pricing dynamics | Agency-grid pricing | Risk-based portfolio pricing |
| Investor property | Eligible at agency LTV ceilings | Eligible with conservative LTV |
| Specialty property types | Limited | Wider range under portfolio review |
| Loan turnaround | Typically faster (automated underwriting) | Longer due to deeper review and possible committee |
Portfolio jumbo programs offer flexibility that agency programs do not, with the trade-off of deeper documentation and tighter qualifying standards. Subject to underwriting approval and program guidelines.
Not consistently. Historically jumbo rates carried a modest premium over conforming rates because the loans could not be sold to Fannie Mae or Freddie Mac and were held on lender balance sheets or sold into a smaller private secondary market.
In recent years, that relationship has shifted. Periods of tight conforming supply, agency fee adjustments, and increased institutional appetite for high-quality jumbo paper have caused jumbo rates to move below conforming rates at various points.
The rate a specific borrower receives depends on loan size, LTV, credit profile, income documentation type, property type, and current market conditions.
Portfolio jumbo loans are priced based on the specific risk characteristics of each file rather than on agency pricing grids. Loan size, LTV, credit score, reserve depth, income documentation method, property type, and occupancy all affect the pricing offered.
Strong files at jumbo loan amounts often see pricing that is competitive with or better than the same borrower would receive on a conforming program.
Jumbo financing is a powerful tool. It also carries trade-offs that conforming agency programs do not.
A 0.25 percent change in interest rate on a $2 million loan represents approximately $5,000 per year in interest cost. The same change on a $5 million loan represents approximately $12,500 per year.
Larger loan amounts magnify the dollar impact of rate movements.
Portfolio jumbo programs are funded by lender capacity and secondary-market appetite for jumbo paper. Tighter conditions in either dimension can affect program parameters, pricing, and turn times.
Construction projects involve cost overruns, material delivery delays, weather, and inspection scheduling. A 5 to 10 percent contingency reserve is built into approved budgets to absorb unexpected items, but borrowers undertaking construction at jumbo loan sizes should plan for the possibility that the project takes longer or costs more than the original budget.
Specialty property types and large acreage parcels depend on appraisal support to qualify. If comparable sales do not exist or are insufficient, the appraised value may come in below contract price and reduce the eligible loan amount.
Reserve documentation depth. Stretches the borrower's documented liquidity beyond what conforming files require.
Internal committee review. Adds calendar days for files above standard thresholds.
Limited assumability. Jumbo loans are not assumable in most cases. VA jumbo loans may be assumable by another VA-eligible Veteran under VA program rules.
State-specific restrictions. Discount points are not permitted in MA, NY, RI, or TN. State-specific compliance rules may affect disclosure, fee structure, and loan documentation.
These items are not reasons to avoid jumbo financing. They are factors to plan for. The right preparation and the right loan officer relationship surface these issues before they become obstacles.
A loan becomes a jumbo loan when the requested amount exceeds the conforming loan limit for the county where the property is located. Conforming limits are set annually by the FHFA. For 2026, the baseline limit for a one-unit property in most counties is $832,750. High-cost counties carry higher limits up to $1,249,125.
Credit score requirements at jumbo loan sizes are generally more conservative than agency conforming program requirements. The specific credit score that qualifies a borrower for a given jumbo program depends on the program tier, loan size, LTV, reserves, income documentation method, and overall file strength. The credit profile that earns the best program access on a specific file is confirmed during prequalification with a loan officer.
VA jumbo financing may allow up to 100 percent financing for fully entitled Veterans on qualifying credit profiles. No down payment is required in those scenarios, subject to residual income verification and in-house underwriting approval. Borrowers with partial entitlement, lower credit scores, or loan sizes above standard thresholds may be subject to down payment requirements based on the specific structure of their file.
Not consistently. Historically jumbo rates carried a modest premium over conforming rates, but that relationship has shifted in recent years. Market conditions, agency pricing adjustments, and institutional appetite for high-quality jumbo paper have caused jumbo rates to run below conforming rates during certain periods.
Yes. Second home financing is available under both VA jumbo two-time close construction and non-VA portfolio jumbo programs, subject to applicable LTV and credit requirements. Investment property financing under portfolio jumbo may also be available for qualified borrowers. VA jumbo purchase programs are limited to primary residences.
Internal committee review applies to loan requests above standard threshold amounts or to files that include compensating factors requiring elevated authorization. The committee evaluates the complete borrower and property profile and determines whether the loan can be approved within portfolio guidelines. Committee review adds calendar days to the underwriting process but not weeks.
Bank statement income programs use the average monthly deposits from the selected review period (12 or 24 months) as the basis for income calculation. For business bank statement programs, an expense factor is applied to account for business operating costs. The resulting net average monthly deposit figure is used as the qualifying monthly income.
Yes. Jumbo construction loans are available under VA jumbo and conventional portfolio programs across four structures: One-Time Close (OTC), Two-Time Close (TTC), Modified Hybrid, and 2nd Mortgage Construction for luxury renovations and additions. Standard jumbo construction extends up to $4.5 million.
A unique in-house structure that lets a homeowner keep their existing low-rate first mortgage in place and finance up to $750,000 in renovation, addition, or major remodel work as a separate second-lien construction loan. Up to 90 percent loan-to-value of the home's future appraised value. The construction loan converts to a fixed-rate second mortgage at project completion.
The eligible loan amount is based on the lower of the purchase price or the appraised value. Borrowers in this situation either renegotiate the purchase price with the seller, increase the down payment to cover the difference, or terminate the contract if a financing contingency allows.
Jumbo loans generally have more conservative requirements than conforming loans in terms of credit profile, reserve depth, and documentation thoroughness. Portfolio jumbo programs at BuildBuyRefi.com offer meaningful flexibility many institutional lenders do not, including bank statement income options, residual-income-based VA jumbo qualifying, and in-house committee review for files with compensating factors.
Yes. BuildBuyRefi.com offers physician mortgage loans for medical professionals (doctors and dentists) who may have significant student debt and higher future earnings potential. Physician mortgage programs may allow minimal or zero down payment options and are available at loan amounts that enter jumbo territory.
Standard portfolio jumbo extends to $10 million under structured tier guidelines. Loan amounts above $10 million are reviewed case-by-case with full committee review and require strong documentation of liquidity, income stability, and reserves commensurate with the loan size. VA jumbo carries no published agency cap for fully entitled Veterans.
Yes. We originate jumbo loans in all 50 states, with significant activity in Virginia (Northern Virginia DC-metro), California (LA, Bay Area, San Diego, Orange County), Texas (Houston, Dallas, Austin), Florida (Miami, Naples, Tampa), New Jersey (NY metro corridor), and other high-cost markets. State-specific compliance rules apply.
Yes. The Real Estate Commission Savings Program is available on jumbo purchase transactions through participating real estate brokerages. Qualifying borrowers may receive up to 30 percent off the buyer's agent commission, applied as a credit at closing in most states. Contact BuildBuyRefi.com before signing a buyer representation agreement.
BuildBuyRefi.com earns revenue when residential mortgage loans are originated and funded. Compensation takes the form of lender fees and interest income from loans retained in portfolio, or proceeds from loan sales where applicable. The specific fees and rate offered on any loan are disclosed in writing in the Loan Estimate provided at application and in the Closing Disclosure provided before closing.
We do not receive referral fees from third-party service providers in connection with jumbo loan origination. When the Real Estate Commission Savings Program is used, that arrangement is between the consumer and the participating real estate brokerage. We do not receive remuneration from commission savings transactions. When the consumer loan program is used, that is a separate in-house credit product with its own fees and terms disclosed in writing.
Why You Can Trust This Information
High-earning professionals shopping for larger loan amounts may also qualify for our doctor mortgage loan programs designed specifically for physicians.
THE FEDERAL SAVINGS BANK IS NOT AFFILIATED WITH OR ACTING ON BEHALF OF THE FHA, USDA, VA, OR THE FEDERAL GOVERNMENT.
*Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.
*No SSN required. No credit pull. No risk. The info you share on this eligibility form is only used to check general eligibility against our banks loan programs — based on what you tell us. We never pull your credit (not even a soft pull), and we don’t ask for sensitive data like your Social Security number at this stage. Your information is never sold. If you decide to move forward, your banker will walk you through next steps and confirm before running any credit check. Until then, it’s 100% no-pressure, no-obligation.
*Messaging and Data Rates May Apply.
*VA eligibility is required for VA loan products. USDA loans are only available in USDA-eligible areas as designated by the USDA.
*We do not offer new dealer-manufactured home loans in New York, but we do offer modular and site-built land and home construction.
*Qualification for up to $50,000 extra is for qualified borrowers and can be applied to all loan programs. This is a separate unsecured consumer loan we will underwrite in-house at the same time as your requested mortgage loan. Please contact your banker to request this program and the applicable rates, terms, and conditions. Consumer unsecured lending programs prohibit loan proceeds from being used for down payment.
REALTOR® is a registered trademark of the National Association of Realtors and is not affiliated with NationwideHomeLoansGroup.com or The Federal Savings Bank.
†Subject to applicable law and lender approval, when represented by one of our participating real estate brokerage companies during the purchase or sale of a home or land, eligible Consumers may receive a rebate of up to thirty percent (30%) off of the fee to be received by the participating real estate brokerage company representing the respective Consumer, at closing, which rebate will be applied exclusively toward paying down that Consumer’s applicable closing costs. In no event shall any rebate be greater than the aggregate of all closing costs. Issuance of a rebate is subject to a participating real estate brokerage company’s receipt of its fee. The following states condition, or do not permit, the granting of a rebate by real estate brokerage companies (list is subject to change at any time): Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee. No remuneration is paid to The Federal Savings Bank or to any of our Bankers. This is a free program we offer exclusively to help our consumers save on their real estate transactions.
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