Home Loans
Jumbo Loans
Some homes cost more than conventional loan limits allow. Jumbo loans fill that gap. If you are buying a high-value property in Colorado Springs or anywhere in the state, a jumbo loan gives you the financing you need without forcing you into a smaller home than you want.
$766k+
Loan Amounts Above Conforming Limits
Fixed
and ARM Options
Strong
Credit Required
What Is a Jumbo Loan?
A jumbo loan is any mortgage that exceeds the conforming loan limits set annually by the Federal Housing Finance Agency. In most of Colorado, that limit sits around $766,550 for a single-family home in 2024. Any loan above that threshold is considered a jumbo loan and falls outside the guidelines that allow Fannie Mae and Freddie Mac to purchase it on the secondary market.
Because jumbo loans are not backed by those agencies, lenders take on more risk and apply stricter qualification standards. That typically means a higher credit score requirement, larger down payment, more cash reserves, and a lower debt-to-income ratio. In exchange, you get access to loan amounts that make high-value property purchases possible without having to structure multiple loans or come up with a massive down payment to get back under the conforming limit.
Ready to Get Started?
Let's Talk About Your Jumbo Purchase
No pressure, no runaround. Todd and Aaron will review your profile and tell you exactly what you qualify for on a high-value purchase.
Key Benefits
Finance High-Value Homes
Buy the home you actually want without being capped by conforming loan limits or forced into a smaller purchase.
Fixed and ARM Options
Choose a 30-year fixed for stability or an adjustable-rate mortgage if you plan to sell or refinance within a set window and want a lower initial rate.
One Loan, Not Two
A single jumbo loan is often cleaner and simpler than trying to structure a piggyback loan to stay under conforming limits.
Primary and Second Homes
Jumbo financing is available for primary residences and second homes, making it a strong option for move-up buyers and vacation property purchases.
Who Qualifies?
Jumbo loans require a stronger overall financial profile than conventional loans. Lenders scrutinize credit, income, assets, and reserves more closely because there is no agency backstop on the loan. That said, if your financial picture is solid, jumbo financing is very accessible.
General requirements include:
- Credit score of 700 or higher, with many programs preferring 720 or above
- Down payment of 10% to 20% depending on the loan amount and program
- Debt-to-income ratio generally at or below 43%
- Cash reserves of 6 to 12 months of mortgage payments after closing
- Documented income through tax returns, W2s, or other acceptable verification
- The property must be a primary residence or second home
Todd and Aaron work with high-value buyers regularly and know which jumbo programs offer the most flexibility on reserves, credit, and down payment requirements.
Good to Know
Jumbo loan rates are not always higher than conforming rates. In many market environments they are very competitive, sometimes even lower. The key is working with a lender who has access to multiple jumbo programs and can shop the market on your behalf.
Todd and Aaron will compare programs and bring you the best available terms for your profile.
2024 Conforming Limit
$766,550
Single Family in Most of Colorado
Any loan above this amount is a jumbo. The limit updates annually. Todd and Aaron will confirm the current threshold for your county and loan scenario.
How the Process Works
Full Financial Review
Jumbo underwriting is more thorough than conforming. We review your credit, income, assets, and reserves in detail upfront so there are no surprises when we get to underwriting.
Shop Multiple Jumbo Programs
Todd and Aaron have access to multiple jumbo lenders and programs. We compare rates, reserve requirements, and terms to find the option that fits your profile and goals.
Get Pre-Approved and Make Your Offer
A strong pre-approval on a jumbo purchase carries real weight with sellers. We issue a letter that reflects a thorough review of your file, not a quick estimate.
Appraisal and Underwriting
High-value properties sometimes require two appraisals. Underwriting on a jumbo loan is more detailed and may take a few extra days compared to conforming loans. We plan for this from the start.
Close with Confidence
We keep you updated at every stage so closing day has no surprises. High-value purchases deserve the same clear communication as any other transaction.
Typical Timeline
30-45
Days to Close
Jumbo loans run on a similar timeline to conforming purchases. The extra underwriting detail can add a few days but with a well-organized file and proactive communication, we keep things on track.
Worth Knowing
Reserves Matter Here.
Most jumbo programs require 6 to 12 months of mortgage payments in reserves after closing. That means cash or liquid assets, not retirement funds in most cases. Todd and Aaron will review your asset picture and make sure you are positioned correctly before you apply.
Common Questions
Are jumbo loan rates higher than conventional rates?
Not always. Jumbo rates are determined by each individual lender rather than by agency guidelines, which means they can vary significantly from one lender to the next. In some market environments jumbo rates are actually lower than conforming rates. Having access to multiple jumbo programs is one of the most important things your lender can offer. Todd and Aaron will shop the market and show you the best available options.
How much do I need to put down on a jumbo loan?
Most jumbo programs require 10% to 20% down depending on the loan amount and the lender. Some programs allow as little as 10% down on loan amounts up to a certain threshold. The larger the loan, the more down payment is typically required. Todd and Aaron will identify the programs that minimize your down payment while keeping your rate competitive.
What credit score do I need for a jumbo loan?
Most jumbo lenders want to see a credit score of 700 or higher. Some programs require 720 or 740, particularly for larger loan amounts or lower down payments. A higher score typically unlocks better rates and more program options. Todd and Aaron will review your credit profile and match you with the programs your score qualifies for.
Can I get a jumbo loan if I am self-employed?
Yes, though the documentation requirements are more thorough. You will typically need two years of tax returns, a year-to-date profit and loss statement, and potentially additional documentation depending on the complexity of your business. If your tax returns understate your income significantly, a bank statement jumbo loan may be worth exploring as an alternative.
Can I use a jumbo loan to buy a second home or vacation property?
Yes. Jumbo financing is available for both primary residences and second homes. Investment properties are less common on jumbo loans but some programs allow it. Down payment and reserve requirements are typically higher for second home and investment purchases compared to a primary residence.
Still Have Questions?
Just Ask. We Pick Up the Phone.
No automated phone trees, no waiting on hold. You get Todd or Aaron directly.
Call Todd: (719) 482-5359 Call Aaron: (404) 455-5710