Above the conforming limit, there's no Fannie Mae or Freddie Mac backstop. Every lender writes their own rules — on reserves, income documentation, down payment, and rate. That variability is exactly where a broker with 120+ lenders creates an advantage.
Conventional loans follow Fannie Mae and Freddie Mac guidelines. Jumbo loans don't. Once you're above the conforming limit, each lender determines its own minimum credit score, reserve requirements, acceptable income types, and rate pricing. The same borrower with the same file can receive dramatically different outcomes depending on which lender reviews it.
"On a jumbo file, I'm not just finding a lender who will say yes. I'm finding the lender whose program treats your income, assets, and loan size the most favorably — those are different questions."
On a conforming loan, lender differences are mostly about rate. On a jumbo loan, they're about whether you qualify at all — and if so, at what terms. Reserve requirements can range from 6 to 24 months. Down payment requirements typically start at 20%, with select lenders permitting less through structured financing. Some lenders won't touch bonus income; others will. Some will accept asset depletion; many won't. I work with 120+ lenders specifically to navigate this variability — and to bring your file to the institution whose program is built for a borrower like you. Buyers optimizing early payments sometimes also consider ARM financing on jumbo amounts, where the payment differential over a 7-year fixed period is most meaningful.
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