Finance Your Dream Home Above Conforming Loan Limits.
A jumbo loan is a mortgage that exceeds the limits set for Fannie Mae and Freddie Mac loans. It is the financing used for higher-value waterfront and premium homes across Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton, Newport News and Williamsburg. Duane Buziak shops 50+ wholesale lenders to find the right jumbo program for you.
What Is a Jumbo Loan?
Each year the Federal Housing Finance Agency (FHFA) sets a maximum loan size that Fannie Mae and Freddie Mac can buy. A mortgage above that limit is a jumbo (or non-conforming) loan. Because these loans are not backed by Fannie or Freddie, each lender sets its own guidelines.
2026 Conforming Loan Limits
| Property | Baseline Limit |
|---|---|
| 1 unit | $832,750 |
| 2 units | $1,066,250 |
| 3 units | $1,288,800 |
| 4 units | $1,601,750 |
| 1 unit, high-cost area (ceiling) | $1,249,125 |
Limits are set by county and change each year. Hampton Roads generally follows the baseline limit, but Duane will confirm the exact limit for your county.
Why Choose a Jumbo Loan?
- Buy higher-priced homes without being capped at the conforming limit
- No monthly mortgage insurance on most jumbo programs, even with less than 20% down
- Flexible structures: fixed-rate, adjustable-rate, and interest-only options
- Primary, second home, and investment purchases may all be eligible
- Competitive pricing: jumbo rates can be close to conforming rates, depending on the market and your profile
Jumbo Loan Guidelines at a Glance
These are typical ranges. Exact terms vary by lender, loan size, property, and borrower.
| Feature | Typical Jumbo Program |
|---|---|
| Loan purpose | Purchase, rate-and-term refinance, and cash-out refinance |
| Loan amounts | From just above the conforming limit up to $3,000,000+ on select programs |
| Minimum credit score | Commonly 680 – 700+. Higher scores give better pricing and leverage. |
| Down payment | Typically 10% – 20%. Larger loans may require 20% – 30%. |
| Max loan-to-value | Often up to 80% – 90% on lower jumbo amounts, lower as the loan grows |
| Debt-to-income (DTI) | Typically up to 43%, with some programs allowing up to about 50% |
| Cash reserves | Typically 6 – 12 months of payments after closing, more on larger loans |
| Mortgage insurance | Usually none required |
| Loan terms | 30-year and 15-year fixed, plus 5/6, 7/6 and 10/6 ARMs |
| Interest-only option | Available on select programs |
| Occupancy | Primary residence, second home, and select investment properties |
| Property types | Single-family, condos, townhomes, and 2–4 units on select programs |
| Appraisal | Required. A second appraisal is common on larger loans. |
| Time to close | Often around 21 – 30 days |
Types of Jumbo Loans We Offer
Fixed-Rate Jumbo
Your rate and principal-and-interest payment stay the same for the full term. Available as a 30-year or 15-year loan. Best if you plan to stay in the home a long time.
Jumbo ARM
A fixed rate for the first 5, 7, or 10 years, then it adjusts periodically. A good fit if you expect to sell or refinance before the adjustment period.
Interest-Only Jumbo
Pay only interest for an initial period, often 10 years, for a lower early payment. Payments rise when the interest-only period ends.
Bank Statement Jumbo
Qualify using 12 to 24 months of bank deposits instead of tax returns. Built for business owners whose write-offs lower their taxable income.
Jumbo Refinance
Lower your rate, change your term, or take cash out of a higher-value home. Cash-out limits are usually lower than purchase limits.
Super Jumbo
For loan amounts well above standard jumbo limits. Requirements are stricter, including more reserves and a larger down payment.
Jumbo Payment Estimator
See your estimated payment, cash needed, and whether your loan falls in jumbo territory.
Estimate only. Rates, taxes, insurance, and fees vary. Jumbo status is based on the 2026 one-unit baseline limit of $832,750 and may differ by county and property type. This is not a rate quote, loan approval, or commitment to lend.
Jumbo vs. Conforming Loans
| Factor | Jumbo Loan | Conforming Loan |
|---|---|---|
| Loan size | Above the county conforming limit | At or below the county conforming limit |
| Backed by Fannie / Freddie | No. Set by each lender or investor. | Yes |
| Credit score | Typically 680 – 700+ | As low as 620 on many programs |
| Down payment | Typically 10% – 20%+ | As low as 3% |
| Cash reserves | Typically 6 – 12+ months | Often 0 – 6 months |
| Mortgage insurance | Usually none | Required under 20% down |
| Interest rate | Often close to conforming; varies | Standard market pricing |
| Appraisal | Second appraisal common on larger loans | One appraisal |
How to Qualify for a Jumbo Loan
Because jumbo lenders take on more risk, they look closely at the full picture of your finances.
What Lenders Look For
- Strong credit: typically a 680 – 700+ score with a clean payment history
- Stable income: documented with tax returns, W-2s, or bank statements
- Manageable debt: DTI usually 43% or lower, up to about 50% on some programs
- Solid reserves: liquid assets left over after your down payment and closing costs
- Down payment: usually 10% – 20% or more, with the source documented
Ways to Strengthen Your Application
- Pay credit cards down before applying to improve your score and DTI
- Avoid new debt such as car loans and new credit cards
- Keep your assets organized in clearly documented accounts
- Put more down if you want better pricing or a smaller loan
- Explain large deposits in writing before underwriting asks
Your Jumbo Loan Process
Free Consultation
A 15-minute call to review your price range, down payment, income type, and goals.
Pre-Approval
Duane reviews your documents and issues a pre-approval letter so you can make strong offers.
Compare Lenders and Lock
Your scenario is shopped across 50+ wholesale lenders. You choose the best rate, structure, and fees, then lock.
Appraisal
A licensed appraiser values the home. Higher loan amounts may require a second appraisal.
Underwriting
The underwriter verifies income, assets, and reserves. Prompt document delivery keeps you on schedule.
Clear to Close
Review your Closing Disclosure, sign your documents, and get the keys to your home.
Documents You’ll Typically Need
Employed Borrowers
- Photo ID and Social Security number
- Pay stubs from the last 30 days
- W-2s from the last 2 years
- Federal tax returns from the last 2 years
- Bank and investment statements from the last 2 – 3 months, all pages
- Gift letter if any funds are gifted
Self-Employed Borrowers
- Personal and business tax returns from the last 2 years
- Year-to-date profit and loss statement
- Business bank statements (for bank statement programs, 12 – 24 months)
- Business license or proof of ownership
- Personal bank and asset statements showing down payment and reserves
Veteran or Active-Duty? Compare a VA Loan First.
With full VA entitlement, there is no maximum VA loan amount, so a higher-priced home may not need a jumbo loan at all. Duane compares both paths for you.
0% Down Possible
Eligible borrowers with full entitlement may buy higher-priced homes with no down payment, subject to credit and income approval.
No Monthly MI
VA loans do not charge monthly mortgage insurance. A one-time funding fee applies unless you are exempt.
Side-by-Side Review
Duane compares VA and jumbo options so you can see which costs less over time for your situation.
Jumbo Loan Questions Answered
What is the jumbo loan limit in Virginia?
For 2026, the baseline conforming limit for a one-unit home is $832,750, and most Hampton Roads counties follow that baseline. Higher limits apply in designated high-cost areas up to $1,249,125. A loan above your county’s limit is a jumbo loan. Duane will confirm your exact county limit.
How much down payment do I need for a jumbo loan?
Typically 10% to 20%, and sometimes more on larger loans or less-than-perfect credit. A larger down payment can also improve your rate.
What credit score do I need?
Most jumbo programs look for around 680 to 700 or higher. The best pricing generally goes to borrowers with scores in the 740 range and up.
Do jumbo loans require mortgage insurance?
Usually not. Most jumbo programs do not charge monthly mortgage insurance, even when the down payment is under 20%. Lenders offset that with stricter credit, reserve, and down payment rules.
Are jumbo rates higher than conforming rates?
Not always. Jumbo rates can be close to, or at times even lower than, conforming rates depending on the market and your profile. Comparing multiple lenders is the best way to see where you land.
Can I get a jumbo loan if I am self-employed?
Yes. You can qualify with two years of tax returns, or with a bank statement program that uses 12 to 24 months of deposits instead. Duane will help you pick the cleaner path.
Can I use a jumbo loan for a second home or investment property?
Often yes. Second homes are commonly eligible. Investment properties are available on select programs and usually require a bigger down payment and more reserves.
How many months of reserves will I need?
Often 6 to 12 months of full housing payments, and more on larger loans or additional financed properties. Retirement accounts and investments may count toward reserves in part.
How long does a jumbo loan take to close?
Many close in about 21 to 30 days from contract. A second appraisal or complex income can add time, so starting early helps.
Ready to Finance Your Premium Home?
Talk with Duane Buziak today. Compare 50+ wholesale lenders and start with a free 15-minute consultation.