What Is The Jumbo Loan Limit For 2023


What are jumbo loans?

Jumbo loans are essentially mortgages that are larger than the minimum amounts allowed by Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae) guidelines. It is up to your lender to decide the maximum amount for jumbo loan limits because these agencies haven’t set upper limits for them.

Investment properties, second homes, and primary residences can all be financed with a jumbo mortgage. Jumbo loans can be refinanced to change the term length, the interest rate, or, in the case of primary residences, to withdraw cash, just like regular mortgage loans.

Minimum and maximum loan amounts

Take into account the conforming loan limits if you’re unsure if you’ll need a jumbo loan. Jumbo loans can be compared to the agency-set maximum limits for these loans.

There is a single maximum loan amount for conforming loans in the majority of the nation. In some high-cost areas, such as Washington D. C. and some counties in California have a higher maximum conforming loan threshold.

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.

View our county-by-county chart below to see which counties have conforming loan limits beyond the $766,550 standard by 2024.

Remember that the FHFA might raise conforming loan limits once more in 2025. For information on updated loan limits in 2025, return here if you intend to obtain a mortgage loan.

Why do conforming loans have limits?

Every year, the FHFA establishes county-specific maximum limits for conforming loans. Above those ceilings, any loan is referred to as a jumbo loan and is non-conforming, meaning that it is larger than what government-sponsored enterprises like Fannie Mae or Freddie Mac will purchase or insure. Lenders assume greater risk since jumbo loans cannot be sold to either of these businesses.

Jumbo loan requirements

Lenders place stricter requirements on jumbo loans than they might for traditional loans because they signify taking out a larger-than-typical mortgage. To determine whether you can afford a larger mortgage and whether you will be able to repay it on time, they will look at a number of financial health factors.

Lenders will look at the following benchmarks:

  • Credit score: Normally, a jumbo loan requires a credit score of at least 680.
  • Debt-to-income (DTI) ratio: Generally, lenders prefer low DTI ratios, of no more than 40%.
  • Down payment minimum: Although a 20% down payment may not be necessary for loans that comply, some lenders may require a 20% down payment (or more) for jumbo loans. Based on the location of the property, Ally Home offers down payments as low as 10. 01%.

Additionally, a lot of lenders will verify that you have sufficient cash on hand to pay your mortgage for the next six to twelve months.

What are jumbo loan rates?

In return for your financing company lending you the jumbo mortgage amount, you must pay interest, as is the case with most loans. The terms and mortgage type you select will determine whether your rate is fixed or adjustable. Federal Reserve benchmarks and individual factors can affect rates, which can fluctuate.

Jumbo loan limits by state

The following chart displays the U.S. jumbo loan limits for 2024. S. counties and territories where the maximum loan amount allowed is higher than the average $766,550 for a single-family home If a county or state is not on the list, then the standard

2024 jumbo loans limit by area

State Counties One-unit Limit
Alaska All $1,149,825

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

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

Calvert County Charles County Frederick County Montgomery County Prince Georges County


Dukes County

Nantucket County


Essex County Middlesex County Norfolk County Plymouth County Suffolk County

New Hampshire

Rockingham County

Strafford County

New Jersey

Bergen County

Essex County

Hudson County

Hunterdon County

Middlesex County

Monmouth County

Morris County

Ocean County

Passaic County

Somerset County

Sussex County

Union County

New York

Bronx County

Kings County

Nassau County

New York County

Putnam County

Queens County

Richmond County

Rockland County

Suffolk County

Westchester County

Pennsylvania Pike County $1,149,825

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


Summit County

Wasatch County


Wayne County

U.S. Virgin Islands

St. Croix Island

St. John Island

St. Thomas Island


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


King County

Pierce County

Snohomish County

West Virginia Jefferson County $1,149,825
Wyoming Teton County $1,149,825

How to shop for a jumbo loan

Make sure to investigate several lenders so you can compare things like interest rates and loan requirements. To make sure you find a lender who meets your needs and timeline, you should also review the loan terms that are being offered. Obtaining pre-approval for a mortgage or applying to multiple lenders for multiple loan estimates is generally advised in order to ensure that you are prepared to close on the deal.

Is a jumbo loan right for you?

If you are looking to buy a larger house, you may also be considering a jumbo mortgage. Therefore, as you look for a home, be sure to monitor the current jumbo loan limits, as they are subject to change every year. Making the best choice for your financial circumstances may be aided by speaking with a home loan specialist.

Explore more

Tools and advice to help you create the best possible financial future

Our site works better with JavaScript enabled. Learn how to turn it on in your browser.


What’s considered a jumbo loan in 2023?

Jumbo loans are intended for borrowers who require a larger loan amount than the $726,200 conforming loan limit as of 2023. Because of their higher cost of living, some states have higher conforming loan limits. For instance, anything over $1,089,300 is considered a jumbo loan in Hawaii.

What is Max jumbo loan?

California jumbo loan rates and limits: In California, the jumbo loan limit varies according to the county in which you are attempting to purchase a residence. The CCL is $647,200 in the majority of counties and may reach $970,800. Jumbo mortgage rates are typically higher than those of conforming loans.

Has Fannie Mae announced 2023 loan limits?

Fannie Mae addresses the limits in Lender Letter 2023-09. As anticipated given the ongoing rise in housing costs, the limits dramatically increased. In 2024, the standard loan limit for a single-family home was raised to $766,550 from $726,200 in 2023.

What is the new loan limit for 2024?

For a single-unit property in 2024, the national conforming loan limit is $766,550. For a single-unit property, FHA’s minimum national loan limit floor for 2024 is $498,257, which is equivalent to 65% of the national conforming loan limit.

Read More :


Leave a Comment