When the home you want to buy exceeds conventional loan limits, a jumbo loan is the path forward. Jumbo loans finance properties above the conforming loan limit — currently $832,750 for a single-family home in most markets — and are available for primary residences, second homes, and investment properties.
At First Commerce Financial, we have the wholesale lender relationships to compete on jumbo rates across Michigan, Arizona, Florida, and Texas. No junk fees. No runaround. Direct access to Ken or Kirk from day one — the same approach we bring to every loan, regardless of size.
A jumbo loan is any mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Because jumbo loans cannot be sold on the secondary market the same way conforming loans can, they are underwritten to different standards — typically requiring stronger credit, larger down payments, and more cash reserves after closing.
That said, jumbo loans are a routine part of mortgage lending in higher-priced markets and with the right lender relationships the process is straightforward. We close jumbo loans regularly across all four states we serve — from luxury properties in Scottsdale and Paradise Valley to waterfront homes in Sarasota, high-value neighborhoods in Austin, and premium properties in Oakland County, Michigan.
2026 Conforming Loan Limits — Know Your Number
The baseline conforming loan limit for 2026 is $832,750 for a single-family home in most U.S. counties. In high-cost areas designated by the FHFA, limits can go higher — up to $1,249,125 in some markets. If your loan amount exceeds the applicable limit for your specific county, you will need a jumbo loan. We will tell you the exact limit for your market before you start the process.
📈 Credit Score
Jumbo loans require a stronger credit profile than conforming loans. Most jumbo lenders look for a minimum score of 700–720, with 740+ getting the best rates available. We assess your credit early and tell you exactly where you stand — and what impact a score improvement would have on your rate.
🏠 Down Payment
Most jumbo programs require 10–20% down depending on the loan amount, property type, and lender. Some programs allow as little as 10% down for well-qualified borrowers on primary residences. Second homes and investment properties typically require 20–25% or more. We will tell you the exact down payment requirement for your scenario upfront.
💰 Cash Reserves
Jumbo lenders typically require significant cash reserves after closing — often 6–12 months of mortgage payments in liquid assets. This requirement varies by lender and loan amount. We give you the specific reserve requirement for your scenario at the start of the process so there are no surprises late in underwriting.
📊 Debt-to-Income Ratio
Jumbo DTI guidelines are generally similar to conforming — typically up to 43–45% for most programs. Some lenders are more flexible for strong borrowers with significant assets. We will calculate your DTI upfront and match you with the right lender for your specific profile.
🏭 Appraisal Requirements
Jumbo loans often require two independent appraisals for higher loan amounts rather than one. This is standard practice on large transactions and something we manage proactively to keep your closing timeline on track. We factor this into the timeline from day one.
🔍 Income Documentation
Jumbo underwriting is more thorough than conforming — expect full income documentation including tax returns, W-2s, and in some cases business financials for self-employed borrowers. We prepare you for what is needed upfront so the process moves efficiently without unnecessary back-and-forth.
🏠 Fixed Rate Jumbo
📈 Adjustable Rate Jumbo (ARM)
On a $1.2M jumbo loan, a 0.5% rate difference between a fixed and 7/1 ARM translates to roughly $500 per month during the fixed period — $42,000 in savings over seven years before any adjustment risk begins. For buyers with a clear timeline, the jumbo ARM deserves serious consideration. We run both scenarios side by side so you can make the decision with full information.
☀ Scottsdale and Paradise Valley, AZ
Luxury and resort properties throughout Scottsdale and Paradise Valley regularly exceed conforming limits. Ken lives in Gilbert and has deep relationships throughout the Phoenix East Valley luxury market. We close jumbo loans in this corridor regularly.
🌴 Sarasota, Ponte Vedra and Gulf Coast, FL
Gulf Coast waterfront, Siesta Key, Longboat Key, and luxury Lakewood Ranch villages regularly require jumbo financing. Ponte Vedra Beach in Northeast Florida averages over $1M. Kirk spent six years in this market — his family is still there.
⭐ Austin and Dallas-Fort Worth, TX
Austin's tech economy has pushed significant inventory into jumbo territory. DFW's premium suburbs — Preston Hollow, Southlake, Prosper — regularly exceed conforming limits. We serve both markets with competitive wholesale jumbo rates.
🏛 Oakland County, Michigan
Birmingham, Bloomfield Hills, Franklin, and Bloomfield Township regularly produce jumbo transactions. Michigan's most affluent communities are well within our home market — Ken and Kirk have been doing loans here since 1997.
Super Jumbo Loans — $2 Million and Above
For loan amounts significantly above standard jumbo thresholds — typically $2 million and above — super jumbo financing is available. These transactions require exceptional credit, substantial assets, and lenders with appetite for larger exposures. Underwriting is more intensive, reserve requirements are higher, and the lender universe is smaller but competitive.
We have the relationships to get super jumbo transactions done and the experience to manage them properly. If you are working on a purchase in this range, the conversation starts the same way as any other — tell us the loan amount, the property, and your financial picture, and we will tell you exactly where you stand and who the right lenders are for your situation.
Are jumbo loan rates higher than conventional rates?
Historically yes — but the gap has narrowed significantly in recent years. In some market conditions, jumbo rates are actually competitive with or slightly better than conforming rates, particularly for well-qualified borrowers. The reason: jumbo lenders are often portfolio lenders competing for high-quality borrowers, which keeps rates competitive. We shop multiple wholesale jumbo lenders to find the best rate available for your specific scenario.
Can I get a jumbo loan for a second home or investment property?
Yes — jumbo financing is available for second homes and investment properties. Down payment requirements are higher — typically 20–25% for second homes and 25%+ for investment properties — and qualification criteria are stricter. We handle these transactions regularly and will walk you through the specific requirements for your property type before you make an offer.
What is the maximum loan amount for a jumbo loan?
There is no universal maximum — it depends on the lender. Most conventional jumbo programs go up to $3–5 million. Above that, you are in super jumbo territory which requires specialized lenders with appetite for larger exposures. We have those relationships and will tell you exactly what is available based on your loan amount, property type, and financial profile.
How long does a jumbo loan take to close?
Jumbo loans typically take slightly longer than conforming loans — plan for 30–45 days from application to closing. The two-appraisal requirement on larger loan amounts and more thorough underwriting review both add time. We manage this timeline proactively from the start and keep you informed at every step so there are no surprises close to the closing date.
Should I get a fixed rate or ARM on a jumbo loan?
It depends on your timeline and risk tolerance. On a $1M+ loan, even a 0.5% rate difference between a 7/1 ARM and a 30-year fixed translates to significant monthly savings during the fixed period. If you have a clear plan to sell or refinance within 7–10 years, the jumbo ARM deserves serious consideration. If you plan to stay long-term and want predictable payments, the fixed rate is the right call. We run both scenarios side by side with real numbers for your specific loan amount so you can make an informed decision.
Do I need to be a U.S. citizen to get a jumbo loan?
Not necessarily — some jumbo programs are available to permanent residents and certain visa holders. Requirements vary by lender and we will match you with the right program for your specific residency and immigration status. This is worth discussing upfront before you get deep into a transaction.
Whether you are buying a luxury home in Scottsdale, a waterfront property in Sarasota, a high-value home in Oakland County, or a premium property in Austin or Dallas — we have the lender relationships and experience to get your jumbo loan done efficiently and at the best wholesale rate available. No junk fees. Direct access to Ken or Kirk from day one.
Start Your Free Jumbo Pre-ApprovalOr call or text Kirk or Ken directly at (248) 459-5511
First Commerce Financial | Licensed Independent Mortgage Broker | NMLS #137512 | AZ MB #1001354 | Licensed in Michigan, Florida, Arizona, and Texas | Ken Turkington NMLS #137873 | Kirk Chivas NMLS #160828
