Conforming Mortgage vs Jumbo Loan: Which Fits You?

A home’s price tag doesn’t tell you whether you’ll need a conforming or jumbo mortgage. The amount you borrow does. That distinction can make a big difference when you’re planning a down payment or reviewing loan offers, especially in areas where home prices are high. In this guide to conforming mortgage vs jumbo loan options, you’ll learn how county loan limits work, how lenders assess applications, and why jumbo financing doesn’t always mean a higher rate or a 20% down payment. You’ll also find out what to compare across quotes, from APR and fees to cash reserves, so you can discuss your choices with a mortgage professional with greater confidence.

Key Takeaways

• Check the current conforming limit for the property’s county and unit count: Compare it with your planned mortgage amount, not the home’s price.
• Compare conforming and jumbo options based on your finances: Lender requirements, rates, down payments, and reserve expectations vary, so ask how each option applies to you.
• Review personalized estimates side by side: Keep the loan amount, term, and down payment consistent, then compare monthly payments, fees, cash due at closing, and total costs.

What’s the Difference Between Conforming and Jumbo Loans?

What makes a mortgage conforming?

A conforming mortgage meets the loan limit for its property’s location and number of units, along with applicable eligibility standards. The Federal Housing Finance Agency (FHFA) sets these limits, which can change each year. Lenders use them to determine whether a mortgage may qualify for purchase by Fannie Mae or Freddie Mac.

Loan size is only part of the picture. Lenders also review the borrower’s finances, the property, and the loan terms. A mortgage below the applicable limit does not automatically qualify as conforming if it falls short of other requirements. If you’re buying a home, first check the limit for the property’s county and unit count, then ask a lender which loan options fit your situation.

How do conforming loans differ from conventional loans?

“Conventional” and “conforming” describe different aspects of a mortgage. A conventional loan is not insured or guaranteed by a federal agency. That distinguishes it from government-backed options such as FHA, VA, and USDA loans. A conforming loan meets the size limit and other standards that make it eligible for purchase by Fannie Mae or Freddie Mac.

Many conforming loans are conventional, but a conventional loan can also be nonconforming. For example, a conventional mortgage that exceeds the applicable loan limit is generally considered jumbo. Understanding the difference can help you compare loan types more clearly. Great Western Funding offers several home-purchase loan options, with eligibility based on factors such as your finances, the property, and the loan amount.

What makes a loan jumbo and nonconforming?

A jumbo loan exceeds the conforming loan limit that applies to the property’s location and number of units. Since its size is outside the limit for loans eligible for purchase by Fannie Mae or Freddie Mac, it is considered nonconforming under those rules. “Jumbo” refers to the mortgage amount, not the type or price of the home.

Jumbo loans are often conventional, meaning they are not federally insured or guaranteed. Lenders may set their own requirements for credit, income, down payment, and cash reserves, so qualification standards can vary. Ask each lender what documentation and financial qualifications it expects before comparing offers. Great Western Funding can help borrowers explore jumbo and other home-purchase loan options.

Why does the loan amount, not the home price, set the category?

The conforming or jumbo category is based on the amount you borrow compared with the applicable loan limit, not solely on the home’s price. A buyer purchasing a higher-priced property may still have a conforming mortgage if a large enough down payment keeps the loan amount within the limit. Likewise, a lower-priced home could require a jumbo loan if the amount borrowed exceeds the limit.

For a purchase, estimate the mortgage amount after accounting for your down payment, then compare it with the FHFA limit for the property’s location. For a refinance, the relevant figure is the new mortgage amount, which may include the existing payoff and any costs or cash-out amount added to the loan.

How Do Conforming Loan Limits Work?

A conforming loan limit is the maximum mortgage amount that can meet the loan-size rules for purchase by Fannie Mae or Freddie Mac. The limit varies by county and the number of units in the property. If your loan amount is above the applicable limit, it will generally be considered a jumbo loan. That classification is based on loan size, but it does not determine approval on its own. Lenders also review your finances, property, and other loan details.

The limit applies to the amount you borrow, not the home’s price. For a purchase, your down payment reduces the mortgage amount. So, a home priced above the conforming limit may still be financed with a conforming loan if your down payment brings the loan balance within the limit. For a refinance, consider the new loan amount, including any costs you plan to finance or cash you want to take out.

Limits can change each year, so check the current figure for the property’s county and unit count. The FHFA’s conforming loan limit lookup provides county-level information. You can also ask a mortgage professional to compare conforming and jumbo options based on your plans.

How do county and unit limits affect eligibility?

The Federal Housing Finance Agency (FHFA) sets a baseline conforming loan limit and designates certain higher-cost counties with larger limits. The applicable limit also depends on the number of units in the property. A one-unit home, for example, has a different limit from a two-, three-, or four-unit property.

To find the relevant figure, check the property’s county and unit count, then compare the limit with the amount you plan to borrow. A loan at or below the limit may qualify as conforming, provided it also meets other loan requirements. A loan above it will generally fall into the jumbo category. If you’re considering a purchase, Great Western Funding LLC can help you review available home-purchase loan options.

How do baseline and high-cost limits differ?

The baseline limit applies in most counties. In certain higher-cost areas, the FHFA sets a higher limit, allowing borrowers to take out a larger conforming mortgage before the loan amount crosses into jumbo territory. The specific limit depends on the property’s location, unit count, and the current year.

A higher county limit does not guarantee approval for a loan up to that amount. Lenders still assess your credit, income, debts, down payment, and property details. The limit only helps determine whether the loan amount meets the conforming loan-size requirement. If you’re comparing options near your county’s limit, check the FHFA’s current figures rather than relying on amounts in older articles or estimates.

Why should you check current limits for the property’s location?

Conforming loan limits may change each year, and the property’s county can affect the maximum loan amount available under conforming guidelines. Checking the current figure early can help you plan a down payment, set a realistic purchase budget, and identify which loan options to compare. It’s particularly useful when your estimated mortgage amount is close to the county limit.

Confirm the county where the property is located, since a city name or ZIP code may not be enough to establish the applicable limit. For a refinance, consider the property’s county and your estimated new loan amount, including any costs or cash-out amount you plan to include. Great Western Funding LLC can help you compare refinance options based on your goals and loan details.

How does your down payment affect your loan amount?

Your down payment reduces the amount you need to borrow. If a home’s price is above the conforming loan limit, a larger down payment may bring your mortgage balance within the applicable limit. The home’s price does not determine whether the loan is conforming or jumbo; the amount borrowed does.

A smaller down payment may leave you with a loan above the local conforming limit, which could mean considering a jumbo loan. Down payment requirements vary by lender and borrower, and the amount you put down can also affect your loan-to-value ratio and whether mortgage insurance applies. Compare your estimated closing costs and monthly payment with the savings you want to keep available. When reviewing quotes, ask how each down payment amount changes the loan type, payment, and overall cost.

How Do Qualification Requirements Compare?

Both conforming and jumbo mortgages require lenders to review your credit, income, debts, assets, and the property you plan to buy or refinance. The difference is often how much financial strength and documentation a lender expects. Jumbo loans exceed conforming loan limits, and lenders set their own requirements for these loans. As a result, two lenders may assess the same application differently.

Your loan type is only one part of the decision. The amount you borrow, your down payment, property use, income stability, and available savings can all affect the options a lender offers. Published credit score or down payment figures are useful starting points, not promises of approval. Ask lenders to explain their current criteria and compare quotes using the same loan amount and terms. That makes it easier to see how the requirements and costs fit your circumstances.

How do credit and finances affect eligibility?

Lenders look at your credit history and overall finances to understand how you’ve managed debt and whether a mortgage payment fits your budget. Some jumbo programs set higher credit standards than conforming programs. As a general reference, one guide lists a typical minimum credit score of 620 for a conventional mortgage and about 700 or higher for a jumbo loan. These figures are not universal requirements, and lenders may weigh other parts of your application.

A strong credit profile can give you access to more options, but it does not guarantee approval or a specific rate. Lenders may also review payment history, outstanding balances, savings, and the requested loan amount. Read NewHomeSource’s comparison of jumbo and conventional mortgages for an overview of common qualification differences, then ask lenders how their criteria apply to you.

How do down payments, loan-to-value ratios, and mortgage insurance compare?

Your loan-to-value ratio, or LTV, compares the mortgage amount with the home’s value. A larger down payment generally lowers your LTV and reduces the amount you need to borrow. Some jumbo lenders expect larger down payments than conforming lenders, but the required amount depends on the lender, loan size, property, and your financial profile.

Putting 20% down is a common benchmark, not a rule for every loan. For many conventional mortgages, a down payment below 20% may mean paying private mortgage insurance, or PMI. Jumbo loan insurance requirements and alternatives vary, so ask for a breakdown of any upfront or monthly charges. The NewHomeSource guide outlines how down payment size and mortgage insurance can affect borrowing costs.

How do income, employment, and debt-to-income ratios matter?

Lenders verify that your income is sufficient and dependable enough to support the mortgage payment. They may review pay stubs, tax returns, bank statements, and employment history. If you’re self-employed or earn commissions, bonuses, or irregular income, be ready to provide records that show how much you earn over time.

Your debt-to-income ratio, or DTI, compares your monthly debt payments with your gross monthly income. A lower DTI can leave more room in your budget for a mortgage, but acceptable limits vary by loan program and lender. Jumbo applicants may receive closer scrutiny of income stability and existing obligations. Ask a lender to calculate your DTI with the proposed mortgage payment and debts such as car loans, credit cards, and student loans. You can also ask whether paying down debt may change the options available to you.

How do cash reserves, assets, and other obligations affect qualification?

Cash reserves are funds available to cover mortgage payments and other expenses after closing. Some jumbo lenders ask borrowers to show several months of reserves. One guide cites six to 12 months of payments as a typical range for jumbo loans, though the requirement depends on the lender, loan amount, property, and borrower’s financial profile.

Lenders may verify funds in savings, investment, or retirement accounts and consider other obligations that affect your ability to make payments. Certain high-value properties may also require a more involved appraisal, which can add time and expense. Gather recent account statements before applying, and ask which assets count toward reserves. The NewHomeSource overview of jumbo and conventional loans covers common differences in reserve and appraisal expectations.

How do property type, occupancy, and lender guidelines affect eligibility?

Lenders may consider a property’s value, condition, location, number of units, and intended use. A home you plan to occupy as your primary residence may have different requirements from a second home or investment property. A multi-unit property may also receive a different review than a single-family home. The rules depend on the loan program and lender.

Jumbo loans are generally used when the amount you need to borrow exceeds the conforming limit for the property’s location and unit count. They may be an option for high-value homes, but the home’s purchase price alone does not determine whether your mortgage is jumbo. Your down payment affects the amount financed. Assurance Financial’s overview of jumbo and conforming loans explains how jumbo financing applies to loans above conforming limits.

Why might jumbo loans have stricter, lender-specific requirements?

Jumbo loans fall outside conforming loan limits, so lenders set their own eligibility standards. They may ask for a higher credit score, a larger down payment, more income documentation, or additional reserves. The exact mix varies: one lender may focus on available savings, while another may place more weight on credit history or property details. A lender may also request additional appraisal work for certain homes.

For that reason, one lender’s decision does not necessarily predict another’s. Rather than assuming you need a particular score or down payment, ask each lender for its current criteria and compare written quotes based on the same loan amount and terms. Great Western Funding LLC provides personalized home-purchase loan guidance to help borrowers compare mortgage options in light of their finances and plans.

How Do Rates and Total Costs Compare?

The interest rate matters, but it’s only one part of a mortgage’s cost. Compare the APR, lender fees, discount points, mortgage insurance if applicable, and cash needed to close. For a fair comparison, use the same loan amount, term, down payment, and rate type for each option.

Why aren’t jumbo rates always higher?

A jumbo loan exceeds the conforming loan limit for the property’s location and unit count, but that doesn’t automatically mean it comes with a higher rate. Pricing depends on the borrower’s financial profile, the property, the lender, and market conditions. A well-qualified borrower may receive a competitive jumbo offer, while a conforming loan may have a higher rate or fees.

Compare personalized quotes rather than relying on the loan category alone. Check whether each offer includes discount points or other costs that affect the rate. NewHomeSource’s comparison of jumbo and conventional mortgages explains why jumbo pricing can vary instead of following one fixed rule.

How do credit, down payment, loan size, and reserves affect rates?

Lenders review your overall financial picture when deciding whether to approve a loan and what terms to offer. Credit history, down payment, loan-to-value ratio, requested loan amount, income, and existing debt can all affect pricing. Jumbo applications may also receive closer review of assets and cash reserves, since lenders set their own guidelines for loans that exceed conforming limits.

Requirements vary, so general figures aren’t guarantees of what you’ll need. Ask how your down payment could affect the rate, monthly payment, and cash due at closing. You can also request details about documentation and reserve expectations. A personalized home-purchase quote from Great Western Funding can help you compare options based on your circumstances.

How can you compare APR, fees, points, and total borrowing costs?

APR combines the interest rate with certain loan costs, making it a useful comparison tool, but it doesn’t capture every expense or your individual plans. Review lender fees, discount points, estimated closing costs, and any mortgage insurance. Points require more money upfront in exchange for a lower rate, so consider how long you expect to keep the loan before paying for them.

Ask lenders to quote the same loan amount, term, down payment, and rate type. Then compare the monthly payment, cash to close, and expected costs over the time you plan to keep the mortgage. Consider your remaining cash, too. Money left after closing can help cover repairs, emergencies, and other expenses.

How do fixed-rate and adjustable-rate options compare?

A fixed-rate mortgage keeps the same interest rate throughout the loan term, which makes principal-and-interest payments predictable. An adjustable-rate mortgage, or ARM, generally starts with a fixed period, after which its rate can change according to the loan terms. An ARM may begin with a lower rate, but later adjustments can increase or decrease your payment.

Both conforming and jumbo mortgages may offer fixed or adjustable rates, depending on the lender and borrower. If you compare an ARM with a fixed-rate loan, ask when the first adjustment can occur, how often the rate can change, and what limits apply. Great Western Funding offers fixed-rate and adjustable-rate mortgage options, subject to qualification and availability.

Why do personalized quotes differ from advertised rates?

An advertised rate typically reflects specific assumptions about the borrower, loan amount, down payment, property, and rate-lock period. If your details differ, your quote may differ as well. Property type, occupancy, discount points, and lender pricing can also affect the terms you’re offered.

For a useful comparison, request quotes around the same time and confirm they use consistent assumptions. Ask whether the rate is locked, how long the lock lasts, and which fees or points are included. For a refinance, your current balance, property value, and goals also matter. Great Western Funding offers refinance analyses to help homeowners review options based on their situation.

When Might a Jumbo Loan Fit Better?

A jumbo loan may be an option when the amount you need to borrow exceeds the conforming limit for the property’s county and number of units. Whether it fits depends on more than the loan amount: your down payment, finances, and the terms available to you all matter.

When does your loan exceed the conforming limit?

A mortgage is generally considered jumbo when its amount exceeds the conforming loan limit for the property’s location and number of units. The Federal Housing Finance Agency (FHFA) sets these limits and may adjust them over time. Because limits can differ by county, check the current figure for the property you’re considering using the FHFA’s conforming loan limit information.

The limit applies to the amount you borrow, not the home’s purchase price. For instance, if a down payment brings your mortgage below the applicable limit, you may be able to use conforming financing for a home priced above that threshold. Estimate the loan amount after your down payment, then compare it with the relevant county limit.

When might a purchase or refinance require a larger loan?

A jumbo loan may be worth exploring when conforming financing does not provide enough to cover the amount you need for a home purchase. The difference may come down to the property’s price, the size of your down payment, and the conforming limit where the home is located.

Jumbo financing may also be considered when refinancing an existing mortgage or pursuing a cash-out refinance that would put the new loan above the local limit. PennyMac’s overview of jumbo loans covers how borrowers may use them for purchases and refinances. Compare the full terms, including rate, fees, down payment, and monthly payment. A loan’s category alone does not determine whether it suits your budget.

When might preserving cash matter more than making a larger down payment?

A larger down payment can reduce the amount you borrow, but it also means using more of your available funds upfront. You may want to keep cash available for moving expenses, home repairs, emergencies, or other financial priorities. In some cases, comparing a jumbo loan with a larger down payment against one with a smaller down payment can clarify the tradeoff.

Ask lenders for quotes using different down-payment amounts. Compare the monthly payments, closing costs, and any reserve requirements, as well as how much savings you would have left. Requirements vary by lender, and a jumbo loan may call for stronger financial qualifications. Assurance Financial’s comparison of jumbo and conforming loans discusses why available cash can be one factor borrowers consider.

When might a conforming loan or another program fit better?

If the amount you need to borrow is within the local conforming limit, a conforming mortgage may be a suitable option. You can also ask whether FHA, VA, or USDA financing fits your circumstances. Each program has its own eligibility criteria, loan limits, and property rules, so compare options based on your specific situation.

Review more than the interest rate: consider the down payment, mortgage insurance where applicable, closing costs, monthly payment, and lender requirements. Great Western Funding LLC offers home-purchase loan options and refinance guidance to help borrowers compare available choices and request a personalized quote.

What Should You Consider Before Choosing?

Neither a conforming loan nor a jumbo loan is automatically the better choice. The right option depends on how much you need to borrow, what a lender may approve, and how the payment and upfront costs fit your finances. Keep these points in mind as you compare offers.

Remember: the conforming limit isn’t a maximum home price

The conforming loan limit applies to the amount you borrow, not the home’s purchase price. If your down payment brings the mortgage amount within the limit for the property’s location and unit count, you may qualify for a conforming loan even if the home costs more than that limit.

Limits vary by county, and designated high-cost areas may have higher limits than areas that use the baseline limit. Check the applicable figure before estimating your loan options. Fannie Mae’s loan limit lookup lets you search by county and number of units. Remember that the limit is only one part of the decision: the lender will also review your finances, property, and loan details when considering your application.

Don’t assume a jumbo loan means a higher rate or 20% down

Jumbo loans are often associated with higher rates and larger down payments, but neither is guaranteed. Rates depend on the lender, market conditions, loan features, and your financial profile. Some lenders may offer competitive jumbo rates, while others may price the loan higher than a conforming option. Compare personalized offers instead of relying on a general rule. Business Insider’s overview of jumbo mortgages explains why terms can vary between lenders and markets.

A 20% down payment is not a universal requirement, either. Lenders set their own guidelines, and some borrowers may qualify with less. Ask how your down payment affects the rate, loan-to-value ratio, mortgage insurance, and total borrowing cost.

Don’t assume conforming means the lowest total cost

A conforming loan may have favorable terms, but its category alone does not tell you what you’ll pay. Compare the interest rate, annual percentage rate (APR), lender fees, discount points, mortgage insurance, and other charges. A lower advertised rate may require points or come with fees that increase your upfront costs.

Consider the total cost over the time you expect to keep the loan, not just the monthly payment or starting rate. An adjustable-rate mortgage, for example, may begin with a lower payment than a fixed-rate loan, but its rate and payment can change later. Review offers using the same loan amount and term. The Consumer Financial Protection Bureau explains how to compare Loan Estimates and evaluate costs across lenders.

Prepare for possible jumbo documentation, reserve, or review requirements

Jumbo lenders set their own eligibility standards, so the application process may involve a detailed review of your finances. You may need to provide pay stubs, tax returns, bank statements, and information about your assets and debts. Ask the lender early which documents it requires and how it evaluates income, especially if you are self-employed or have variable earnings.

Some lenders may also ask you to show that you’ll have cash reserves after closing, or to explain large deposits and asset transfers. Requirements differ by lender, and approval depends on meeting its criteria. Preparing your records in advance can make it easier to respond to questions during underwriting. Carlyle Financial’s jumbo loan guidance describes some of the financial documentation and review borrowers may encounter.

Compare monthly payments with your cash reserves and long-term plans

A payment that works today should still leave room in your budget for property taxes, homeowners insurance, maintenance, and other financial priorities. Look at how much cash you’ll have after paying the down payment and closing costs. Keeping savings available may be important if you expect repairs, a change in income, or other major expenses.

Compare payments over time, not only the amount due at the start. Principal and interest on a fixed-rate loan generally remain consistent, while an adjustable-rate mortgage can change after its initial period. Think about how long you plan to stay in the home and whether you could manage a higher payment later. Assurance Financial’s comparison of jumbo and conforming loans offers more perspective on weighing payments against your wider financial picture.

Consider your credit, income stability, debts, and future borrowing needs

Lenders review your financial picture, not just your down payment. Your credit history, income, employment, monthly debt obligations, and available assets can all affect eligibility and loan terms. If your income varies or you expect a job or household change, consider how that could affect your budget and ability to meet the lender’s requirements.

Think about upcoming goals, too, such as financing renovations, paying education costs, or buying another property. A larger mortgage may affect how much you can borrow in the future, while a larger down payment may leave you with less cash for other needs. If you’re buying or refinancing, Great Western Funding LLC’s purchase and refinance options can help you compare personalized mortgage choices based on your circumstances.

How Can You Compare Mortgage Options?

A side-by-side comparison can show whether a conforming or jumbo loan better fits your plans. Use the same property details and financial assumptions for each estimate, then compare the amount you’ll need upfront, the monthly payment, and the total cost over time. Because limits and lender guidelines vary, confirm the details for your specific property and finances.

Check the limit for the county and number of units

Conforming loan limits depend on the property’s county and the number of units. A one-unit home may have a different limit from a two-, three-, or four-unit property. Limits can change each year, so check the current figure for the property’s location using the FHFA’s conforming loan limit lookup.

The limit applies to the mortgage amount, not the home’s purchase price. For example, your down payment may reduce the amount you borrow enough to bring the loan within the conforming limit. If the mortgage amount exceeds the applicable limit, you may need to consider jumbo financing. Confirm the limit and how the lender classifies the loan before comparing quotes.

Compare loan amounts with the same down payment and term

For a fair comparison, ask for conforming and jumbo estimates based on the same purchase price, down payment, and loan term. If those details change between quotes, it can be difficult to tell whether a difference in payment comes from the loan type or from the assumptions used.

Then compare the upfront cash each option requires, along with the monthly payment and any mortgage insurance. Lender requirements differ, and jumbo financing may involve a closer review of credit, income, assets, or reserves. Ask which requirements apply to your circumstances rather than assuming there is one standard. Great Western Funding LLC can provide information about home-purchase loan options based on your goals and the property you’re considering.

Estimate payments and total costs using consistent assumptions

Compare more than the interest rate. Ask lenders to estimate costs using the same loan amount, term, down payment, and rate type. Review the monthly principal and interest, estimated taxes and insurance, lender fees, discount points, and any mortgage insurance. The CFPB’s guide to the Loan Estimate explains how to review a lender’s estimated costs and terms.

Consider how long you expect to keep the loan, too. Paying points may lower the rate but increase your upfront costs. Compare the annual percentage rate (APR) as well as the interest rate, and ask the lender to explain notable differences. If you’re considering an adjustable-rate mortgage, check when the rate can change and how that could affect future payments.

Request pre-approval and personalized conforming and jumbo quotes

A pre-approval can help you understand which loan amounts and programs a lender may consider based on your financial information. It is not a final approval: the lender will still need to verify your documents and review the property. Be ready to provide details about your income, employment, assets, debts, and credit.

If your borrowing needs are near or above the county limit, request both conforming and jumbo quotes. Ask lenders to use the same assumptions so you can compare the options clearly. Also ask about documentation, reserve funds, fees, and other requirements that could affect your decision. Great Western Funding LLC offers pre-approval requests and mortgage guidance to help you assess potential loan choices and request a quote tailored to your situation.

Compare purchase and refinance options with Great Western Funding LLC

For a purchase, compare the amount you plan to borrow with the current conforming limit for the property’s county and unit count. For a refinance, consider your existing mortgage balance and the new amount you want to borrow, including costs you may choose to finance. Your goal matters, too: you may want to change your loan term, adjust your monthly payment, or access home equity.

Great Western Funding LLC offers home-purchase loan options and refinance options. Share your goals and financial details, then request personalized estimates for the loan types you’re considering. Comparing those quotes on consistent terms can help you see how the payment, upfront costs, and loan structure differ.

Related Articles

• Jumbo Loan vs. Conventional Mortgage: What’s the Difference?
• Jumbo Loan vs. Conforming Loan: What’s the Difference?
• What Is a Jumbo Loan and How Does It Work?
• Common Questions About Jumbo Loans
• Here’s the Whole Truth on Jumbo Mortgages

Frequently Asked Questions

Can a home above the conforming loan limit still qualify for a conforming mortgage?\ Yes. The limit applies to the amount you borrow, not the home’s price. A larger down payment could keep your mortgage within the limit for the property’s county and unit count.

Is a conforming loan the same as a conventional loan?\ No. Conventional describes a mortgage that isn’t insured or guaranteed by a federal agency. Conforming describes a loan that meets applicable size and other standards for potential purchase by Fannie Mae or Freddie Mac. A conventional loan can be conforming or jumbo.

Do jumbo loans always require a 20% down payment?\ No. Down payment requirements vary by lender, loan amount, property, and borrower. Ask for quotes with different down payment amounts so you can compare the monthly payment, upfront costs, and cash you’d have left after closing.

Are jumbo mortgage rates always higher than conforming rates?\ No. Rates depend on factors such as your finances, loan terms, lender, and market conditions. Compare personalized quotes with the same loan amount, term, and rate type, and review fees and points alongside the interest rate.

What should I prepare before requesting a mortgage quote?\ Gather information about your income, employment, debts, savings, down payment, and the property. If you’re refinancing, include your current loan balance and your goal, such as changing the term or taking cash out. Great Western Funding LLC can help you compare purchase and refinance options based on those details.