Jumbo Loans 2026: Limits, Down Payment, Reserves

A jumbo loan is a mortgage larger than the conforming loan limit, so Fannie Mae and Freddie Mac can't buy it. For 2026, that limit is $832,750 for a one-unit home in most counties and up to $1,249,125 in high-cost counties such as Los Angeles and Orange. iQRATE Mortgages (NMLS 1862492) shops jumbo loans across more than 100 lenders in Nevada, California, Texas and Florida, including asset-based, interest-only and pledged-asset options for buyers whose tax returns don't show their real income.

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Written by David Ghazaryan, Mortgage Broker (NMLS 1486726), iQRATE Mortgages (NMLS 1862492). Licensed in Nevada, California, Texas and Florida. Updated October 2026.

When you need a jumbo loan

You need a jumbo loan when your loan amount, not your price, is above your county's 2026 conforming limit. A $1,000,000 home with 20% down is an $800,000 loan, which is conforming in every county. The same home with 10% down is a $900,000 loan: jumbo in Las Vegas or Dallas, but a high-balance conforming loan in Los Angeles County.

2026 conforming and high-balance limits in our states

Baseline (most counties in Nevada, Texas and Florida): $832,750 for a one-unit home.
Los Angeles and Orange counties: $1,249,125, the 2026 ceiling.
San Francisco Bay Area counties: many are at the $1,249,125 ceiling.
San Diego County: $1,104,000.

Loans between the baseline and your county's limit are called high-balance conforming loans. They follow Fannie and Freddie rules, usually with a small pricing add-on, and often need less down and fewer reserves than a true jumbo. Check your county on our California page, or our Nevada, Texas and Florida pages.

What jumbo lenders typically ask for

Every jumbo lender sets its own rules. These are typical ranges we see, not a quote:

Down payment: often 10–20%, with some lenders going lower for strong borrowers and others requiring more above $2–3 million.
Credit: many lenders want 700 or higher; the best pricing usually starts higher.
Reserves: commonly 6–12 months of payments in savings or retirement accounts after closing, more for larger loans or multiple properties.
Debt-to-income: often 43% or less, sometimes higher with strong reserves.
Appraisals: larger loans may require two appraisals or a review appraisal.

Jumbo loans for buyers whose tax returns understate income

Many jumbo buyers are business owners, investors or retirees. If your tax returns don't reflect what you can afford, we look at non-QM jumbo options:

Asset depletion: eligible assets are divided over a set number of months to create qualifying income. Retirees and buyers with large brokerage accounts often use this.
Bank statement jumbo: 12 or 24 months of deposits replace tax returns. See bank statement loans.
Pledged-asset loans: you pledge investments as extra collateral instead of selling them for a down payment, which can avoid capital gains and keep your portfolio invested.
Interest-only jumbo: lower payments for the first years, useful for buyers with uneven income such as bonuses.

Jumbo vs. piggyback (80-10-10)

A piggyback pairs a conforming first mortgage with a second mortgage or HELOC so the first stays under the limit. It can beat jumbo pricing for loans just above the limit, but the second loan usually has a higher, often variable rate. We price both side by side.

Jumbo rates, ARMs and buydowns

Jumbo rates are set by each lender's investors and can be above or below conforming rates on any given day. Adjustable-rate jumbos (such as 7/6 or 10/6 ARMs) are common for buyers who expect to sell or refinance within the fixed period. We'll show you the fixed and ARM options with the same fees so you can compare.

Jumbo markets we serve

California: Beverly Hills, Los Angeles, San Francisco, San Jose, Irvine and San Diego.
Nevada: Summerlin, Henderson and the Lake Tahoe area near Reno.
Texas: Austin, Frisco, Plano and The Woodlands.
Florida: Miami, Naples and West Palm Beach.

Jumbo condos and luxury property issues

Luxury condos can be non-warrantable because of litigation, high investor ownership or commercial space; portfolio lenders may still finance them. Florida's post-Surfside condo inspection and reserve rules add review on many buildings. Hillside and wildfire-zone homes in California may need FAIR Plan coverage, which lenders accept with a wraparound policy.

How we shop your jumbo loan

We send your file to the jumbo lenders whose rules fit it: full-doc, asset-based, bank statement or interest-only. You get side-by-side Loan Estimates, and our Rate Match guarantee applies to identical locked terms.

A jumbo example (illustrative only, not a quote)

A buyer in Austin, where the 2026 conforming limit is $832,750, buys a $1,500,000 home with 20% down. The $1,200,000 loan is jumbo. Option two is a piggyback: an $832,750 conforming first mortgage plus a $367,250 second. Option three, if the buyer has $3 million in a brokerage account but little W-2 income, is an asset-depletion jumbo that turns those assets into qualifying income. We'd price all three with the same closing date and show the payment, cash to close and 5-year cost of each.

What you need to apply for a jumbo loan

Two years of tax returns and W-2s or 1099s (or 12–24 months of bank statements for bank statement jumbo)
Two to three months of statements for every asset account you'll use for down payment and reserves
Explanation of large deposits
For business owners: business returns, a year-to-date P&L or CPA letter
For trusts and LLCs: the trust certification or operating agreement

Steps to a jumbo closing with iQRATE

Pre-approval review: we read your full file, not just a credit score, and identify the jumbo programs you fit.
Lender match: we compare jumbo lenders by rate, reserves, debt-ratio limits and condo or property rules.
Lock and appraisal: we lock when you're ready, and order one or two appraisals as the lender requires.
Underwriting and closing: we manage conditions and keep your agent and escrow informed until you close.

Jumbo requirements at a glance (typical ranges, not a quote)

Loan amount: above your county's 2026 conforming limit ($832,750 baseline; $1,249,125 ceiling). How lenders differ: maximum loan sizes range from about $2 million to $5 million or more.
Down payment: commonly 10–20%. How lenders differ: some require 25–30% for the largest loans or for condos and second homes.
Credit score: commonly 680–740 minimum. How lenders differ: the best pricing tiers start higher.
Debt-to-income: commonly 43% or less. How lenders differ: some allow 45–50% with strong reserves.
Reserves: commonly 6–12 months of payments, more above about $2.5 million. How lenders differ: retirement accounts are often counted at a discount.
Appraisal: one full appraisal, sometimes two for large loans. How lenders differ: thresholds for a second appraisal vary.
Documentation: full-doc (two years of returns) or non-QM alternatives (bank statements, asset depletion). How lenders differ: non-QM jumbo pricing is higher.

Jumbo in Nevada

Every Nevada county uses the $832,750 baseline in 2026, so any loan above that is jumbo in Las Vegas, Henderson, Reno or Lake Tahoe's Nevada side. Nevada has no state income tax, which helps buyers relocating from California qualify on take-home pay, but lenders still qualify you on gross income. Clark County's real property transfer tax is $2.55 per $500 of value, and Washoe's is $2.05 per $500. Nevada caps annual property-tax increases on an owner-occupied home at 3%. Many Summerlin, The Ridges, MacDonald Highlands and Incline Village purchases are jumbo. See Summerlin, Henderson and Reno.

Jumbo in California

California has the most high-cost counties in our four states. 2026 one-unit conforming limits from FHFA:

$1,249,125: Los Angeles, Orange, San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, Marin, Santa Cruz and San Benito.
$1,104,000: San Diego. $1,035,000: Ventura. $1,017,750: Napa. $1,000,500: San Luis Obispo. $994,750: Monterey. $941,850: Santa Barbara. $897,000: Sonoma.
$832,750: every other county, including Riverside, San Bernardino, Sacramento, Placer and Fresno.

Property tax resets to about 1.1–1.3% of the purchase price under Prop 13, so a $2 million purchase carries roughly $22,000–$26,000 a year in tax that lenders count in your payment. Inside the City of Los Angeles, Measure ULA adds a transfer tax on sales above its thresholds, usually paid by the seller. Wildfire insurance is the other big jumbo issue: many hillside buyers need the FAIR Plan plus a wraparound policy, and lenders need proof of coverage before closing. See Beverly Hills, Los Angeles, San Jose and Pasadena.

Jumbo in Texas

Every Texas county is at the $832,750 baseline in 2026. Texas has no state income tax and no transfer tax, but property taxes are high, so a jumbo payment includes a large escrow. A $1.5 million Austin home at a combined rate near 2% carries about $30,000 a year in tax before exemptions. If you plan a cash-out refinance later, Texas home equity rules (Section 50(a)(6) of the Texas Constitution) cap the total loan at 80% of value on a homestead. See Austin, Frisco, The Woodlands and Katy.

Jumbo in Florida

Florida is at the $832,750 baseline everywhere except Monroe County (the Keys), where the 2026 limit is $990,150. Florida charges documentary stamp tax on the deed ($0.70 per $100) and the note ($0.35 per $100) plus 0.2% intangible tax on the mortgage, so on a $1.5 million jumbo loan the note stamps and intangible tax alone are about $8,250. Wind and flood insurance can run high on coastal homes, and condo buyers face Florida's milestone inspection and reserve-study rules. See Miami, Naples, Boca Raton and West Palm Beach.

Worked example: a $2,000,000 Irvine purchase (illustrative)

Orange County's limit is $1,249,125. With 20% down, the loan is $1,600,000, which is jumbo. With 37.6% down ($751,875), the loan would be $1,248,125, which is high-balance conforming. A buyer with $900,000 available might compare:

Jumbo, 20% down: $1,600,000 loan, $400,000 down; keeps $500,000 in reserves.
High-balance conforming: $1,248,125 loan, $751,875 down; leaves about $148,000, which may not meet reserve rules.
Pledged-asset jumbo: smaller cash down, with investments pledged as additional collateral.

Property tax at about 1.1–1.3% of $2,000,000 adds roughly $1,833–$2,167 a month, and Mello-Roos may apply in newer Irvine villages.

Illustrative only, not a quote or offer. Rates, terms and eligibility vary by lender and change without notice.

Worked example: retiree buying in Henderson with asset depletion (illustrative)

A retired couple has $3,000,000 in eligible brokerage and retirement accounts and $6,500 a month in Social Security and pension income. They want a $1,400,000 home in MacDonald Highlands with 25% down, a $1,050,000 jumbo loan. A lender that divides eligible assets over 360 months adds about $8,333 a month to their income; lenders differ on which assets count and whether retirement accounts are discounted. With about $14,833 in qualifying monthly income, the payment fits common debt-ratio limits.

Illustrative only, not a quote or offer. Rates, terms and eligibility vary by lender and change without notice.

Jumbo refinance and cash-out

Jumbo refinances follow the same income, credit and reserve rules. Cash-out jumbo loans often have lower maximum loan-to-value limits than purchases. In Texas, a homestead cash-out is limited to 80% of value. If rates fall, our Lifetime Rate Monitoring watches for a refinance opportunity.

Common jumbo mistakes and how to avoid them

Moving money right before applying. Jumbo underwriters source every large deposit. Transfers between your own accounts are fine but need a paper trail; cash deposits are hard to use.
Counting retirement accounts at face value. Many lenders count only 60–70% of retirement balances toward reserves to allow for taxes and penalties.
Forgetting HOA, Mello-Roos and club dues. In luxury communities, these can add thousands a month and push your debt ratio over the limit.
Opening new credit. A new car loan during escrow can change your ratios and delay closing.
Assuming your bank's jumbo is the best. Private banks may offer relationship pricing tied to moving assets; compare the full cost, including any asset requirements.

Jumbo timeline

A full-doc jumbo usually takes 21–30 days from contract to closing; asset-based and bank statement jumbos can take a little longer because of extra documentation and, for large loans, a second appraisal. Our goal for eligible files is to have conditions cleared before the appraisal comes back, so the appraisal is the last step, not the first delay.

Second homes and investment jumbos

Jumbo loans are available for second homes, often with 20–25% down, and for investment properties, usually through non-QM or DSCR programs with 25–30% down. Lake Tahoe, Palm Springs and Florida's coasts are common second-home jumbo markets. See our Coachella Valley and Naples pages.

Jumbo glossary

Conforming loan: a loan at or below the FHFA limit that Fannie Mae or Freddie Mac can buy.
High-balance loan: a conforming loan above the $832,750 baseline in a high-cost county.
Jumbo loan: a loan above your county's conforming limit, held by the lender or sold to private investors.
Reserves: liquid assets left after closing, measured in months of your full housing payment (PITIA).
Asset depletion: a method that converts eligible assets into monthly qualifying income.
Pledged-asset loan: a loan where investments are pledged as extra collateral instead of being sold.
Piggyback (80-10-10): a first mortgage at the conforming limit plus a second mortgage, used to avoid a jumbo.
ARM: an adjustable-rate mortgage with a fixed period (such as 7 or 10 years) followed by adjustments.
PITIA: principal, interest, taxes, insurance and association dues.

How jumbo lenders count executive and business income

Salary: current pay with a written or verbal verification of employment.
Bonus and commission: usually averaged over two years and must be likely to continue; a declining trend is averaged lower or excluded.
Restricted stock units (RSUs): many lenders count vested RSU income with a history of vesting and evidence of continued grants; some count unvested RSUs on a schedule. Rules differ widely, which is why we compare lenders. See our San Jose page for Bay Area RSU buyers.
K-1 and S-corp income: counted from business and personal returns, often with proof the business can support distributions.
Rental income: counted from leases or Schedule E, with a vacancy factor.
Newly relocated executives: some lenders accept an offer letter with a start date before closing.

Jumbo by property type

Single-family homes: the widest jumbo lender choice.
Condos: the building must pass lender review; Florida and some California high-rises can be non-warrantable, which moves the loan to a portfolio or non-QM lender.
2–4 units: conforming limits for 2–4 units are higher ($1,066,250 baseline for two units in 2026), so many duplexes stay conforming even above $832,750.
Acreage and estates: large lots, guest houses and agricultural use can limit lenders and appraisal comparables.
New construction and custom builds: construction-to-permanent jumbos exist but have stricter reserve and builder requirements.

Related loan programs and guides

Jumbo loans · VA loans · FHA loans · Non-QM loans
DSCR loans for rental properties · Bank statement loans for self-employed borrowers
State guides: Nevada · California · Texas · Florida
Closing costs by state · Our written guarantees

Closing costs vs. cash to close

Closing costs are lender and third-party fees; cash to close also includes your down payment and prepaids such as insurance and tax escrow, minus any credits. Every fee is itemized on your Loan Estimate. See closing costs by state.

Written guarantees that apply in Jumbo loans

Terms for each are on its own page; see all iQRATE guarantees.

Rate Match: lock with us, and within 3 calendar days show a competitor's locked Loan Estimate for identical terms. We match it or pay you $1,000 after you close with them.
Bare Bones Closing Costs: no processing, admin, doc-prep, lock or broker fees of our own; third-party fees at cost.
17-Day Closing Commitment: our goal for eligible conventional, FHA and VA purchases is 17 calendar days from initial disclosures. Most of our loans close in under 30 days.
$5,000 Seller Guarantee and All Costs Covered: if a purchase backed by our verified approval fails solely because of our error, we pay the seller $5,000, and we reimburse you up to $1,000 of costs plus forfeited earnest money up to $5,000.
12-Month Rate Drop and Lifetime Rate Monitoring: if rates fall at least 0.50% within a year, typical lender fees on the refinance are covered through premium pricing (subject to lender availability), and we watch rates for you for life.

Jumbo loans FAQs

What is the jumbo loan limit for 2026?

A jumbo loan is any loan above your county's conforming limit: $832,750 in most counties and up to $1,249,125 in high-cost counties.

How much do I need to put down on a jumbo loan?

Often 10–20%, depending on the lender, loan size and your credit and reserves.

What is a high-balance loan?

A conforming loan between $832,750 and your county's higher limit, such as $1,249,125 in Los Angeles County.

Can I get a jumbo loan without tax returns?

Yes, through asset-depletion or bank statement jumbo programs.

How many months of reserves do jumbo lenders require?

Commonly 6–12 months of payments, more for larger loans or multiple properties.

Is a piggyback loan better than a jumbo loan?

Sometimes for loans just above the limit. We price both.

Do jumbo loans need two appraisals?

Larger loans sometimes do; it depends on the lender and loan size.

Are jumbo rates higher than conforming rates?

Not always. Jumbo pricing varies by lender and can be lower on some days.

What is the 2026 conforming limit in Nevada, Texas and Florida?

$832,750 in every Nevada and Texas county and every Florida county except Monroe, which is $990,150.

Which California counties have the highest conforming limit?

Los Angeles, Orange, San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, Marin, Santa Cruz and San Benito are at $1,249,125.

Can I get a jumbo loan with 10% down?

Some lenders allow it for strong borrowers; many require 15–20%.

Do jumbo loans have PMI?

Usually not; lenders price the risk into the rate or require more down instead.

Talk to a broker about jumbo loans

Get My Custom Rate Now · or call (702) 766-3744

iQRATE Mortgages · NMLS 1862492 · 6360 S Rainbow Blvd Ste 101, Las Vegas, NV 89118 · Licensed in Nevada, California, Texas and Florida. David Ghazaryan, Mortgage Broker, NMLS 1486726. Verify us on NMLS Consumer Access. Equal Housing Opportunity. This is not a commitment to lend; programs, rates and terms vary by lender and change without notice.

More: DSCR loans · Bank statement loans · Our guarantees · Closing costs by state

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Jumbo Loans in Nevada, California, Texas and Florida