A jumbo mortgage is a type of financing that exceeds the amounts of conforming loan limits generally set by the Federal Housing Finance Agency. Because it is beyond the limits secured by Fannie Mae or Freddie Mac, it is not federally guaranteed. Jumbo loans are available to help finance luxury properties
For those with good credit ratings and sustainable income limits, wishing to purchase homes over 424,100 (in 2017), Jumbo Loans are available, along with a minimal debt to income ration. Borrowers generally are also required to prove they have the assets available to cover six months worth of mortgage payments to go along with their jumbo loan.