Jumbo Loans

jumbo loans at Waterstone Mortgage

At Waterstone Mortgage, our jumbo home loans make it easier than ever for homebuyers to purchase homes above the conventional conforming loan limit.

With flexible options, program expertise, and superior service, we’ll work with you to select a loan program that meets your financial needs and goals.

what is a jumbo loan?

A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the 2023 conforming loan limit for a single-family home is $726,200. However, loan limits can be higher in some high-cost areas of the United States. If your mortgage loan amount (the cost of the home, minus your down payment amount) is over the conforming limit, you’ll probably need a jumbo mortgage.

Because you will be financing a higher loan amount than Fannie Mae and Freddie Mac (government-sponsored enterprises that set the conforming limit) will allow, jumbo loans tend to come with higher risk and thus, higher interest rates. The credit requirements are a little bit higher than other loan programs for that same reason.

Did you know?
Waterstone Mortgage also offers jumbo refinances and renovations. Ask a local mortgage home loan expert in your area for more information!

what are the benefits of a Waterstone Mortgage jumbo loan?

If you’re purchasing a more expensive home, going with a jumbo loan (as opposed to other financing methods, like multiple mortgages or an enormous down payment) offers many benefits, such as:

  • Financing available up to $3 million
  • No down payment required on loan amounts up to $1,149,825* with the Wealth Building Loan
  • Up to 80% financing for second homes
  • As low as 660 FICO
  • Non-warrantable condos and condotels allowed — all occupancies
  • Fixed- and adjustable-rate mortgage (ARM) options available

am I eligible for a jumbo loan?

The same factors examined when applying for any home loan are looked at when applying for a jumbo loan. However, qualifying for a jumbo loan typically requires:

  • Higher credit scores
  • Lower debt-to-income ratios
  • Higher reserves
  • Larger down payments


All loan requests are subject to credit approval as well as specific loan program requirements and guidelines.

*Available for qualified homebuyers for financing up to $1,149,825 with as low as a 700 FICO or financing up to $766,550 with as low as a 680 FICO. With adjustable-rate mortgages (ARM), the interest rate is variable and may increase or decrease after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment. Geographical variations may apply. Specific information about loan adjustment period available at application.