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Jumbo loans are a mortgage product that can be used when a buyer has exceeded the traditional limits for a conventional loan. In 2023, that loan limit is $726,200 or up to $1,089,300 for certain high-cost markets (i.e., Los Angeles, CA).

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Although they vary by lender, Jumbo loans are often capped at $3 million. However, Next Level Lender can do jumbo loans up to $5 million ($4 million for VA Jumbo loans). We have other loan products for you over these amounts as well.

Interest rates always vary based on each individuals’ circumstances, but generally a jumbo loan will have slightly higher interest rates due to risks associated with lending larger amounts of money. Recently, jumbo loan interest rates have become more competitive then in years past.

Yes! You can use a jumbo loan product to buy an additional residence or investment property. It is an ideal loan product to use for your vacation home or even just your primary residence.

Typically, jumbo loans will require a higher down payment and a good credit score. Just like a conventional loan though, you’ll need to confirm you have a steady source of income and have a good DTI (Debt-to-income) ratio.