Jumbo Refinance — For Loans Above the Conforming Limit

A jumbo mortgage is any home loan above the annual conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2026, the baseline conforming limit is approximately $806,500 for a 1-unit property in most counties. Loans above that threshold cannot be purchased by Fannie Mae or Freddie Mac, so they are called "jumbo" and are held on lender balance sheets or sold into private securitizations.

Jumbo refinance requirements are typically stricter than conforming: 700+ credit score (many lenders require 720 or higher), a maximum LTV of 80% (meaning at least 20% equity), 6 to 12 months of reserves in liquid assets, and full income documentation including tax returns, bank statements, and W2s or business returns. Self-employed borrowers typically need two full years of returns. Lender overlays vary.

Historically, jumbo rates priced slightly higher than conforming rates because they lacked an agency guarantee. In recent years that gap has narrowed and sometimes even inverted, with jumbo rates occasionally pricing slightly below conforming for strong borrowers. The current spread depends on the market and the specific lender. Our free rate check shows you estimated jumbo pricing in about 30 seconds.

For 2026, the baseline conforming loan limit set by FHFA is approximately $806,500 for a 1-unit property in most U.S. counties. Designated high-cost counties allow higher limits — up to roughly 150% of the baseline in the most expensive areas, which includes parts of California, New York, Washington DC, and Hawaii. Check your specific county limit, because a loan that is jumbo in one county may still be conforming in another.

Most jumbo lenders require 6 to 12 months of PITI (principal, interest, taxes, insurance) reserves in liquid assets — checking, savings, money market, or a portion of retirement accounts. Larger loan amounts and investment properties typically require more reserves. This is in addition to funds needed for closing costs. Reserve requirements vary by lender and loan amount.

Yes, jumbo cash-out refinances are available, though typically at stricter LTV caps — often 70% to 75% LTV maximum on a primary residence — and with reserve requirements that may be higher than a rate-and-term jumbo. The exact cap depends on credit score, property type, and loan amount. We will price both rate-and-term and cash-out scenarios for you if you are considering pulling equity.

Most jumbo loans do not carry private mortgage insurance (PMI) because they typically require 20% down or 20% equity to begin with. A small number of jumbo programs allow lower down payments with PMI or lender-paid alternatives, but the standard jumbo product is 80% LTV or lower without PMI.

Yes. Lendtrain (NMLS# 1844873) is a licensed mortgage broker in 10 states — AL, FL, GA, KY, NC, OR, SC, TN, TX, and UT — and originates jumbo refinance loans through wholesale lender partners in those states. If you are outside our licensed footprint we cannot help directly, but we can point you in a useful direction.