What makes a loan "jumbo"?
Fannie Mae and Freddie Mac buy most U.S. mortgages, but only up to a limit. For 2026, that limit is $832,750 for a single-family home in most of the country, including the Portland area and the rest of Oregon. Borrow more than that, and you're in jumbo territory.
Because jumbo loans can't be sold to Fannie or Freddie, each lender sets its own rules. That's why two lenders can give very different answers on the same file.
What do you need to qualify for a jumbo loan?
| Requirement | Typical guideline |
|---|---|
| Credit score | 700 or higher; best pricing usually 740+ |
| Down payment | 10% to 20% or more |
| Debt-to-income ratio | Often 43% or lower, sometimes higher with strong reserves |
| Reserves | Often 6 to 12 months of payments in savings or retirement accounts |
Guidelines vary by lender and loan amount.
Why does the lender matter so much on a jumbo?
- Income rules differ. RSU income is a good example: some lenders count vested stock readily, others discount it, and some won't count it at all.
- Reserve rules differ. What counts (retirement accounts, brokerage accounts) and how much is required changes by lender.
- Pricing differs. Jumbo rates are often close to conforming rates for strong borrowers, but the spread between lenders can be wide.
I compare jumbo lenders for each client, and I've helped plenty of buyers get approved after another lender said no.
Benefits of a jumbo loan
- One loan and one payment, instead of stacking a first and second mortgage.
- Usually no mortgage insurance.
- Fixed and adjustable options, including interest-only on some programs.
How do you prepare for a jumbo loan?
Jumbo files involve more documentation. Have two years of tax returns, recent pay stubs, and statements for every account ready, including retirement and brokerage accounts. Reserves can make or break a jumbo approval, so share every account, even the ones you think don't matter.
Buying in Lake Oswego? See my Lake Oswego mortgage FAQ.
Related guides
Frequently asked questions
What is a jumbo loan in Oregon in 2026?
Any loan above the conforming limit, which is $832,750 for a single-family home in most Oregon counties in 2026.
How much do you need to put down on a jumbo loan?
Often 10% to 20%, depending on the lender, loan amount, and your credit. Some lenders allow 10% down for well-qualified borrowers.
Are jumbo rates higher than conventional rates?
Not always. For borrowers with strong credit and reserves, jumbo rates are often close to conforming rates, and sometimes lower. Pricing varies a lot between lenders, which is where a broker helps.
Can RSU or stock income count for a jumbo loan?
It depends on the lender. Some count vested restricted stock units readily, some count only part, and some won’t count them at all. A “no” elsewhere may just be a lender problem.
Educational only, not a commitment to lend. Program guidelines, limits, and pricing change, and every loan is subject to underwriting approval. Example numbers are illustrations, not quotes.
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