Jumbo mortgages: loan size and underwriting

Conforming or jumbo?

Home value and loan amount are different figures. Depending on the down payment, a $1 million home may use a conforming or jumbo mortgage. The 2026 FHFA baseline conforming limit for a one-unit home is $832,750; some counties have higher limits. The loan must also meet the lender’s other requirements.

FHFA: 2026 conforming limits. Source checked September 28, 2026.

What makes a loan jumbo

A jumbo mortgage exceeds the conforming limit applicable to the property. Not every high-value home needs one. Check the county and unit count before comparing structures. CFPB: jumbo loan definition.

Documentation and reserves

Chase’s educational guidance describes potentially more detailed income, asset and debt review, and reserves remaining after closing. Documents depend on the lender and income source. These are market observations, not Stonehaven program requirements. Source: preparing for a jumbo mortgage.

Property appraisal

Valuation review can differ too. Chase explains that some lenders request two appraisals depending on loan amount or other circumstances. Confirm the scope, costs and timing for the specific property with the lender. Source: jumbo application process.

Sources checked September 28, 2026. Cited lenders are educational sources; inclusion does not assert a lending relationship.

How we help

We organize property, income and funds information to explore financing options for your home. The lender confirms documentation, eligibility, appraisal requirements and the final decision. No approval is implied.

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