Jumbo home mortgages are best suited for families looking to purchase a large or luxury home that exceeds the limits of a standard conforming mortgage loan. The limits on conforming mortgages are set by Fannie Mae and Freddie Mac and are based on the area of the country in which you live. For most areas of the US, the limit on a conforming mortgage is $424,100 (for 2017). For areas of the country with high costs of living, the limit may be as high as $636,000.
Jumbo Home Loans are a type of non-conforming loan and are not necessarily harder to get, but there are more restrictions than there are on conventional mortgage loans.
Document requirements for Jumbo Home Loans:
For those who are self-employed, the following are also required: