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What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?

Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?

A: This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit. Back in 2008, Congress decided to let Fannie Mae, Freddie Mac and the FHA offer "high-limit" loans in some of the most expensive housing markets. What was a $417,000 break point between conforming and jumbo became a mess of loan limits based upon median home prices; in some markets, the "conforming" loan limit can run as high as $729,750 (and above this would be a jumbo). In other markets, where the median home prices are lower, it it still the $417,000 break... and in some markets, it's in-between somewhere.

For a current list, see the spreadsheet present in the 'recommended reading' section below, from the FHFA.

 

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