jumbo loans

Jumbo Home Loans

Sometimes, you need a little something extra when you are about to purchase your dream home. Like when the price of a house and the loan you need to afford it exceeds the conforming limit. That’s where a jumbo loan can be perfect.

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What are Jumbo Loans?

Jumbo loans, also known as jumbo mortgages, are home loans that go beyond conforming and high-balance loan limits. Often, jumbo loans are used for purchasing and financing higher-priced and luxury homes, as well as homes in markets with higher housing costs throughout Nevada and California. The limit on the amount you can borrow for a conforming loan in 2024 is $766,550, which is set by the Federal Housing Finance Agency (FHFA). 

So, how does a jumbo loan differ from a conventional mortgage? Unlike conventional loans, jumbo loans are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. For this reason, some lenders consider them to be riskier. To help offset the risk, applicants for this type of loan may need a higher credit score and lower debt-to-income ratio. One thing to note: although interest rates are typically higher on jumbo loans, they are available in both fixed and adjustable rate mortgages and come with various terms.

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Loan Amounts

Loan amounts above standard 2024 conforming limits between $766,551 and $1,000,000.

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Interest Rates

Jumbo loans are available as a fixed rate mortgage and adjustable rate mortgage.

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Loan Options

Options for purchase/refinance, both cash out and rate-and-term.

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Loan to Value

Borrowers may qualify for a mortgage with loan to value (LTV) up to 80%.

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Property Type

Primary residences mainly, though second/vacation homes may also qualify.

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Have a higher credit score and low debt-to-income ratio.

Greater Nevada Mortgage offers great mortgage rates on jumbo loans for homebuyers in Nevada and California. See how we can help you purchase the home of your dreams.

Common Questions About Jumbo Loans

We get a lot of questions about the various loan types we offer. Here are more details on how jumbo loans work, whether you’re a first-time buyer or seasoned homeowner.

  • How does a jumbo loan work?

    When a loan exceeds the standard, conforming amount backed by the Federal Housing Finance Agency (currently $766,550 in 2024), a jumbo loan is appropriate. Due to the size of  a jumbo loan, borrowers must have higher credit scores and low debt-to-income ratios. Not all financial institutions offer jumbo loans, but Greater Nevada Mortgage does. 

  • Who can benefit from a jumbo loan?

    Jumbo loans are an excellent match for two types of borrowers: those who are looking to finance homes that are above the conforming loan limits in a certain region and those who live in regions where average home prices far outpace the rest of the nation (such as Nevada and California). Jumbo loans may be taken out for single family homes/primary residences, second homes and investment properties. 

  • What are the different types of mortgage loans?

    Greater Nevada Mortgage offers a variety of types of home loans for every kind of potential homebuyer, including: 

    • Fixed rate mortgages
    • Adjustable rate mortgages (ARMs)
    • FHA loans
    • USDA loans
    • VA loans
    • Jumbo loans
    • Doctor loans

Pros and Cons of a Jumbo Loan

  • Can borrow more than the current conforming limit
  • Interest rates are competitive
  • Higher down payments: generally 20% and up
  • Closing costs + fees can run slightly higher than with conventional loans

Everyone Deserves a Home

According to the National Institute to End Homelessness, over 7,600 Nevadans experience homelessness on any given day, with nearly 20% being children and teens. Our Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, which has resulted in $190,000 donated since launching in 2021.

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Next Steps to Lock in Your Rate

Applying for a jumbo loan from Greater Nevada Mortgage has never been easier. Follow the steps below to get started.

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Calculate What You Can Afford

See how much you can afford to borrow on your home purchase with our mortgage calculator.

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Submit Your Application

It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.

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Let’s Chat

All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.

APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.

Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.

Please contact a Mortgage Consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.