Jumbo loans are mortgage loans that exceed the conforming loan limit set by Fannie Mae and Freddie Mac. In 2023, a Jumbo loan exceeds $726,200 in most counties with conforming loan limits being higher in more expensive counties.

These loans exist to fund luxury properties or homes in very competitive real estate markets and can reach into the millions. Jumbo loans are available in fixed and adjustable rate mortgages (ARM).