Jumbo Home Loan

A Jumbo home loan is backed by Fannie Mae or Freddie Mac with loan amounts over $647,200.

Currently Licensed States


A Jumbo home loans in Salt Lake City, Utahfollows established underwriting guidelines set by Fannie Mae, Freddie Mac and/or their respective investor. Generally, a home loan is used when the Jumboloanlimitamount exceeds the conforming loan limit of $647,200. However, in some high-cost areas, a High Balance home loanlimitsis available in Utah 2021.

JASON SKINROOD wants to help you choose the mortgage lenders in Park City Utah, which will garner you the best deal and service. Some local Park City mortgage lender professionals we recommend. If you have further questions on lenders in Park City, don’t hesitate to contact us.

Loan Uses

Use a Jumbo mortgage loan with an interest rates Utah, for the following transactions:

  • Purchase – Finance the purchase of an existing home or new construction home.
  • Rate & Term Refinance – Refinance any current mortgage loan(s) that were used to purchase a home that provides a financial benefit to the borrower by lowering the interest rate, monthly payment or removing mortgage insurance. Second mortgage loans that were not used to purchase the property can be subordinated to the new home loan. Borrowers are unable to receive more than $2,000 cash back at closing. Texas residents may not receive any cash back at closing.
  • Cash out Refinance – Utilize the equity in your home to consolidate debt, make home improvements or to receive cash for any need. Texas residents may not exceed 80% loan-to-value with a cash out refinance.

Loan Amounts

Loan amounts that exceed the conforming loan limit set by Fannie Mae and Freddie Mac of $647,200 are considered a Jumbo home loan. However, some high-cost areas are eligible for a High Balance home loan.

Maximum loan amounts of up to $3,000,000 are available with specific loan-to-value (LTV) requirements depending on the investor.

Down Payment

A down payment is required for a Utahjumbo homeloan limits. The minimum amount required is 5% of a home’s purchase price. For any down payments less than 20%, mortgage insurance may be required.

Having a down payment of 20% or more will not require mortgage insurance.

Mortgage Insurance

To protect the Jumbo loan lender, mortgage insurance protects against losses caused by a homeowner’s default on a Jumbo mortgage loan. Mortgage insurance (or MI) typically is required if the homeowner’s down payment is less than 20% of the purchase price.

Mortgage insurance for a Jumbo mortgage loan can be paid monthly, as a single premium at closing or by the lender.

Property Types

You may use a Jumbo home loan for the purchase or refinance of the following property types:

  • Single family residenceone unit, attached or detached including town homes
  • Modular Homes – must have standard foundation
  • Multi-unit – two to four units
  • Mixed Use Property – condominiums & PUDs where the commercial space does not exceed 25%
  • Condominiums – warrantable
  • Planned Unit Developments – PUDs
  • Investment property – up to ten properties
  • Log Homes – typical for the area with no excessive acreage
  • Cooperatives – must meet Fannie Mae guidelines

Credit Requirements

Credit requirements for a Jumbo loan are more stringent than other loan programs. There is a requirement of a 680 FICO score with two or more credit bureaus.


The purchase or refinance of an owner-occupied property, second home or investment property can be used with a Jumbo home loan.

Apply for a Jumbo home loan today!


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