A jumbo loan is any mortgage larger than the conforming limit in your county — $832,750 across Albany, Saratoga and most of upstate New York, and $1,209,750 in Queens, Brooklyn, Manhattan, the Bronx, Staten Island, Nassau, Suffolk, Westchester, Rockland and Putnam. Past that number you're in jumbo territory, and the rules change.
Jumbo has a reputation for being punishing. In practice, for a buyer with real credit and real reserves, the file moves about like any other — there are just more eyes on it.
20% is the old rule. Plenty of jumbo programs go to 10% down, and a few to 5% for the strongest files.
Up to $3M standard, with higher amounts available case-by-case on the right profile.
Most jumbo programs have no monthly mortgage insurance at all — even some at under 20% down, priced into the rate instead.
700 is the usual entry point, 740+ prices best. Some programs will work in the 660–699 range with more down.
Ten New York counties get the high-cost limit. The other fifty-two use the baseline. Same house, different county, different loan type.
| Units | Baseline counties (Albany, Saratoga, Rensselaer, Schenectady, Warren…) | High-cost counties (all 5 NYC boroughs, Nassau, Suffolk, Westchester, Rockland, Putnam) |
|---|---|---|
| 1 unit | $832,750 | $1,209,750 |
| 2 units | $1,066,250 | Higher — confirm by county |
| 3 units | $1,288,800 | Higher — confirm by county |
| 4 units | $1,601,750 | Higher — confirm by county |
FHFA 2026 conforming loan limit values. Limits reset annually — confirm the current figure before relying on it.
In Queens, Brooklyn and the better parts of Saratoga County, an ordinary family house clears the limit without trying. Most jumbo buyers I work with aren't buying anything exotic.
A two-family in Ridgewood or a house in Malba or Little Neck can cross $1.2M. Above the high-cost limit, it's jumbo.
Waterfront, historic, and new construction upstate routinely land above $832,750 with 10–20% down.
Selling a $500K home and buying a $1.1M one. Strong equity, strong income, one number too high for conforming.
Jumbo files with bank-statement or one-year-return documentation. Big loan, non-standard income — both at once.
Lake George, the Adirondacks, the Hamptons. Jumbo on a second home is available, usually with a bit more down.
Homeowners pulling equity above the conforming line — for a renovation, a buyout, or to consolidate.
Jumbo loans aren't bought by Fannie Mae or Freddie Mac, so the lender holds the risk. That single fact explains every difference below.
Expect to document 6–12 months of payments in reserve after closing. On larger loans, more.
Above roughly $1.5M many investors want a second appraisal or a desk review. Build a few extra days in.
43% is the common ceiling, with room to 45–50% when reserves and credit are exceptional.
A human reads the file, not just an automated engine. Clean, complete documentation up front is what keeps it fast.
Typical guardrails. Every jumbo investor is a little different — when you call, I'll tell you exactly where your file sits on each line.
| Guideline | Purchase | Refinance |
|---|---|---|
| Minimum down | 10% typical · 5% on select programs · 20% for best pricing | — |
| Max LTV | Up to 90% | Up to 80% rate/term · up to 75% cash-out |
| Minimum FICO | 700 typical · 740+ prices best · 660 case-by-case | 700 typical |
| Max DTI | 43% typical · to 50% with strong reserves | Same |
| Reserves | 6–12 months PITI post-close · more above $2M | Same |
| Loan amount | Up to $3M standard · higher case-by-case | Up to $3M · cash-out capped by program |
| Mortgage insurance | None on most programs, even under 20% down | None |
| Property types | Primary, second home, investment · 1–4 family · condo · co-op on select programs | Same |
| Income docs | Full doc, or bank statement / 1-year return / asset utilization | Same |
| Terms | 30-yr fixed · 15-yr fixed · 5/6, 7/6, 10/6 ARM · interest-only options | Same |
For 2026, any loan above $832,750 on a one-unit home is a jumbo loan in most New York counties — including Albany, Rensselaer, Saratoga, Schenectady, Warren and Washington. In the ten high-cost counties (all five NYC boroughs plus Nassau, Suffolk, Westchester, Rockland and Putnam) the line is $1,209,750. Two-, three-, and four-unit properties have their own, higher limits.
Not always. For years jumbo priced below conforming on strong files, and today it's typically within about a quarter point either direction depending on credit, LTV and reserves. The rate isn't the reason to avoid a jumbo — if the loan amount is over the limit, jumbo is simply the right tool.
No. That's the most persistent myth in the category. 10% down is common, and select programs go to 5% for borrowers with excellent credit and reserves. More down improves pricing, but it isn't a requirement.
Usually not. Most jumbo programs carry no monthly mortgage insurance even below 20% down — the risk is built into the rate instead. That can make a 10%-down jumbo cheaper monthly than a 10%-down conventional with PMI.
Yes. Full tax returns are one path, but I also write jumbo with bank statement income, one-year returns, and asset utilization. A big loan and a non-W-2 income are not mutually exclusive.
Typically 30 to 45 days. The extra steps — deeper reserve documentation, sometimes a second appraisal, manual underwriting — add days only if paperwork trickles in. Front-load the documents and jumbo closes on a normal timeline.
On select programs, yes. Co-ops are share loans rather than real-property mortgages and not every jumbo investor writes them — but several do. More on co-op and condo financing.
Licensed across New York State — with deep roots in Albany and the Capital Region.
Don't see your town? Reach out — I lend statewide, NYC included. Or see every Capital Region town.