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Jumbo loan limits 2023: What you need to know

What we'll cover

  • How jumbo loan rates are determined

  • Requirements for jumbo loans

  • Jumbo loan limits across different states

Homes aren’t one-size-fits-all, and neither are mortgages. Just like families may need more space as they grow, a larger property may require a heftier mortgage than a smaller home with a lower price tag. A jumbo loan could fit you like a glove If you’re buying a costlier home and need to borrow more than the conforming loan limits allow.  

Whether you’re looking to purchase an upscale property or simply one in an area with a high cost of living, here’s what you need to know about the 2023 jumbo loan limits. 

What are jumbo loans

Essentially, a jumbo loan  is a mortgage that exceeds baseline amounts set by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guidelines. Since jumbo loans do not have upper limits established by the agencies mentioned, it’s up to your lender to determine the ceiling amount for jumbo loan limits.

A jumbo mortgage can be used to finance primary homes, vacation homes, and investment properties. Like a standard mortgage loan, jumbo loans can also be refinanced to adjust term length, lower the rate, or (for primary residences) take out cash. 

Minimum and maximum loan amounts

If you are wondering whether you’ll need a jumbo loan, you need to consider the limits set for conforming loans. The agency-set maximum limits for these loans provide a baseline for jumbo loans. 

Most parts of the country have one maximum loan amount for conforming loans. In some high-cost areas, such as Washington D.C. and certain California counties, the threshold for the maximum conforming loan is higher.

For 2023, the  Federal Housing Finance Agency (FHFA) raised the maximum conforming loan limit for a single-family property from $647,200 (in 2022) to $726,200. In certain high-cost areas, the ceiling for conforming mortgage limits is 150% of that limit, or $1,089,300 for 2023. 

See our county-by-county chart below, which highlights all counties with 2023 conforming loan limits above the standard $726,200.

Keep in mind, the Federal Housing Finance Agency may increase conforming loan limits again for 2024. If you are planning on taking out a mortgage loan in 2024, check back here for updates on loan limits.

Why do conforming loans have limits?

The Federal Housing Finance Agency sets upper limits for conforming loans each year by county. Anything above those upper limits is considered a jumbo loan and is non-conforming , meaning it exceeds the size of a mortgage that government- ponsored enterprises Freddie Mac or Fannie Mae will buy or guarantee. Because jumbo loans cannot be sold to either of these enterprises, lenders take on more risk. 

Jumbo loan requirements

Because a jumbo loan means you’re taking out a larger-than- ypical mortgage, lenders impose stricter jumbo loan requirements than they might for a traditional loan. They will examine several aspects of your financial health to assess whether you can afford a bigger mortgage and if you are likely to pay it back on schedule. 

Lenders will look at the following benchmarks:

  • Credit score: The minimum credit score required for a jumbo loan is typically 700.

  • Debt-to-income (DTI) ratio: Lenders look for a low  DTI ratio , usually no higher than 43 percent.

  • Down payment minimum: While a 20% down payment may not be required for conforming loans, some lenders require 20% (or more) for jumbo loans.

Lenders will also look for a reliable, steady income. This is because they want to know you can afford the higher monthly payments and often higher interest rates that come with jumbo loans as opposed to traditional mortgages.

What are jumbo loan rates?

Like with most loans, you have to pay interest in exchange for the jumbo mortgage amount lent by your financing company. Your rate may be fixed or adjustable, depending on the terms and mortgage type you choose. Rates can vary and are influenced by individual factors and Federal Reserve benchmarks.

Interest rates for jumbo loans change daily. You can visit Bankrate to view current jumbo loan interest rates .

Jumbo loan limits by state?

The chart below shows 2023 jumbo loan limits in the U.S. counties and territories with conforming loan limits above the standard $726,200 for a single-unit property.  

2023 jumbo loans limit by area
State         Counties One-Unit Limit
Alaska All $1,089,300

Alameda County

Contra Costa County

Los Angeles County

Marin County

Orange County

San Benito County

San Francisco County

San Mateo County

Santa Clara County

Santa Cruz County

Napa County $1,017,750
San Diego County
Ventura County
Monterey County
Monterey County $915,400
San Luis Obispo County
Sonoma County
Santa Barbara County

El Dorado County

Placer County

Sacramento County

Yolo County

Colorado Eagle County $1,075,250
Summit County

Garfield County

Pitkin County

San Miguel County
Boulder County
Routt County
Summit County $822,375

Adams County

Arapahoe County

Broomfield County

Clear Creek County

Denver County

Douglas County

Elbert County

Gilpin County

Jefferson County

Park County

Washington D.C.
District Of Columbia
Florida Monroe County $874,000
Guam Guam $1,089,300
Hawaii All $1,089,300
Idaho  Teton County

Blaine County

Camas County


Dukes County

Nantucket County


Essex County

Middlesex County

Norfolk County

Plymouth County

Suffolk County


Calvert County

Charles County

Frederick County

Montgomery County

Prince George's County

New Hampshire

Rockingham County

Strafford County

New Jersey

Bergen County

Essex County

Hudson County

Hunterdon County

Middlesex County

Monmouth County

Morris County

Ocean County

Passaic County

Somerset County

Sussex County

Union County

New York 

Bronx County

Kings County

Nassau County

New York County

Putnam County

Queens County

Richmond County

Rockland County

Suffolk County

Westchester County


Dutchess County

Orange County

Pennsylvania Pike County $1,089,300

Cannon County

Cheatham County

Davidson County

Dickson County

Macon County

Maury County

Robertson County

Rutherford County

Smith County

Sumner County

Trousdale County

Williamson County

Wilson County


Summit County

Wasatch County


Box Elder County

Davis County

Morgan County

Weber County

U.S. Virgin Islands

St. Croix Island

St. John Island

St. Thomas Island


Alexandria City

Arlington County

Clarke County

Culpeper County

Fairfax City

Fairfax County

Falls Church City

Fauquier County

Fredericksburg City

Loudoun County

Madison County

Manassas City

Manassas Park City

Prince William County

Rappahannock County

Spotsylvania County

Stafford County

Warren County


King County

Pierce County

Snohomish County

West Virginia Jefferson County $1,089,300
Wyoming Teton County $1,089,300

How to shop for a jumbo loan

Now that you know more about jumbo loans and their limits for 2023, you can begin to determine if it’s the right mortgage choice for you. Whether you already know you’ll need a jumbo mortgage or you’re still in the process of searching for a property, you’ll want to shop around for the right jumbo loan as well.  

Be sure to research multiple lenders to compare factors including loan requirements and interest rates. You’ll also want to examine the loan terms that are offered to ensure you find a lender that fits your needs and timeline. It’s typically a good idea to get mortgage pre- approval or apply to at least three lenders to receive multiple loan estimates so you can be sure you are ready to buy when it’s time for closing.   

Is a jumbo loan right for you?

If you are in the market for a bigger home, you might also be in the market for a jumbo mortgage. So, as you conduct your home search, keep an eye on current jumbo loan limits as they can change annually. Talking to a jumbo loan expert can help you decide if you should go big with your mortgage in order to go home.

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