In short
A jumbo loan is a mortgage for an amount above the annual conforming loan limit. Because Fannie Mae and Freddie Mac won't buy these loans, each investor sets its own guidelines for credit, reserves and down payment. With Scottie Campbell at Waymaker Mortgage Company, the minimum credit score for a jumbo loan is 660.
Reviewed by Scottie Campbell, NMLS #1610726 · Last updated October 18, 2026
What is a jumbo loan and when do I need one?
A jumbo loan is a mortgage for an amount above the annual conforming loan limit set for Fannie Mae and Freddie Mac. Because those agencies won't buy loans over that limit, jumbo loans are underwritten to each investor's own guidelines, which usually look more closely at credit, reserves and documentation. With me, the minimum credit score for jumbo is 660. You need a jumbo loan when the amount you're borrowing, not the price of the home, exceeds the limit for that county. A larger down payment can sometimes keep you under the line, and I'll show you both paths.
Key takeaways
When a home's price pushes your loan amount above the conforming limit, you're in jumbo territory, and the rules change. A bank gives you one underwriting desk and one set of guidelines. I give you access to multiple investor partners, a Greenlight Approval that makes your offer stand out, and a Total Cost Analysis so you understand exactly what you're signing up for. I'm Scottie Campbell, Mortgage Advisor and founder of Waymaker Mortgage Company, and I'll walk you through every option.
What a Jumbo Loan Really Is
A jumbo loan is a mortgage for an amount above the conforming loan limit, the ceiling Fannie Mae and Freddie Mac set each year for the loans they will buy. Once your loan amount crosses that line, the loan can't be sold to them, so it has to be underwritten to an investor's own jumbo guidelines instead.
What that means for you is simple: the rules change. Not the dream, just the rules. Jumbo guidelines tend to look harder at credit, cash reserves and documentation, and each investor writes its own version of those rules. That last part matters more than most people realize, and it's where I can help the most.
The conforming limit is updated every year and can differ by county. Feel free to text me and I'll tell you exactly where the line sits for the home you're looking at in Georgetown, TX or anywhere else I'm licensed (Texas, Florida, Pennsylvania and Ohio).
Why Jumbo Files Need a Strategy, Not Just a Lender
At a bank, your jumbo file goes to one underwriting desk with one set of rules. If your income has a wrinkle, your reserves sit in a brokerage account instead of checking, or you own a few rentals, that one desk may simply say no.
Quite frankly, that's the wrong answer for a lot of strong borrowers. At Waymaker Mortgage Company, I work with multiple investor partners, each with its own jumbo guidelines. If one investor's rules don't fit your file, I take it to one that does. It's never a no. It's always a how.
Here's what I look at when I build a jumbo strategy:
- Credit: the minimum credit score I work with on jumbo is 660. Stronger scores can open more options and more flexibility on down payment and reserves.
- Reserves: jumbo investors usually want to see several months of mortgage payments in the bank after closing. Retirement and investment accounts can often count toward that, depending on the investor.
- Down payment: typically larger than a conforming loan. How much depends on your credit, the loan amount and the property type.
- Income documentation: W-2 borrowers usually provide pay stubs, W-2s and tax returns. Self-employed borrowers may have options that use bank statements instead, which I'll walk through with you.
- Property and occupancy: primary homes, second homes and some investment properties can all be financed with jumbo, with different guidelines for each.
Jumbo vs. Conforming: A Quick Comparison
| Conforming Conventional | Jumbo | |
|---|---|---|
| Loan amount | At or below the annual conforming limit | Above the conforming limit |
| Who sets the rules | Fannie Mae and Freddie Mac | Each investor's own guidelines |
| Credit focus | Flexible with automated approval | Minimum 660 with me |
| Reserves | Often modest | Usually several months of payments |
| Down payment | Can be as low as 3% for eligible buyers | Typically larger |
| Appraisal | Usually one | Sometimes two on larger loans |
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Greenlight Approval: Make a High-Dollar Offer Count
In the higher price ranges, sellers often compare your offer against cash buyers. That's where my Greenlight Approval comes in. I pre-underwrite as many files as possible up front, so your income, assets and credit are reviewed before you ever write an offer.
Greenlight Approval is the highest assurance of approval I can give you, and it can make your offer as strong as cash, sometimes stronger. When a listing agent calls me about your file, I can speak to it with confidence because the heavy lifting is already done.
Look at the Total Cost, Not Just the Rate
On a large loan, small structural choices add up fast. That's why every jumbo client gets my Total Cost Analysis. Instead of chasing one number, we look at what the loan actually costs over the time you plan to own the home:
- Fixed-rate vs. adjustable-rate structures, and how long you expect to stay
- Whether paying points makes sense for your timeline
- How a bigger down payment compares to keeping more cash in reserves or investments
- Whether a piggyback structure (a conforming first mortgage with a second loan) might work better than a single jumbo loan
I'm an active real estate investor myself, so I think about leverage, liquidity and long-term wealth the same way you do. Sometimes the right answer is a jumbo loan. Sometimes it's a different structure entirely. I kinda like having you see both side by side before you decide.
How the Process Works
- Strategy call. We talk through the home, your timeline, your income and your assets. No pressure, just a clear picture.
- Mortgage Action Plan. I lay out the options that fit, what each investor will want to see, and what I'd recommend and why.
- Greenlight Approval. We gather documents and pre-underwrite your file so you can shop and offer with confidence.
- Offer to closing. High-tech, high-touch: you get a secure online process and a real person (me) who answers the phone.
My job is to educate and empower you. Your job is to decide.
Working With Me in Georgetown, TX
I've been in the mortgage business for more than 23 years, and I founded Waymaker Mortgage Company to give borrowers more options than a single bank can. You're talking to the owner of this company, so when your file needs a creative solution, the person finding it is the person accountable for it.
If you're shopping for a higher-priced home or just want to know whether your loan amount crosses into jumbo territory, feel free to text me. I'm here to serve, and I'd love to get you rocking and rolling.
Information on this page is general and educational. It is not a commitment to lend or an offer of credit. Programs, guidelines and eligibility change and depend on your full scenario. Waymaker Mortgage Company, NMLS 2440476. Equal Housing Lender.
Quick facts
- Loan type
- Non-conforming (above the annual conforming limit)
- Minimum credit score
- 660
- Conforming limit
- Set annually and can vary by county; text me for the current figure
- Reserves
- Usually several months of payments after closing
- Down payment
- Typically larger than conforming; depends on credit, amount and property
- Occupancy
- Primary home, second home or investment property
Is this loan right for you?
Who it's for
- Buyers of higher-priced homes whose loan amount exceeds the conforming limit
- Borrowers with a credit score of 660 or higher and solid cash reserves
- Self-employed buyers or real estate investors whose income doesn't fit a bank's box
- Move-up buyers purchasing a primary home or second home in a higher price range
Who it may not fit
- Buyers whose loan amount fits under the conforming limit (a conventional loan is usually simpler)
- Borrowers who need a very small down payment or have little left in reserves after closing
Pros and cons
Pros
- Finances loan amounts above the conforming limit in a single loan
- Multiple investor partners means more than one set of guidelines to fit your file
- Options for primary homes, second homes and some investment properties
- Bank statement documentation may be available for self-employed borrowers
- Pairs with Greenlight Approval to help your offer compete with cash buyers
Trade-offs to weigh
- Usually requires a larger down payment and more cash reserves than conforming loans
- Documentation is more detailed, and larger loans may need a second appraisal
Frequently asked questions
What credit score do I need for a jumbo loan?
The minimum credit score I work with on jumbo loans is 660. A higher score can open up more investor options and more flexibility on down payment and reserves. If you're below 660 today, that's not a forever answer. Can't do it now doesn't mean can't do it ever, and I can map out a plan to get you there.
How do I know if my loan is a jumbo loan?
It depends on your loan amount compared to the conforming limit for the county where the home is located. The limit is updated every year. Feel free to text me the price and your planned down payment, and I'll tell you whether you're in conforming or jumbo territory.
How much do I need for a down payment on a jumbo loan?
Jumbo down payments are typically larger than conforming loans, and the exact amount depends on your credit, the loan amount, the property type and the investor. I'll show you what each option requires and how a bigger or smaller down payment changes your total cost.
Can I get a jumbo loan if I'm self-employed?
Often, yes. Self-employed borrowers may have options that use bank statements instead of tax returns, depending on the investor. I look at how you actually earn and match your file to the investor whose guidelines fit it best.
What are reserves, and why do jumbo lenders care?
Reserves are the funds you still have after closing, measured in months of mortgage payments. Jumbo investors usually want to see several months. Checking, savings and often retirement or investment accounts can count, depending on the investor's rules.
What rate will I get on a jumbo loan?
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real. More importantly, I'll run a Total Cost Analysis so you can see what the loan costs over the time you plan to own the home, not just the rate on day one.
Does Waymaker Mortgage Company fund jumbo loans in house?
For jumbo, I place your loan with the investor partner whose guidelines fit your file best. Working with multiple investors instead of one bank desk is exactly what gives you more ways to get to yes.
Related loan programs
Bank-statement, 1099 and other self-employed loans funded in house by Waymaker Mortgage Company, with a Mortgage Advisor who takes your file to the investor that fits.
Qualify on the property's rent, not your tax returns. I invest in real estate myself, and Waymaker Mortgage Company funds standard DSCR loans in house.
Low or no down payment, realistic treatment of student loans, and the option to close on your signed contract. Built around a medical career.
Last updated October 18, 2026 · Reviewed by Scottie Campbell, NMLS #1610726. This page is educational and not a commitment to lend; program details change — ask for current figures.