What is a jumbo loan, and when do you need one?
A jumbo loan is a mortgage larger than the conforming loan limit set each year by Fannie Mae and Freddie Mac. When a home's financing exceeds that limit for your county, it can't be sold to the agencies, so it's funded as a jumbo (or non-conforming) loan with its own guidelines. In higher-priced southern New Hampshire towns like Bedford, Salem, and Portsmouth, plenty of homes land in jumbo territory.
Key takeaways
This is my wheelhouse. I spent 13 years doing jumbo loans for high-net-worth clients before becoming an independent broker, so the bigger, more complex files are exactly the ones I love. If you're buying a higher-priced home, you want a lender who treats the financing like the major decision it is — and explains every number along the way.
What is a jumbo loan?
A jumbo loan is a mortgage that's larger than the conforming loan limit set each year by Fannie Mae and Freddie Mac. When a home's financing exceeds that limit for your county, it can't be sold to the agencies, so it's funded as a jumbo (or "non-conforming") loan with its own guidelines. In higher-priced southern New Hampshire towns like Bedford, Salem, and Portsmouth, plenty of homes land in jumbo territory.
This is my background: I spent 13 years structuring jumbo loans for high-net-worth clients before becoming an independent broker, so the larger, more complex files are the ones I enjoy most.
Jumbo vs. conforming at a glance
| Feature | Conforming loan | Jumbo loan |
|---|---|---|
| Loan size | Up to the county conforming limit | Above the conforming limit |
| Down payment | As little as 3% | Often 10–20% (less on some programs) |
| Credit score | ~620+ | Higher — typically 700+ |
| Cash reserves | Modest | Several months of payments |
| Documentation | Standard | Fuller income & asset review |
How much do you have to put down?
Not necessarily 20%. While 20% down is common, I work with jumbo programs that reach 90–95% financing on higher loan amounts — including options with no monthly mortgage insurance even above 80% loan-to-value. The right structure depends on the loan size, your credit, and your reserves, and I'll lay out the choices.
What lenders look for
Jumbo underwriting is stricter than conforming because the loan is larger and the lender holds more risk:
- A stronger credit score (often 700+)
- Cash reserves — several months of mortgage payments in the bank after closing
- Full documentation of income and assets (or a bank-statement / asset-based path if you're self-employed)
- A clean, well-supported appraisal
If your income is complex or you're self-employed, I also have non-QM jumbo options that qualify you differently — see my self-employed and bank-statement page.
When does a loan become jumbo in New Hampshire?
The cutoff is the conforming limit for your county, which is set nationally and updates every January (the Boston-metro counties like Rockingham run higher than the rest of the state). Rather than quote a figure that changes each year, I'll tell you exactly where the line is for the town you're buying in — and whether a slightly larger down payment could keep you under it, or whether jumbo is the smarter move.
Let's structure it right
A higher-priced home deserves a lender who treats the financing like the six- or seven-figure decision it is. Let's talk through your numbers and build the cleanest path to closing. Any rates referenced on this site are examples and subject to change until locked.
Frequently asked questions
What is a jumbo loan in New Hampshire?
It's a mortgage larger than the conforming loan limit for your county. Above that line, the loan can't be sold to Fannie Mae or Freddie Mac, so it's financed as a jumbo loan with its own guidelines. In higher-priced southern NH towns, many homes fall into jumbo territory.
Do I have to put 20% down on a jumbo loan?
No. Twenty percent is common, but I work with jumbo programs that reach 90–95% financing on higher loan amounts — and some avoid monthly mortgage insurance even above 80% loan-to-value. The right down payment depends on the loan size, your credit, and your reserves.
What is the jumbo loan limit in New Hampshire?
There isn't a fixed jumbo number — a loan becomes jumbo once it exceeds the conforming limit for your county, which updates every January and runs higher in the Boston-metro counties like Rockingham. I'll tell you the exact line for the town you're buying in.
What credit score do I need for a jumbo loan?
Plan on a stronger score than a conforming loan — often 700 or higher — along with cash reserves and full income and asset documentation. If your score is close, tell me your details and I'll tell you exactly where you stand and which program fits.
Are jumbo loan rates higher than conforming?
Sometimes slightly, sometimes not — jumbo pricing moves independently and can even be competitive with conforming depending on the program and your profile. Because I'm a broker, I shop multiple jumbo investors to find the best structure for you. Rates are examples and subject to change until locked.
Can I get a jumbo loan if I’m self-employed?
Yes. Beyond full-documentation jumbo, I have non-QM jumbo options that qualify you on bank statements or assets instead of tax returns — ideal for business owners whose returns understate their real income.