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Identify the right loan category
Start with the property’s county, number of units, purchase price and financing amount. Conforming limits depend on location and unit count and change over time. A high-balance conforming loan, where available, and a jumbo loan are different categories.
The amount you want to borrow also affects which jumbo option fits. A program’s largest advertised loan may need a stronger credit score, a larger down payment or more reserves than its smaller loans. We can compare the options for your actual request.
Prepare for a fuller financial review
Full-documentation jumbo options review income, employment, assets, liabilities and credit history. Business owners may need additional records. A large investment account or high income can help the analysis but does not eliminate documentation requirements.
Reserves are eligible funds that remain after closing. The requirement can increase with the loan amount, property count or underwriting result. Discuss funds you plan to use for the down payment separately from funds that need to remain available.
Keep loan-size tiers together
The table shows examples of jumbo options rather than a single universal offer. A 90% financing option through $2 million does not establish 90% financing at a different option’s $3.5 million maximum. First-time-buyer, occupancy and property overlays may reduce the available amount.
A larger down payment can open another tier, but it also changes the savings left afterward. Compare the effect on costs and liquidity before deciding which structure is more comfortable.
Purchase and refinance have different limits
A purchase, a rate-and-term refinance and a cash-out refinance can have different financing limits even within the same program. Second homes and multi-unit properties also have distinct rules. Tell me the purpose, occupancy and property type at the start.
Fixed, adjustable-rate and interest-only structures may be available in selected programs. Each changes the payment analysis. An interest-only payment does not reduce principal, and an adjustable rate can change after its initial period.
Compare the complete long-term choice
Ask for a comparison using the same loan amount and ownership assumptions. Consider closing costs, the payment structure, required reserves and what happens if you keep the loan longer than expected. A future refinance should not be assumed.
If alternative income documentation is relevant, a bank-statement or asset-based option may deserve a separate review. The word jumbo describes the size category; it does not make every documentation method or property eligible.
Options and eligibility to compare
Compare the option that fits your credit, loan amount, property and documentation. Each has its own requirements, and the full application must qualify.
Higher-financing primary purchase
Credit and underwriting: 680 or higher; total debt-to-income maximum 43% above 80% financing.
Financing and amount: Up to $2 million and 90% financing on an eligible one-unit primary purchase or rate-and-term refinance.
Income and property: Full documentation. First-time-buyer loans at 80% or higher are separately limited to $1.5 million with at least 700.
Benefits and conditions: No mortgage insurance in this tier. Above 80%, no subordinate financing; adjustable-rate and certain fixed-rate structures are unavailable; at least 5% borrower contribution before gifts. Reserve and escrow requirements apply. Non-occupant co-borrowers are not permitted above 80% financing.
Larger full-documentation purchase
Credit and underwriting: 700 or higher; applicable income and residual-income requirements.
Financing and amount: Up to $3.5 million at 80% financing for an eligible one-unit primary purchase or rate-and-term refinance.
Income and property: Full documentation; reserve and borrower-specific requirements. This tier is separate from the 90% option.
Benefits and conditions: A larger amount with a lower financing percentage. Cash-out, second-home, first-time-buyer and property overlays require their own option. First-time buyers at 80% financing or above are limited to $1.5 million with at least 700; the $3.5 million tier does not apply to them.
Automated jumbo with defined reserves
Credit and underwriting: 720 or higher with automated approval.
Financing and amount: Up to $2.5 million at 80% financing on an eligible one-unit primary purchase or rate-and-term refinance.
Income and property: Full documentation; 18 months of reserves for this tier.
Benefits and conditions: A distinct automated-underwriting option. Higher amounts and different financing percentages have separate score and reserve requirements.
Compare the alternatives
Confirm whether the loan fits current conforming limits before selecting a jumbo program.
Eligible medical professionals may have a separate low-down-payment option.
Review a different income-documentation path when appropriate.
What to gather for a useful conversation
Income and tax records as applicable
Asset statements for closing and reserves
Property address, unit count and occupancy
Current mortgages and other obligations
Proposed purchase or refinance amount
Frequently asked questions
Is there one jumbo loan limit for Ohio?
The conforming threshold depends on the county, unit count and applicable year. Individual jumbo options then have their own maximum loan amounts.
Do all jumbo loans require 20% down?
No. Selected options permit higher financing percentages, but credit, amount, occupancy, reserves and other conditions must match the specific tier.
Can I use bank statements for a jumbo amount?
Some alternative-documentation programs can support larger amounts. Their rules need a separate review rather than combining them with a full-documentation jumbo table.
Related mortgage learning
How Lenders Document Variable Income
Second home or investment property? Start with how you will use it
Interest Rate vs. APR: What Each Number Means
Authoritative resources
Read the CFPB Loan Estimate explainer
Talk through your Ohio mortgage options
Call or text Gordon Hinchen at (440) 975-6216. Start with your plans and general questions. Use our secure application process for financial documents.
Educational information only. Not a commitment to lend or a guarantee of approval. Eligibility, availability and terms depend on the complete application, property and underwriting review. DRG Mortgage, LLC | NMLS #2657603 | Gordon Hinchen | NMLS #2751302 | Ohio residential mortgage brokerage services only | Equal Housing Opportunity.