A mortgage is considered jumbo if the loan amount exceeds the limits set by Fannie Mae and Freddie Mac — currently $510,400 for single-family homes and $765,600 for high-cost counties.

Jumbo mortgages are available for primary residences, second or vacation homes, and investment properties. They come in a variety of terms, including fixed-rate and adjustable-rate loans. Compared to regular mortgages, jumbo loans typically have higher interest rates, stricter underwriting requirements, and larger down payment expectations.