Frequently Asked Questions

---

A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. In Utah, this typically means loan amounts above the county-specific conforming limit. Jumbo loans are used to finance higher-priced homes and offer flexible structures for qualified borrowers.

Utah jumbo loan limits vary by county and change annually. Any loan amount above the conforming or high-balance limit for your county is considered a jumbo loan. Popular jumbo markets include Salt Lake County, Utah County, Summit County (Park City), and Wasatch County. See County Loan Limits

Most jumbo loan programs require a minimum credit score between 680 and 720, depending on:

• Loan amount
• Down payment 
• Property type 
• Overall financial profile

Stronger credit scores typically result in better rates and terms.

Down payment requirements vary by program, but common options include:

• 10% down (primary residence, strong borrower profile) 
• 15%–20% down (standard jumbo programs) 
• Higher down payments for second homes or investment properties 

Some jumbo loans do not require PMI, even with lower down payments.

Most jumbo loan programs do not require private mortgage insurance (PMI), even with down payments under 20%. This is one of the key advantages of jumbo financing compared to conventional loans.

Not always. In many cases, jumbo loan rates can be similar to or even lower than conventional rates, especially for borrowers with strong credit, high income, and solid reserves.

Jumbo loans typically require full income documentation, which may include:

• W-2s and pay stubs
• Tax returns
• Business tax returns (for self-employed borrowers) 
• Asset and reserve documentation 

Some jumbo programs offer alternative income verification for self-employed or complex borrowers. See Programs

Most jumbo programs require 6–12 months of reserves, depending on:

• Loan size 
• Property type 
• Credit profile 

Reserves can usually come from checking, savings, retirement accounts, or investment assets.

Yes. Jumbo loans are commonly used for:

• Second homes 
• Vacation properties (including Park City and resort areas) 

Down payment and reserve requirements are typically higher than for primary residences.

Yes, some jumbo loan programs allow financing for:

• Single-family rental properties 
• 2–4 unit investment properties 

These loans usually require higher down payments and stronger borrower qualifications. Over 4 units will be considered a commercial loan. Visit https://cfund.us/ for commercial loans.

Absolutely. Jumbo loans can be refinanced for:

• Rate and term refinances 
• Cash-out refinances 

Refinancing can be used to lower your rate, adjust your loan term, or access home equity.

Jumbo loans have more detailed underwriting than conventional loans, but they are very achievable for qualified borrowers. Strong credit, stable income, and sufficient reserves are the keys to approval.

For us most jumbo loans close in 30 days or less, depending on:

• Property type 
• Appraisal requirements 
• Borrower documentation 

Working with a Utah-based jumbo loan specialist can help streamline the process.

Jumbo loans are not one-size-fits-all. A local Utah jumbo lender understands:

• County-specific loan limits 
• Utah appraisal nuances 
• High-value property underwriting 
• Local market conditions 

This expertise can make a significant difference in approval, speed, and pricing.

The first step is a personalized consultation to review:

• Your goals 
• Your application
• Credit profile 
• Income and assets 
• Property details 

From there, we’ll match you with the best jumbo loan option for your situation.