A jumbo loan is simply a loan larger than the conforming limit for its county. There is nothing exotic about it; it is underwritten more closely because it cannot be sold to Fannie or Freddie, so the lender is taking a different kind of position.
Talk to a Loan OfficerIn our market that means Lake Murray waterfront, the larger Chapin and Blythewood properties, parts of Forest Acres, and a good share of what we do in Charleston.
The three things that matter most here.
Buyers purchasing above the county conforming limit — often move-up buyers, waterfront purchasers, and people relocating into the area from higher-cost markets.
More documentation and generally stronger reserves and credit than a conforming loan. Expect underwriting to look closely at the whole picture rather than tick boxes.
When it is the only option that fits the purchase price — and when structuring one loan is cleaner than splitting into two.
Straight answers, no sales language.
Only its size relative to the conforming limit in that county. The limit changes annually, so a loan that was jumbo last year may not be this year.
Not necessarily. Lower down payment jumbo options exist for well-qualified borrowers, though requirements are tighter than conforming.
It usually involves more documentation and sometimes a second appraisal. We plan the timeline around that from day one rather than discovering it late.
Yes, on second homes and in some cases investment property, with terms that reflect the added risk.
A conversation costs nothing and carries no obligation. Tell us your situation and we will tell you plainly what your options are.
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