From the RatesQ team · Sample question

What credit score do I need for a jumbo loan?

This educational scenario and its sample explanations are not posts from real users.

I'm looking at a $1.1 million home. My credit is 705. I've been told jumbo is harder to get. Is 705 enough? What else do lenders look at for jumbo loans?

Quick Summary

  1. Jumbo underwriting requirements vary by lender and program.
  2. Credit, reserves, income documentation and loan-to-value can all affect eligibility.
  3. A credit score alone does not establish approval or the final rate.

Sample explanations

From the RatesQ team

705 is in range but closer to the minimum for many jumbo lenders. The typical floor is 700-720 depending on the lender and LTV. On a $1.1M purchase, you're going to get more scrutiny on your reserves, debt-to-income, and income documentation than a conforming loan. If you have strong reserves (12+ months of payments in liquid assets post-close) that helps compensate for a lower-end credit score.

From the RatesQ team

705 can work for jumbo but you'll want to shop lenders because overlays vary. At 705 with 20% down, some jumbo programs will approve you; others want 720+. A few things jumbo lenders focus on beyond credit: income stability and documentation (2 years W-2s plus recent paystubs, or 2 years CPA-prepared returns if self-employed), post-close reserves (most jumbo programs want 12–24 months of PITI in verified assets), and LTV (20% down is standard; some programs allow 10% down at higher scores). Get pre-approved with 2-3 jumbo lenders before going under contract — approval timelines are longer.