Jumbo Loans

A jumbo loan is a mortgage that exceeds the conforming loan limit put in place by the FHFA. The specific limit varies from county to county. Each year, the conforming loan limit is reviewed by the FHFA and adjusted if necessary.
The Conforming Loan Limit: $647,200
Some require two appriasals.
Up to $3mm (typically).
Example scenario
Sally and Joe are buying a single-family home in Orlando, FL where the county limit is $647,200. The sales price is $900,000. If they put anything less than $252,800 down, they will need a jumbo loan.