What Is a Jumbo Loan?
A jumbo loan is a conventional mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2026, the conforming limit in most Oregon counties is $806,500. Any loan above this amount is a jumbo loan and cannot be purchased by Fannie Mae or Freddie Mac, so lenders hold them in their own portfolios or sell them to private investors.
In Southern Oregon, jumbo loans are most common in Ashland (where the Oregon Shakespeare Festival drives premium demand), Jacksonville (historic gold rush town with high-value properties), and higher-end neighborhoods in Medford. With median home prices in Ashland regularly exceeding $600,000–$800,000+, jumbo financing is a necessity for many buyers in these markets.
Jumbo Loan Qualification Requirements
Credit Score
700–720 minimum (740+ preferred)
Down Payment
10–20% (20% for best rates)
DTI Ratio
43–45% maximum
Reserves
12–24 months of payments
Income Documentation
Full documentation required
Appraisal
Often requires two appraisals
Jumbo Underwriting Note
Jumbo loans are manually underwritten and each lender has their own guidelines. Stephen works with multiple jumbo lenders and can match you with the lender whose guidelines best fit your financial profile — whether you're a W-2 employee, self-employed, or have complex income sources.
Jumbo Loan FAQ
Related Resources
Stephen Harris, CMC | NMLS #203065 | X2 Mortgage, LLC | NMLS #2234467 | Licensed in Oregon, Arizona, and California | Equal Housing Lender. Not a commitment to lend. All loans subject to credit approval.