The Jumbo Mortgage Guide

What is a jumbo mortgage?

A jumbo mortgage is a home loan with a loan amount above the conforming loan limit that applies to the property's location, unit count, and the year of the transaction. The word jumbo describes the size and structure of the financing, not the style, prestige, or condition of the house.

Because loan amount is the deciding factor, the same property can be financed either way depending on the down payment. A high-value home may still use conforming financing if the borrower brings enough equity to keep the loan amount within the applicable limit. A moderately priced home can require jumbo financing if the requested loan amount exceeds that limit — for example, on a low-down-payment purchase in a market where the applicable limit is comparatively low.

Conforming loans are originated to a standardized framework and are commonly delivered to the entities that purchase loans meeting those standards. Jumbo loans generally fall outside that framework. They may be retained by the originating institution in portfolio, delivered to a private investor, or securitized privately. That difference in who ultimately holds the loan is the reason jumbo guidelines are set by individual lenders and investors rather than by one universal rulebook.

The practical consequence for a borrower is variability. Two lenders can review the same file and reach different conclusions about credit, reserves, documentation, property eligibility, or pricing — and both can be operating correctly within their own guidelines. Comparing programs is therefore more consequential in jumbo financing than in conforming financing.

A jumbo loan is defined by the financing structure, not by whether a property is considered luxurious.

How do conforming loan limits work?

Conforming loan limits are established annually and published before they take effect. The limit that matters for your transaction is the one applicable to the property's location and unit count for the year in which the loan is made.

Several factors shape which limit applies. A baseline limit applies in most areas. Designated high-cost areas — where local home values are meaningfully higher — may use an increased ceiling. Properties with two, three, or four units generally use higher limits than one-unit properties. Certain areas outside the contiguous states may also use different limits.

Because these values are updated annually and can move in either direction, this guide does not state a current dollar figure in the body copy. Vabasso Mortgage maintains conforming limit values as sourced, dated reference data that is reviewed at least annually and displayed only when a maintained value is available. If you need the exact limit for a specific county and unit count, confirm it with your licensed mortgage advisor and the applicable published source for the year of your transaction.

One practical point is frequently missed: crossing the limit is not a cliff you fall off, it is a threshold you can plan around. Adjusting the down payment, restructuring with a combination of financing, or timing a transaction near an annual limit update can all change whether a loan is conforming or jumbo. That planning conversation belongs at the beginning of a purchase, not after an offer is accepted.

Vabasso Mortgage publishes conforming limit values only when they are sourced, dated, and actively maintained. Ask your advisor to confirm the exact limit for your county, unit count, and transaction year before relying on any figure.

Jumbo versus conforming financing: how do they compare?

The table below is a general orientation, not a rule set. Each row describes tendencies that appear across many jumbo programs; individual lenders and investors set their own standards and some jumbo programs closely resemble conforming financing.

Jumbo loans are not inherently better or worse than conforming loans. The strongest option depends on loan size, borrower profile, property, liquidity, intended occupancy, and available lender programs.

Who may consider jumbo financing?

Jumbo financing is used by a much broader group of borrowers than the term suggests. Loan amount, not income or net worth, is what places a transaction in this category.

Buyers of higher-value primary residences are the largest group, but a buyer making a smaller down payment on a moderately priced home in a lower-limit county can land in jumbo territory just as easily. Second-home buyers, luxury and coastal condominium purchasers, and buyers of waterfront or acreage property often use jumbo programs because of the loan sizes involved.

The category also includes borrowers whose income is real but non-traditional in shape: executives with bonus, commission, or equity compensation; business owners whose tax returns understate cash flow; retired borrowers drawing from portfolios; and borrowers whose qualifying strength lies primarily in verified assets. Investors purchasing higher-value rental property, buyers financing two-to-four-unit properties where a program permits, and buyers using bridge or construction strategies also routinely rely on jumbo structures.

What these borrowers share is not wealth. It is a financing need that exceeds the standardized framework and therefore benefits from a more deliberate comparison of programs.

What does jumbo credit and underwriting review?

Jumbo underwriting tends to be more holistic than checklist-driven. Rather than looking for a single qualifying number, an underwriter builds a picture of repayment capacity and stability from the credit profile, the income structure, the asset position, and the property itself.

Credit review commonly considers score, depth and age of credit history, housing and mortgage payment history, revolving utilization, installment debt, recent late payments, derogatory events such as bankruptcy, foreclosure, or short sale, recent inquiries and newly opened accounts, and the number of financed properties a borrower already carries.

Compensating factors matter more here than in a purely automated review. Substantial post-closing liquidity, a long and unblemished housing payment history, a low loan-to-value, meaningful residual income after all obligations, stable long-tenured employment, and, at some institutions, an existing banking or wealth-management relationship can all offset a weaker element elsewhere in the file.

For that reason, this guide does not publish a minimum credit score. Credit expectations vary significantly by lender, loan amount, loan-to-value, occupancy, property type, reserves, and overall risk profile. A profile that does not fit one investor's parameters may fit another's comfortably.

Credit expectations vary significantly by lender, loan amount, loan-to-value, occupancy, property type, reserves, and overall risk profile. Ask your advisor which specific programs match your profile rather than assuming a single threshold applies.

How is debt-to-income analyzed on a jumbo loan?

Two ratios are commonly reviewed. The housing ratio compares the proposed total housing payment — principal, interest, property taxes, insurance, any association dues, and any applicable mortgage insurance — to qualifying monthly income. The total debt-to-income ratio adds every other monthly obligation reported on credit or otherwise documented.

The treatment of individual obligations is where jumbo files most often turn. Deferred debt, student loans in deferment or income-driven repayment, business obligations that appear on personal credit, payments on other financed properties, and court-ordered support obligations each have specific treatment that can vary by program. A business debt paid by the company, for example, may be excluded when properly documented as such — or may be counted if the documentation is incomplete.

The proposed housing payment also depends on assumptions that deserve scrutiny early: estimated property taxes at the post-sale assessed value rather than the seller's current bill, realistic hazard, wind, and flood insurance quotes for the specific property, association dues, and any special assessments.

Many jumbo investors also look past the ratio to residual cash flow — the dollars remaining each month after every obligation. A borrower with a higher ratio but substantial residual income and reserves can present less risk than a borrower with a lower ratio and no cushion. No single debt-to-income threshold determines approval.

No single debt-to-income threshold determines approval. Ratios are one input alongside credit, liquidity, reserves, loan-to-value, property type, and documentation quality.

How is income documented on a jumbo loan?

Jumbo income review asks four questions of every income source: is it stable, does it have a documented history, is it reasonably likely to continue, and what direction is it trending? An income type that satisfies all four is usually usable; one that satisfies only some may be reduced, averaged, or excluded.

Salary and hourly income are typically the most straightforward, documented with recent pay statements, prior-year wage statements, and verification of employment. Variable compensation — bonus, overtime, and commission — is generally averaged over a documented history and reviewed for trend; a declining average often gets the lower figure rather than the average.

Other income types each carry their own documentation. Self-employment and partnership or S corporation income are reviewed through personal and business returns and schedules. Rental income is documented through leases, returns, or program-specific analysis. Retirement, pension, Social Security, annuity, trust, and investment income are documented through award letters, statements, trust instruments, and evidence of continuance. Alimony or child support may be used only when the borrower chooses to disclose it and it is documented and expected to continue. Foreign income may be considered only where an approved program specifically permits it.

Tax returns are commonly required for jumbo financing, particularly where self-employment, rental, partnership, or complex investment income is involved. Some programs use alternative documentation instead; those pathways are covered later in this guide.

How is executive and variable compensation treated?

Executive compensation is frequently the largest part of a jumbo borrower's earnings and the least understood part of the file. Underwriting evaluates it on three axes: has it been received historically, is it documented, and is it reasonably likely to continue at a comparable level?

Bonuses and commissions are generally averaged across a documented history, with employer confirmation of the arrangement. Restricted stock units and options are reviewed through grant agreements and vesting schedules; a documented history of vesting and, where relevant, of liquidation supports usability, while unvested awards with no vesting history are treated more conservatively or not counted. Deferred compensation, partnership distributions, and carried interest arrangements are reviewed through the governing agreements and prior receipt.

One-time amounts receive the most conservative treatment. Signing bonuses, retention bonuses, and severance are typically not treated as ongoing qualifying income, though they may be usable as assets once received and documented. Contract income is reviewed for term, renewal history, and likelihood of continuation.

The practical takeaway: gather grant agreements, vesting schedules, brokerage statements showing historic vesting activity, and employer confirmations early. Not all future compensation qualifies as income, and how much of it counts is frequently the single biggest swing factor in a jumbo pre-qualification.

Historical receipt, likelihood of continuance, vesting status, and documentation quality all affect treatment. Not all future compensation qualifies as income.

How do self-employed borrowers qualify for jumbo financing?

Self-employed jumbo files are analytical rather than mechanical. Underwriting works from personal returns, business returns, K-1s, profit-and-loss statements, balance sheets, and business bank statements to establish what the business actually produces for the owner and how reliably it does so.

Ownership percentage matters, because it determines whether business income flows to the borrower and whether the borrower can access business funds. Business liquidity is examined when funds from the business will be used for down payment or reserves, since withdrawing operating capital can weaken the business that supports the income. Declining income across years is generally addressed by using the lower figure or requiring an explanation supported by current-period statements.

Analysis usually involves adding back documented non-cash expenses such as depreciation and amortization, subtracting obligations that are genuinely the borrower's, evaluating business debt, and averaging income over a documented period. The result is a cash-flow figure that may look quite different from either taxable income or gross revenue.

For owners whose returns understate real cash flow, alternative documentation programs exist. They are legitimate, widely used, and priced according to their structure — but they are not universally available, particularly for owner-occupied jumbo financing, and each carries its own eligibility standards.

How are assets and reserves evaluated?

Assets serve two distinct purposes in a jumbo file: they provide the funds needed to close, and they demonstrate the liquidity that remains afterward. Jumbo underwriting cares about both, and often cares more about the second than borrowers expect.

Reviewable assets commonly include checking and savings, brokerage accounts, retirement accounts, business funds where ownership and access are documented, trust assets, vested equity awards, documented gift funds, and proceeds from a property sale. Some categories are counted at a reduced percentage — a practice often called a haircut — to account for market volatility, taxes, or withdrawal penalties. Unvested equity, restricted or pledged assets, and funds a borrower cannot actually reach are typically excluded or heavily discounted. Cryptocurrency is generally considered only after documented liquidation into a verified account. Foreign assets may be considered where a program permits and the funds are transferred and documented.

Reserves are usually expressed in months of the proposed housing payment and scale with loan amount, occupancy, property type, and overall risk. They are not a fee and are not collected — they are simply evidence that the borrower can absorb an interruption without distress.

Sourcing matters as much as balance. Large or unusual deposits, transfers between accounts, and recently opened accounts generally require documentation. Moving money around shortly before or during an application is one of the most common causes of avoidable delay.

A borrower may have substantial net worth but limited qualifying liquidity if assets are inaccessible, restricted, illiquid, or needed for closing.

What is an asset qualifier mortgage?

An asset qualifier program bases qualification primarily on verified eligible assets rather than on traditional employment income. Some programs require no employment income at all; others use assets to supplement a documented but insufficient income figure.

Program design varies considerably. Lenders define which asset categories are eligible, what percentage of each category counts after any applicable reduction, whether assets must be seasoned, whether retirement funds count and at what discount, how ownership is verified when accounts are jointly held or held in a trust or entity, and what must remain after closing. Occupancy, property type, loan amount, and loan-to-value all influence eligibility, and credit is still reviewed.

Because these variables differ so widely, there is no universal asset multiple that determines how large a loan a given asset base supports. Two programs can evaluate the same portfolio and reach materially different conclusions. The productive approach is to document the portfolio precisely, then compare specific programs against it.

Asset qualifier financing suits borrowers whose wealth is real and verifiable but whose income documentation does not reflect their capacity — retirees, business owners between liquidity events, and borrowers whose earnings are largely investment-driven.

There is no single universal asset multiple. Eligible categories, discounts, seasoning, post-closing requirements, and loan-amount caps are set by each program.

What is an asset depletion mortgage?

An asset depletion program converts eligible assets into an imputed monthly income figure by dividing the qualifying asset balance across a defined depletion period. That imputed figure is then used in the debt-to-income calculation like any other income source.

The variables that drive the outcome are the eligible asset categories, the discount applied to each, and the length of the depletion period. Retirement accounts are treated carefully: accessibility, the borrower's age relative to penalty-free withdrawal, and potential taxes and penalties may all reduce the countable balance. Account ownership must be documented, particularly for jointly held, trust-held, or entity-held accounts. Some programs also require that a portion of the assets remain after closing, separate from the depletion calculation.

A critical constraint is double counting. Assets used to generate imputed depletion income generally cannot also be counted as reserves, and investment income already used as qualifying income generally cannot be produced by the same assets being depleted. Clarifying this early prevents a qualification figure from collapsing late in the process.

There is no universal depletion calculation. Ask specifically which categories count, at what percentage, over what period, and what must remain afterward.

Asset depletion converts assets into an imputed income figure for qualification only. It does not require liquidating the assets, and it does not represent a payout, a distribution, or investment advice.

How much down payment does a jumbo loan require?

Down-payment expectations for jumbo financing vary widely by lender and program, and they are best understood through loan-to-value rather than through a fixed percentage. Loan-to-value compares the loan amount to the lesser of the purchase price or appraised value, and it influences eligibility, pricing, reserve expectations, and whether certain structures are available at all.

Several patterns are common across programs. Larger loan amounts often require more equity. Second homes and investment properties frequently require more equity than primary residences. Condominiums, particularly in projects with unusual characteristics, may receive different treatment than single-family homes. Cash-out refinances typically permit less leverage than rate-and-term refinances. Mortgage insurance, which supports low-down-payment conforming financing, may be limited, structured differently, or unavailable in jumbo programs — which is one reason equity expectations often differ.

Because of that variability, this guide does not publish a minimum down-payment percentage. Instead, use the illustration below to see how the mechanics work, then apply your actual figures in the worksheet and confirm program specifics with an advisor.

Loan-to-value is calculated against the lesser of purchase price or appraised value. If an appraisal comes in below the contract price, the required down payment generally increases even though the price has not changed.

Which properties are eligible for jumbo financing?

Jumbo programs finance a wide range of property types, but eligibility is decided property by property rather than category by category. Two questions drive the review: is the property marketable to a future buyer, and can its value be supported by credible comparable sales?

Primary residences, second homes, and investment properties are all financed under various programs, with differing equity and reserve expectations. Single-family homes, townhomes, warrantable condominiums, and many two-to-four-unit properties are commonly eligible. Cooperatives are financed by a limited set of lenders in specific markets. Luxury homes, waterfront property, acreage, unique architecture, extensively renovated homes, and new construction are all financeable but attract closer valuation review.

Property characteristics that reduce marketability tend to narrow the lender field: significant acreage relative to the area, mixed-use components, non-warrantable condominium projects, manufactured housing, unpermitted improvements, deferred maintenance, or highly individual design with few comparable sales. None of these is automatically disqualifying, but each should be identified before an offer is written rather than discovered during underwriting.

How do jumbo appraisals work?

Valuation carries more weight in jumbo financing because the dollar exposure is larger and comparable sales are often scarcer. Many transactions use a single appraisal. Others — commonly higher loan amounts, unique properties, or thin markets — may require a second appraisal or an independent review.

Review types differ in depth. A desk review re-examines the report and data without visiting the property. A field review involves an independent appraiser inspecting the property and commenting on the original conclusions. Automated valuation models have limited utility at higher price points, where individual property characteristics dominate value.

Valuation challenges specific to high-value property include a limited number of recent comparable sales, meaningful adjustments for waterfront position or view, acreage, custom improvements whose cost exceeds their market contribution, and new construction where comparable sales may predate current pricing.

When an appraisal comes in below the contract price, the transaction has options: renegotiate the price, increase the down payment to preserve the loan-to-value, submit a formal reconsideration of value supported by additional comparable sales or corrected property data, or, where the contract permits, exercise an appraisal contingency. Property-condition findings can also require repairs or further documentation before closing.

A higher purchase price does not guarantee an equal appraised value. An appraisal is an opinion of market value for lending purposes — it is not a home inspection and does not evaluate the condition of systems, structure, or components.

How does jumbo condominium financing work?

Condominium financing has two separate approvals: the borrower and the project. A strong borrower file cannot compensate for a project that does not meet a lender's standards, which is why project review should begin as early as possible.

Project review commonly examines master and liability insurance adequacy, the operating budget and the share allocated to reserves, the results of any reserve study, pending or threatened litigation, current or planned special assessments, the proportion of commercial space, owner-occupancy and investor concentration, delinquency rates on association dues, and the number of units held by a single owner.

Structural and life-safety review has become a central part of condominium lending in Florida. Milestone structural inspections, structural integrity reserve studies, and the funding decisions that follow them can affect both project eligibility and the monthly cost of ownership. A project that is otherwise attractive may carry a pending assessment that materially changes the analysis.

Projects that do not meet standard criteria are described as non-warrantable. Non-warrantable does not mean unfinanceable — a number of portfolio jumbo lenders finance these projects — but it does narrow the field and can affect equity requirements and pricing.

No condominium should be treated as eligible before project-level review is complete. Request the budget, reserve study, insurance certificates, litigation disclosure, and inspection documentation early in the transaction.

How is a jumbo second home financed?

A second home is a property the borrower occupies personally for part of the year, maintains exclusive control over, and does not operate primarily as a rental. That definition matters, because occupancy classification affects equity expectations, reserves, pricing, and the accuracy of the representations made at closing.

Underwriting considers whether the property is suitable for year-round personal use, its distance from the primary residence, whether it is subject to a rental or management agreement that limits the owner's control, and whether the borrower's overall profile supports carrying two properties. Occasional rental of a second home is permitted by many programs; operating the property primarily as a rental generally makes it an investment property.

Coastal and seasonal second homes carry additional planning considerations: hazard, wind, and flood insurance costs that can rival property taxes, association restrictions on rental activity, and reserve expectations that account for carrying two homes.

Second-home and investment classifications are not interchangeable, and choosing the wrong one is not a paperwork issue. Occupancy is certified at closing.

If the intent is to operate the property primarily as a rental, it should be underwritten as an investment property from the outset — including on the loan application and at closing.

How are jumbo investment properties financed?

Investment property financing above conforming limits generally follows one of two paths. In a traditionally underwritten path, the borrower qualifies with personal income, and documented rental income is analyzed and added or subtracted according to program rules. In a DSCR path, the property's own cash flow relative to its debt service carries the qualification, with less emphasis on personal income.

Beyond the qualification method, jumbo investment files review reserves — often on the subject property and sometimes on other financed properties — the total number of financed properties the borrower carries, whether title will be held in an entity, and whether the program permits entity vesting. Prepayment penalties appear on many business-purpose investment programs and should be understood before the rate is compared.

Rental strategy affects program fit. Long-term leased property is the most straightforward. Short-term rental income may be usable on some programs with documented history and permitted use, but local ordinances and association rules increasingly restrict it. Condominiums and multi-unit properties add project-level and unit-mix considerations.

Cash flow and exit strategy belong in the analysis from the beginning. A property that cash flows on paper at today's rent, with today's insurance quote and no vacancy assumption, can look very different in year two.

How do new construction and renovation work above conforming limits?

Construction-to-permanent financing funds the build and then converts to a permanent mortgage, typically with a single closing. Underwriting evaluates both the borrower and the project: lot or land equity, builder approval and experience, complete plans and specifications, a detailed cost budget, a contingency allowance, and soft costs such as permits, design, and inspections.

During construction, funds are released through draws tied to documented completion stages, usually verified by inspection. Interest generally accrues only on funds advanced, so payments rise as the project progresses. Valuation is based on a completed-value appraisal derived from plans and specifications, which means changes made during construction can affect both cost and value.

Conversion to permanent financing occurs after completion and final inspection. Terms, rate treatment during construction, and the mechanics of conversion vary substantially by program and should be understood before the first draw.

Major renovation loans use a related structure, financing improvements based on the value the completed work is expected to create. Bridge financing and private money are sometimes used for transitional situations — a purchase before a sale closes, or a property that is not currently financeable — with shorter terms and a defined exit.

How do interest-only and adjustable-rate structures work?

An interest-only structure permits payments of interest alone for a defined initial period. Because no principal is repaid during that period, the balance does not decline, and when the interest-only period ends the payment recalculates to repay the full remaining balance over the shorter remaining term — often a substantial increase. Many programs also qualify the borrower on the fully amortizing payment rather than the interest-only payment.

An adjustable-rate mortgage carries a fixed rate for an initial period and then adjusts periodically. The adjusted rate is determined by an index plus a margin, subject to caps that limit how much the rate can change at the first adjustment, at each subsequent adjustment, and over the life of the loan. Understanding the index, the margin, and all three caps is more important than the initial rate alone.

These structures can suit specific circumstances: predictable near-term ownership horizons, compensation that arrives in large annual increments, or a documented plan to repay principal in lump sums. They introduce payment and rate risk in exchange for near-term cash-flow flexibility, and the long-term cost can be higher than a fixed, fully amortizing loan.

Availability is program-specific and changes with market conditions. Do not assume a structure is available until it has been confirmed for your scenario.

Program availability changes. Status shown here is reviewed editorially and is not an offer, a rate quote, or a commitment to lend.

How is jumbo pricing determined?

Jumbo pricing reflects both the risk characteristics of the file and the appetite of the investors buying or holding that type of loan. Because jumbo loans sit outside the standardized framework, pricing can be higher than, similar to, or occasionally lower than conforming pricing depending on market conditions.

Factors that commonly influence pricing include credit profile, loan amount, loan-to-value, occupancy, property type, reserve position, documentation type, loan purpose, lock period, whether the rate is fixed or adjustable, whether an interest-only feature is included, whether escrows are waived, and prevailing market conditions.

The pricing conversation involves more than a rate. The interest rate determines the interest portion of the payment. The annual percentage rate expresses the cost of credit including certain financing charges. Discount points are prepaid interest that buys a lower rate; lender credits do the reverse, raising the rate to offset costs. Origination charges, lock extension fees, and escrow waiver adjustments all belong in a total-cost comparison.

The decisive question for points and credits is the break-even period: how long it takes for the monthly savings to recover the upfront cost, compared with how long you realistically expect to hold the loan.

Vabasso Mortgage does not display interest rates in educational content. Rates, points, credits, and fees are provided with complete disclosures on a Loan Estimate prepared for your specific scenario.

What are the jumbo refinance options?

Rate-and-term refinancing replaces the existing loan with new terms, without meaningful cash proceeds. It is typically used to reduce a rate, shorten a term, move from an adjustable to a fixed structure, restructure an interest-only loan before it resets, or remove a borrower from an obligation.

Cash-out refinancing increases the loan amount and returns the difference as proceeds, commonly for home improvements, debt consolidation, business capital, or the purchase of another property. Jumbo cash-out generally permits less leverage than rate-and-term refinancing and may carry different pricing and reserve expectations.

Whichever path applies, the same variables determine whether it is worthwhile: current appraised value, current loan balance, resulting equity position, total closing costs, the break-even period, whether the term resets and what that does to lifetime interest, the amount of any cash proceeds and how they will be used, post-closing reserve requirements, and the appraisal outcome.

Investment-property refinancing adds rental income analysis or a DSCR evaluation, and equity access alternatives such as a home equity line of credit or a home equity loan may accomplish the objective without disturbing a favorable first mortgage.

What does the jumbo loan process look like?

The sequence below reflects a typical jumbo transaction. Timing varies considerably with transaction complexity, property type, documentation, appraisal scheduling, and third-party responsiveness.

Two stages deserve extra attention in jumbo files. Documentation gathering should begin before an offer is written, because complex income and asset profiles take longer to assemble than to review. And conditions issued during underwriting are normal in this category — a request for additional documentation reflects the depth of the review, not a problem with the file.

Timing varies by transaction complexity. Manual underwriting, additional appraisal review, condominium project review, and complex income structures each add time.

Jumbo document checklist

Use this as a preparation tool rather than a definitive list. Your advisor will confirm what applies to your program, income structure, property, and transaction.

Common jumbo loan mistakes and how to avoid them

Most jumbo complications are preventable. Each row below pairs a frequent misstep with the corrective action that removes it.

Jumbo mortgage planning worksheet

Complete this worksheet before your first advisor conversation. It organizes the same inputs an underwriter will eventually review and produces the handful of figures that determine which pathways are realistic. Use the linked calculators for the arithmetic, and print this page to keep a copy.

This worksheet is an educational planning tool. It does not evaluate eligibility, produce an approval, or constitute a Loan Estimate. Run your figures through the Mortgage Pathway and the linked calculators, then confirm results with a licensed mortgage advisor.

Important disclosure

Jumbo loan limits, credit expectations, down-payment and loan-to-value requirements, reserve expectations, debt-to-income analysis, income and asset documentation, appraisal requirements, eligible property types, available loan structures, pricing, and closing timelines vary by lender, investor, program, property, occupancy, transaction type, and borrower profile, and they change over time. Every figure and example in this guide is hypothetical and provided for illustration only. This guide is educational and is not a loan approval, a commitment to lend, an offer to extend credit, a Loan Estimate, or legal, tax, or investment advice. Your official figures appear on your Loan Estimate and Closing Disclosure.