Some lenders offer jumbo loans with 10% or even 5% down, but you might have to do some digging.
Home prices have skyrocketed since the start of the Covid-19 pandemic.
The median U.S. home price gained 32% between the second quarter of 2020 and the fourth quarter in 2024. It took about eight years for the same percentage increase before that.
As prices have reached new heights, more homebuyers are considering jumbo loans. But aren’t jumbo loans only available if you put some massive amount down? You might be surprised.
Do Jumbo Loans at Less Than 20% Down Exist?
A jumbo loan is any loan with a balance larger than Fannie Mae and Freddie Mac’s conforming loan limit.
In 2025, that’s $806,500 in most areas of the country for a one-unit home, rising as high as $1,209,750 in the most expensive locales.
An advantage to getting one of these “conforming” loans, as they are known, is that you can put as little as 3% down in many cases.
But what if you’re looking for a more expensive home because you need a bigger one, or that’s just what homes cost in your area? Do you need 20% to 25% down for a jumbo loan? On a $1.5 million residence, that’s up to $375,000 down.
Most home buyers don’t have that kind of cash under their pillow.
Luckily, some jumbo loans allow down payments much, much lower than that. And, they can come with other advantages, too.
10% Down Jumbo Loans
You might be surprised to hear about jumbo loans that require a 10% down payment.
For example, Chase Bank offers a 10.01%-down jumbo loan up to a $9.5 million loan amount. Rocket Mortgage offers a similar program at 10.01% down on loans up to $3 million. Called the Jumbo Smart Loan, it does not require mortgage insurance.
The 10% down mark is the minimum for most lenders. Expect to need a high credit score and excellent, documentable employment and income history.
5% Down Jumbo Loans
While most lenders want 10-20% down, you may be able to find 5% down jumbo loans if you dig.
Washington State credit union BECU has a 5% down jumbo option up to $1.25 million as of this writing, but this institution only lends in a handful of states.
However, other local banks and credit unions could offer very low down payments on jumbo loans, even if they don't advertise them. It's worth a call to your local lender to see what they offer.
Another option is a mortgage broker. A broker works with potentially dozens of lenders and typically has broader access to niche mortgage programs than a single bank does.
Related: How Much Income You Need to Buy a $900k, $1M, and $1.25M House
3.5% Down 'Jumbo' Loans
Most people don't think of FHA when looking for a high loan amount. But in some areas of the country, FHA offers loans up to $1,209,750. With FHA's 3.5% down requirement, that means a maximum purchase price of around $1.25 million.
Keep in mind that a limit this high is available only in select areas like San Francisco, Calif., and Washington, D.C. Some areas like Seattle, Wash., offer lower limits of $1,037,300, which is still considerably higher than FHA's standard limit of $524,225.
Are There Zero-Down Jumbo Loans?
Most lenders will want a down payment for a jumbo loan. The most common requirement is 10%. But there is an exception from a source you may not expect: VA loans.
The Department of Veterans Affairs removed the cap on zero-down VA loans in 2020. Now, in theory, you could get a $5 million VA loan with zero down, if you meet military service requirements, have full entitlement, and qualify for the payment.
That being said, most VA lenders place their own limit on loan amounts. A common limit for zero down is $1 million, but some lenders may go higher.
Reserves
Most jumbo lenders want to see that you have substantial reserves after the down payment and closing costs. This provides an extra cushion for you and the lender in case of a sudden loss of income.
Many lenders require six to twelve months of reserves after closing.
Six months of reserves on a $7,000 payment would be $42,000. You don't need to submit this money to the lender, just document that it's available with a bank or investment account.
Jumbo Loans Come With Other Advantages
Jumbo loans are “non-conforming,” meaning they don’t have to conform to rules set by Fannie Mae and Freddie Mac. So they don't have to play by the typical rules. Sometimes, their non-conforming status comes with key benefits.
No PMI: Many, but not all, lenders offer jumbo loans at less than 20% down with no private mortgage insurance.
Potentially lower rates: If you’ve ever looked at Fannie Mae’s Loan Level Price Adjustments, you’ll see that conforming loans come with higher rates for lower credit scores, lower down payments, and more. You may end up with a better rate because jumbo loans are not subject to these rate add-ons.
Make-sense underwriting: Even if you don’t fit in a neat box, you may be approved for a jumbo loan. Private banks issue these loans with their own money. They can make decisions traditional lenders often can’t.
Is a Low-Down-Payment Jumbo Loan Right for You?
Jumbo loans are available nationwide, but often only to buyers with strong financial profiles.
