Generally, the minimum credit score required for a Jumbo loan is 700. There are options to get a score as low as 680, but if your score is lower than 700, be prepared to pay a slightly higher interest rate. Non-compliant loans (or giant loans), on the other hand, require a higher credit rating, a higher down payment, and more cash reserves because of the additional risk they entail. The minimum credit score for a jumbo loan is usually at least 680, but some lenders may require an even higher one.
The higher your credit score, the lower your interest rate. While credit rating requirements vary from bank to bank, you typically need a credit score of 720 to 740 to get a jumbo loan, Saling says. There can be a big difference between the terms of a huge loan for someone with a score of 720 and for someone with a credit score of 700, he says. A jumbo loan is a type of mortgage that is too high to be guaranteed by Fannie Mae or Freddie Mac, which are government-sponsored companies that set mortgage underwriting rules and buy qualified loans from lenders.
