Jumbo Loan | 804Mortgage

💎 Jumbo Loan · Richmond VA

Jumbo Loans for Richmond's Higher-Priced Markets.

Buying above the $806,500 conventional loan limit in Short Pump, West End, or other premium Richmond neighborhoods? 804Mortgage offers competitive jumbo financing with a local team that knows these markets.

✓ Loans Above $806,500

✓ 700+ Credit Score

✓ Local Richmond Expertise

✓ NMLS #1904162

Jumbo Loan — Quick Facts

Is This Loan Right for You?

Loan AmountAbove $806,500

Min. Down Payment10–20%

Min. Credit Score700+ (720+ preferred)

Mortgage InsuranceNone at 20% down

Best ForLuxury & higher-priced homes

See If You Qualify →

Jumbo Loan — At a Glance

For well-qualified buyers purchasing in Richmond's higher price ranges.

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Requirements

✓ 700+ credit score (720+ preferred)
✓ 10–20% down payment
✓ Loan above $806,500
✓ Strong income documentation
✓ Cash reserves (12+ months typical)

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Best For

✓ Luxury home buyers
✓ Short Pump / West End purchases
✓ High earners with strong credit
✓ Second home / vacation property
✓ Investment property above limit

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Not Ideal If...

✗ Credit score below 700
✗ Limited cash reserves
✗ Purchase price under $806,500
✗ Self-employed with complex tax returns
✗ High debt-to-income ratio

What Is a Jumbo Loan?

A jumbo loan is any mortgage that exceeds the conforming loan limit established by Fannie Mae and Freddie Mac. In 2025, that limit for most Virginia counties — including Richmond, Henrico, Chesterfield, and Hanover — is $806,500 for a single-family home.

Because jumbo loans exceed this limit, they can't be purchased by Fannie Mae or Freddie Mac, which means lenders take on more risk and apply stricter qualification standards. Expect to need a stronger credit score, larger down payment, and more documentation of income and assets compared to conventional loans.

In Richmond's market, jumbo financing is most commonly needed in high-value neighborhoods like Short Pump, the West End, Windsor Farms, and certain luxury developments in Chesterfield. As home values have risen, more buyers in these areas are entering jumbo territory.

804Mortgage has experience navigating the jumbo market and works with multiple lenders to find competitive rates for well-qualified Richmond buyers. Call us directly to discuss your specific scenario.

Jumbo Loan Requirements

Min. Loan AmountAbove $806,500

Min. Credit Score700 (720+ preferred)

Min. Down Payment10–20%

Max Debt-to-Income43% (stricter than conventional)

Cash Reserves12+ months typical

Mortgage InsuranceNone at 20% down

Property TypesPrimary, second home, investment

Richmond Neighborhoods Where Jumbo Financing Is Common

These are the Richmond-area markets where purchase prices regularly exceed the $806,500 conforming limit.

Short Pump

Henrico County — luxury communities like Wellesley and Bacova regularly see prices above $800k

West End Richmond

City of Richmond — historic and renovated homes in the western neighborhoods

Windsor Farms

One of Richmond's most prestigious neighborhoods — homes frequently exceed $1M+

Tuckahoe

Western Henrico County — established luxury market with large custom homes

Midlothian Luxury

Chesterfield County — upper-tier developments and custom builds in higher ranges

New Custom Construction

Throughout the metro — builder pricing on custom homes increasingly enters jumbo territory

How Jumbo Compares to Other Loan Types

Jumbo loans are for a specific situation — here's how they fit into the broader picture.

Feature	Conventional	FHA	VA	Jumbo
Min. Down Payment	3–5%	3.5%	0%	10–20%
Min. Credit Score	620	580	580–620	700+
Loan Limit	Up to $806,500	Up to $524,225	No limit	Above $806,500
Mortgage Insurance	Removable at 20%	Life of loan	✓ None	None at 20% down
Investment Property	✓	✗	✗	✓
Cash Reserves Required	2–6 months	Minimal	Minimal	12+ months

How to Get a Jumbo Loan With 804Mortgage

Jumbo loans require more documentation — but the process is straightforward with the right lender.

Call First

Jumbo loans are more nuanced than conforming loans. A quick call lets us assess your situation before you apply and set expectations accurately.

Full Documentation

Prepare 2 years of tax returns, recent pay stubs, bank statements showing reserves, and any other income documentation. We'll guide you through exactly what's needed.

Get Pre-Approved

Your jumbo pre-approval letter shows sellers you're serious and financially qualified for higher-priced properties.

Close

Jumbo loans may take slightly longer to close than conforming loans. We set realistic timelines and keep you informed every step.

Buying a High-Value Home?
Get Even More Back With Bundle & Save.

On a $900,000 Short Pump home, the buyer-agent commission is around $27,000. We give you half — $13,500 back at closing to apply to costs or buy down your jumbo rate. The higher the price, the bigger the savings.

See How Bundle & Save Works →

Jumbo Loan — Common Questions

What makes a loan a “jumbo” loan? +

A loan becomes a jumbo loan when it exceeds the conforming loan limit set annually by the Federal Housing Finance Agency (FHFA). For 2025, that limit is $806,500 for most Virginia counties. Any loan above this amount cannot be purchased by Fannie Mae or Freddie Mac, which means it's funded and held by private lenders — resulting in stricter qualification requirements.

What credit score do I need for a jumbo loan? +

Most jumbo loan programs require a minimum credit score of 700, with many lenders preferring 720 or higher. At 740+, you'll typically access the most competitive jumbo rates. If your score is below 700, it may be worth working on improving it before applying, or exploring whether a VA loan (which has no loan limit for eligible veterans) might be an alternative.

How much do I need to put down on a jumbo loan? +

Jumbo loan down payment requirements typically range from 10–20% depending on the loan amount and lender program. Some programs allow 10% down for well-qualified borrowers on loans up to $1.5M. Larger loan amounts generally require 20% or more. A 20% down payment eliminates the need for private mortgage insurance. We'll discuss the specific down payment requirements for your target price range.

Are jumbo loan rates higher than conventional rates? +

Historically, jumbo rates were higher than conventional rates, but that gap has narrowed significantly and in some markets jumbo rates are actually competitive with conventional rates for well-qualified borrowers. The best way to get an accurate rate comparison for your situation is to call us directly — we access multiple jumbo lenders and will find the most competitive option available for your profile.

Can I use a jumbo loan for an investment property in Richmond? +

Yes — jumbo loans can be used for primary residences, second homes, and investment properties above the conforming limit. Investment property jumbo loans typically require larger down payments (25%+) and stronger cash reserves. If you're investing in higher-priced Richmond properties, call us to discuss the specific requirements for your situation.

Explore Other Loan Types

Jumbo not the right fit? We have options for every price range.

🏦ConventionalUp to $806,500

🏛️FHA Loans3.5% down, 580+ credit

🎖️VA Loans0% down for veterans

🔄RefinancingRate, cash-out & more

Shopping for a Higher-Priced Home in Richmond?

Call us first. Jumbo loans are more nuanced — a quick conversation lets us assess your situation and give you a realistic picture before you start the formal process.