A jumbo mortgage is a home loan for an amount that exceeds conforming loan limits established by regulation. The limit is $417,000 in most of the United States but is $625,500 in the highest-cost areas. The underwriting process for jumbo mortgages is similar to that of a conforming mortgage, except that jumbo loans sometimes require 2 appraisals instead of just 1. Down payment requirements differ in many cases. Jumbo loans generally require higher down payments -the minimum down payment could be 15%, 20% or 30% for home purchases. A credit score of 700 or higher, a debt-to-income ratio of 43% or less, and 6 to 12 months’ worth of reserves are standard requirements.