Mortgage lenders began to tighten their purse strings when the coronavirus crisis hit the U.S. earlier this year, raising requirements for all borrowers and for those taking out large home loans in particular.
Mortgages that are too large to be purchased by Fannie Mae or Freddie Mac, the government sponsored enterprises that buy home loans, are known as jumbo loans. Across most of the country, a mortgage larger than $510,400 is considered non-conforming and fits in the jumbo bucket, though in some expensive markets the jumbo loan limits is as high as $765,600.
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Daniel Bortz 