Jumbo loans are for people who need to borrower over $424,100.  A 10% to 20% down payment is typically required.

Some borrowers find it challenging to qualify for a mortgage given current agency (FHA, VA, USDA and conventional) guidelines. This is when a non-conforming loan may be the solution.  Here are a few examples of when a non-conforming loan is used:

• Maybe you have had a recent bankruptcy, short sale, or foreclosure.  Current agency guidelines require waiting periods after such credit events before qualifying.  Non-conforming loans have qualifying provisions without the waiting periods. 
• Perhaps you are self-employed and need to verify your income with documentation other than tax returns.  Non-conforming loans accept alternative documentation.

Jumbo and non-conforming loans typically require larger down payments and have higher interest rates than agency loans.