What is a jumbo loan, and when do I need one in Phoenix or Scottsdale?

Jumbo doesn't mean luxury-only

Because conforming limits apply everywhere, a jumbo loan is simply the tool used when the amount you need to borrow is larger than the limit allows. It's not a special product reserved for mansions — in Arizona's higher-priced communities, it's simply how many buyers finance their home.

What jumbo options look like in 2026

• Financing up to 90% loan-to-value for qualified borrowers in some scenarios
• Eligible medical professionals may qualify for physician mortgage financing with no down payment and no monthly PMI
• Alternative income documentation — bank statements, 1099s, CPA-prepared P&L or asset utilization — for self-employed borrowers
• Loan amounts extending into the multi-million range for well-qualified borrowers

What lenders still evaluate

Credit score, income, debt-to-income ratio, down payment, reserves and the property itself all matter. Some programs become more restrictive as loan-to-value increases, so your down payment and DTI should be reviewed together before you make an offer.