Shopping in North Arlington and not sure if your price range will require a jumbo mortgage? You are not alone. With many 22207 homes trading at higher price points, it is common to bump into loan size rules you may not have seen before. In this guide, you will learn how jumbo loans work, where to check the current limits for Arlington County, what lenders look for, and how to prepare a strong, local-ready application. Let’s dive in.
Conforming vs. jumbo in 22207
A conforming loan follows Fannie Mae and Freddie Mac rules and stays within the county’s loan limit. A jumbo loan is any mortgage that exceeds that local conforming limit and is financed by private investors or held by a lender. Because jumbo mortgages do not fall under Fannie or Freddie, each lender can set different approval standards.
To see whether your target mortgage amount is conforming, high-balance conforming, or jumbo, check the current-year limits that the Federal Housing Finance Agency publishes. You can find the official table for Arlington County on the FHFA conforming loan limits page. For plain-language definitions of jumbo and underwriting basics, review the Consumer Financial Protection Bureau’s overview of mortgages at the CFPB website.
North Arlington sits within a higher-cost metro, so many single-family homes and townhouses will approach or exceed baseline limits. That is why you should confirm your loan category early.
How to confirm your loan size category
- Look up Arlington County’s current limit on the FHFA conforming loan limits page.
- Estimate your loan amount after your planned down payment.
- If your loan falls between the national baseline and the local high-cost limit, it may qualify as high-balance conforming with Fannie or Freddie rules. See general guidance at Fannie Mae and Freddie Mac.
- If your loan is above the Arlington County limit, you will need a jumbo program.
What jumbo lenders look for
Jumbo underwriting is typically more exacting than conforming. While each lender’s rules differ, expect closer review in these areas:
- Credit score. Many programs price best with higher scores, often in the 720 to 760 range. Some accept lower with strong compensating factors.
- Debt-to-income ratio. Lenders often prefer DTIs at or below 43 percent for jumbos, though exceptions exist for very strong files.
- Loan-to-value ratio. Many primary residence programs cap around 80 to 90 percent LTV. That translates to 10 to 20 percent down for well-qualified buyers.
- Cash reserves. Six to twelve months of principal, interest, taxes, and insurance is common, with more for second homes or investment properties.
- Full documentation. Expect recent pay stubs, W-2s, tax returns, bank and investment statements, and clear source-of-funds for large deposits. The CFPB’s guidance on how lenders verify income and assets lays out the basics.
- Appraisal depth. High-priced or unique properties may require more detailed valuation reviews. Condos can trigger a project-level review.
- Rates and fees. Pricing varies more across lenders for jumbo loans, and your credit score, LTV, and total loan size play a big role.
Remember that there is no single rulebook for jumbo loans. Large banks, regional banks, mortgage companies, and credit unions set their own overlays.
Down payment, reserves, and costs to plan for
- Down payment. Many jumbo options for a primary residence allow 10 to 20 percent down. Best pricing often appears at 20 percent or more. Second homes and investment properties may require higher minimums.
- Reserves. Six to twelve months of PITI is a common requirement for jumbos, and lenders may ask for more based on your file.
- Mortgage insurance. Traditional PMI is generally not available for true jumbos the way it is for conforming loans. If you want a higher LTV, you may need a portfolio or non-QM option.
- Closing costs. Appraisals for higher-priced homes can cost more, and some lenders have specific jumbo fees. In a competitive North Arlington market, seller credits are not always available.
- Local costs. Arlington County property taxes and any HOA or condo dues will be counted in your monthly payment. You can review county tax information at the Arlington County website.
Program options you can compare
- High-balance conforming. In higher-cost areas, loans that exceed the national baseline but stay under the county’s limit may still be conforming. These loans follow Fannie or Freddie guidelines. For general product information, see Fannie Mae and Freddie Mac.
- Conventional jumbo. These loans exceed the local conforming limit and are offered by banks, lenders, and credit unions. Well-qualified buyers often see competitive rates.
- Portfolio loans. A lender keeps the loan on its books and can be more flexible on income or property features. Terms vary widely.
- Non-QM and alternative documentation. Bank-statement or asset-depletion programs can help self-employed or complex-income buyers. Expect higher rates and larger reserve needs.
- VA loans. The Department of Veterans Affairs does not set a hard maximum loan amount, but entitlement rules and lender overlays still apply. In high-cost markets, some VA borrowers will need a down payment for very large purchases. Learn more at the VA Home Loans program page.
- FHA loans. FHA limits are county based and are often below typical Arlington purchase prices for single-family homes. They are less common for higher-priced North Arlington homes.
Credit unions and local banks in the metro sometimes offer relationship-based jumbo pricing or niche portfolio products. It pays to compare.
Getting buyer-ready in North Arlington
In competitive 22207 neighborhoods, a full, documented preapproval signals that you are serious and ready to close. A quick prequalification often is not enough for jumbo financing.
- Ask for a true preapproval that includes a credit check and document review.
- Get quotes from at least three sources: a national bank, a local bank or credit union, and a mortgage broker. The CFPB explains how and why to shop your mortgage.
- Request written details on loan-level price adjustments, reserve requirements, and rate options so you can compare apples to apples.
- Plan for appraisal timelines and possible appraisal gaps in fast-moving micro-markets. Recent sales can be limited for unique homes, which can affect valuation. Regional market context from NAR and current listings or comps in Bright MLS can help you understand trends.
Document checklist for jumbo preapproval
Gather these items before you tour homes:
- Two years of federal tax returns, all pages and schedules
- Two recent W-2s, if applicable
- Most recent 30 to 60 days of pay stubs
- Two to three months of bank and investment statements for all accounts
- Statements for retirement accounts showing current values and any restrictions
- Explanations and paper trails for large deposits or transfers
- Government ID and Social Security number
- For self-employed buyers: 1099s, K-1s, and year-to-date profit and loss
- Monthly statements for other liabilities such as student loans or auto loans
If you plan to buy a condo or in an HOA, your lender may also request a condo questionnaire, budget, master insurance information, and recent meeting minutes during underwriting.
Appraisals, condos, and Arlington specifics
- Appraisals. Expect detailed valuation work on higher-priced or unique properties. If you worry about an appraisal gap, consider strategies like a stronger down payment or a plan to bridge a small gap.
- Condos and HOAs. Lenders often review condo project budgets, reserves, and insurance. Some projects may be ineligible for certain conforming programs, which can affect your loan choice.
- Older buildings. Landmark or older properties sometimes draw extra scrutiny on condition, reserves, and insurance.
Smart strategies for competitive offers
When you need jumbo financing, you can still compete with confidence:
- Strengthen your preapproval and ask your lender about pre-underwriting.
- Offer a larger earnest money deposit within your comfort zone.
- Tighten contingency timelines where practical and safe.
- Consider a higher down payment to reduce LTV and ease underwriting.
- Keep cash liquid for down payment, reserves, and closing costs so funds are ready.
Your next step
If you are planning a North Arlington purchase, start by confirming where your loan size falls on the FHFA table, then line up a strong preapproval with a lender that understands jumbo programs and the Washington region. Our team works regularly with time-sensitive professionals and higher-price-point buyers across the metro and can help you map the financing path that fits your goals.
Have questions about jumbo financing choices, condo project reviews, or how to position your offer in 22207? Start a conversation with David Abrams.
FAQs
What is the current conforming loan limit for Arlington County?
- Limits change every year. Check Arlington County’s current number directly on the FHFA conforming loan limits page and compare it to your target mortgage amount.
How much down payment do jumbo lenders usually want in North Arlington?
- Many jumbo programs expect 10 to 20 percent down for a primary residence, with best pricing at 20 percent or more, and higher minimums for second homes or investment properties.
Can I use a VA loan for a higher-priced 22207 home?
- Yes, VA loans can work at higher prices, but entitlement and lender rules guide how much you can borrow with no down payment. Review details at the VA Home Loans program page.
Do jumbo mortgages have private mortgage insurance?
- Traditional PMI is generally not available for true jumbo loans, so higher down payments or portfolio options are often used to reach an acceptable loan-to-value.
What credit score do I need for a jumbo mortgage near 22207?
- Strong files often show middle scores in the 720 to 760 range for best pricing, though some lenders will consider lower with compensating factors like higher reserves or lower DTI.
How do condos or HOAs affect jumbo approval in Arlington?
- Lenders often review condo budgets, reserves, insurance, and project status. Some projects may not meet certain conforming rules, which can influence whether you use high-balance conforming or a jumbo program.
When should I start jumbo preapproval if I want to buy in three months?
- Start now. Gathering documents, verifying assets, and resolving any credit or deposit questions can take time, and a documented preapproval strengthens your offer in competitive North Arlington markets.