Just like a conforming loan, jumbo loans have a similar application and evaluation process. Mortgage lenders will consider your credit score, down payment amount, current debt, debt-to-income ratio, employment history, money left over after closing, and more. 

Jumbo loans require borrowers to have an above-average credit score. This credit score gives borrowers access to the best loan options available. Remember, with a higher credit score, you will be offered better rates and terms. Money left over after closing, also known as reserves or post-closing liquidity, is closely examined by your mortgage lender. 

If you are applying for a jumbo loan, lenders typically like to see 12 months of reserves after closing, with half in liquid assets (in a checking or savings account) and half calculated from retirement assets. Lenders can make exceptions if you have a low debt-to-income ratio and a high down payment.