A jumbo loan is a loan that surpasses the conforming loan limits as directed by Fannie Mae and Freddie Mac. In 2020, the maximum was raised from 410,000 to $510,400 in most parts of the United States aside Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit was raised to $765,600. But maximums very depending on your county. Rates seem to be a little higher on jumbo loans because lenders usually have a higher risk.