{"id":85170,"date":"2023-06-30T12:42:32","date_gmt":"2023-06-30T19:42:32","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=85170"},"modified":"2024-01-24T11:08:46","modified_gmt":"2024-01-24T19:08:46","slug":"what-is-a-jumbo-loan-in-kansas","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-kansas\/","title":{"rendered":"What is a Jumbo Loan in Kansas in 2024?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When it comes to purchasing a home, buyers may have difficulty finding financing beyond the conforming loan limit. If this is the case, you may need a jumbo loan. Whether your sights are set on a new construction <\/span><a href=\"https:\/\/www.redfin.com\/city\/13896\/KS\/Overland-Park\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Overland Park<\/span><\/a><span style=\"font-weight: 400;\"> or a <\/span><a href=\"https:\/\/www.redfin.com\/city\/19878\/KS\/Wichita\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Wichita<\/span><\/a><span style=\"font-weight: 400;\">, let\u2019s break down what a jumbo loan is in Kansas, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-85171\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas.jpg\" alt=\"\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a jumbo loan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So what are jumbo loans in Kansas? They are large loans that exceed the loan limits set by the FHFA for conforming loans.<\/span><a href=\"https:\/\/www.redfin.com\/guides\/what-is-a-jumbo-loan\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\"> Jumbo loans<\/span><\/a><span style=\"font-weight: 400;\"> allow borrowers to finance homes that exceed the conforming loan limit, making it possible to buy high-end properties that may not be otherwise affordable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you find yourself in a situation where the home you wish to purchase requires borrowing beyond the conforming loan limit (CLL), then you&#8217;ll need to pursue a jumbo loan. However, keep in mind that jumbo loans come with higher interest rates and stricter requirements than conventional loans due to the larger loan amounts and risk associated with them. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan in Kansas.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is the jumbo loan limit in Kansas?<\/span><\/h2>\n<p><b>In Kansas, the conforming loan limit is $766,550 across all counties.<\/b><span style=\"font-weight: 400;\"> For example, if you&#8217;re buying a <\/span><a href=\"https:\/\/www.redfin.com\/county\/1050\/KS\/Johnson-County\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Johnson County<\/span><\/a><span style=\"font-weight: 400;\">, where the median sale price is $450,000, a loan limit exceeding $766,550 would be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that the amount being borrowed is what determines whether or not you\u2019ll need a jumbo loan, not the home price. So, if you were to put $100,000 down on a $780,000 <\/span><a href=\"https:\/\/www.redfin.com\/city\/13544\/KS\/Olathe\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Olathe<\/span><\/a><span style=\"font-weight: 400;\">, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, your loan wouldn\u2019t be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can find more information on the conforming loan limits specific to where you&#8217;re looking to buy a home in Kansas by using the<\/span><a href=\"https:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/Conforming-Loan-Limit-Map.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\"> FHFA map<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the requirements for a jumbo loan in Kansas?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To qualify for a jumbo loan in Kansas, borrowers must meet stricter requirements than they would for a conforming loan. The specific requirements may vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan.<\/span><\/p>\n<p><b>Higher credit score:<\/b><span style=\"font-weight: 400;\"> In order to have your loan application approved for a jumbo loan, most lenders will require a credit score of 720 or higher. While some lenders may be more lenient and accept a score as low as 660, a score below this is generally not accepted. In contrast, a credit score as low as 620 could suffice for a conforming loan with some lenders.<\/span><\/p>\n<p><b>Larger down payment:<\/b><span style=\"font-weight: 400;\"> Jumbo loans are a popular financing option for homebuyers looking to buy higher-priced homes. However, compared to conventional loans, jumbo loans typically require a larger <\/span><a href=\"https:\/\/www.redfin.com\/guides\/down-payments-and-home-loans\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\">. While the exact amount varies depending on the lender and the borrower&#8217;s financial profile, down payment requirements for jumbo loans can be as high as 20% or more. It&#8217;s worth noting that putting down a larger sum upfront can often help borrowers secure a better interest rate on their jumbo loan.<\/span><\/p>\n<p><b>More assets:<\/b><span style=\"font-weight: 400;\"> Jumbo loan borrowers are typically required to have additional assets. In particular, lenders may require borrowers to demonstrate sufficient liquid assets or savings to cover one year&#8217;s worth of loan payments.<\/span><\/p>\n<p><b>Lower debt-to-income ratio (DTI):<\/b><span style=\"font-weight: 400;\"> Mortgage lenders consider a borrower&#8217;s <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">debt-to-income ratio (DTI)<\/span><\/a><span style=\"font-weight: 400;\"> when evaluating their eligibility for a jumbo loan. To qualify for a jumbo mortgage in Kansas, borrowers typically need a DTI below 43%, though closer to 36% is preferred. The DTI represents the borrower&#8217;s monthly debt payments divided by their gross monthly income.<\/span><\/p>\n<p><b>Additional home appraisals:<\/b><span style=\"font-weight: 400;\"> For a jumbo loan, mortgage lenders may require a second <\/span><a href=\"https:\/\/www.redfin.com\/guides\/home-appraisal-everything-you-need-to-know\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home appraisal<\/span><\/a><span style=\"font-weight: 400;\"> to ensure that the property&#8217;s value is accurate. This is particularly true in regions where there are few comparable property sales. The\u00a0 appraisal acts as a second opinion and helps the mortgage lender to mitigate their risk. It&#8217;s important to note that the cost of a second appraisal may be higher than a typical home appraisal, particularly in areas with fewer sales.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s break down what a jumbo loan is in Kansas, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/p>\n","protected":false},"author":523,"featured_media":85171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[34650],"coauthors":[31388],"class_list":["post-85170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-ks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Jumbo Loan in Kansas 2024? | Redfin<\/title>\n<meta name=\"description\" content=\"Let\u2019s break down what a jumbo loan is in Kansas, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-kansas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Jumbo Loan in Kansas in 2024?\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s break down what a jumbo loan is in Kansas, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-kansas\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-30T19:42:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-24T19:08:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/06\/Jumbo-Loans-Kansas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mekaila Oaks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mekaila Oaks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-kansas\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-kansas\\\/\"},\"author\":{\"name\":\"Mekaila Oaks\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/78b16587424b0f2b37a1b0f4ca5075f8\"},\"headline\":\"What is a Jumbo Loan in Kansas in 2024?\",\"datePublished\":\"2023-06-30T19:42:32+00:00\",\"dateModified\":\"2024-01-24T19:08:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-kansas\\\/\"},\"wordCount\":716,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-kansas\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/Jumbo-Loans-Kansas.jpg\",\"keywords\":[\"ks\"],\"articleSection\":[\"Local Insights\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-kansas\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-kansas\\\/\",\"name\":\"What is a Jumbo Loan in Kansas 2024? 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