Qualifying for a jumbo loan, a loan amount higher than the conventional conforming loan limit of $729,750 in high-cost areas is more difficult than it was a few years ago.

While rates on jumbo mortgage historically have been higher than rates on conforming loans, jumbo loans still are available, but often come with stringent underwriting requirements. Prior to the credit freeze, borrowers of jumbo mortgages could qualify for loans with a 5 percent down payment, credit scores of 620 and enough money in the bank to cover two months of payments. Now, borrowers typically must have six months reserves, a 700 credit score and a down payment of at least 20 percent.

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