Jumbo loans, also known as non-conforming conventional loans, are used when loan amounts are greater than $548,250 for a single family home (certain areas may have a higher limit).

This is a great loan for a buyer that can afford the larger monthly payment but does not have the down payment to bring the loan in line with conforming conventional guidelines.

Different rules and interest rates can apply with jumbo loans.  There may also be higher and/or additional closing costs involved with these loans.