Underwriting criteria for jumbo loans are stricter because the loans are more extensive and riskier for lenders.

• Credit score: Lenders may need your FICO score to be higher than 700, sometimes as high as 720, to be eligible for a jumbo loan.

• Debt-to-income ratio: Lenders will also assess your debt-to-income ratio (DTI) to guarantee you don’t become over-leveraged. However, they may be more flexible if you have ample cash reserves. Some lenders have a hard cap of 45% DTI, however.

• Documentation: To verify your financial health, you’ll need extensive documentation, possibly more than a conforming loan. It would help if you were ready to provide your complete tax returns, W-2s, and 1099s when applying, in addition to bank statements and details on any investment accounts.

• Cash reserves: You’re more likely to qualify for a jumbo loan if you have enough money in your bank account. Lenders usually ask jumbo loan borrowers to show they have enough cash reserves to provide one year of mortgage payments.

• Appraisals: Some lenders may mandate a second home appraisal for the property you plan to buy.