What is a jumbo mortgage, and who needs one?

You might need a jumbo mortgage (aka jumbo loan) if you're buying an expensive property or even a regular home in a pricey market. That's because conforming loans — those meeting Fannie Mae and Freddie Mac guidelines — limit how much you can borrow. While a jumbo loan lets you borrow more, you'll need a high credit score and a large down payment to qualify.