These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
The Quick Read: A 700 score can work on either path, so the loan size usually decides the lane. If the new loan stays at or under your county’s conforming limit, conforming cash-out is the standard route. If payoff, cash out, and financed costs push the balance above that limit, a jumbo cash-out is the route that fits. Both are subject to lender guidelines and full file review.
Jumbo cash-out estimate
Enter the value, the balance, and the cash wanted; choose the occupancy and the structure; the lanes, the payment, and the reserves follow.
Editable benchmark: 7.18% as of November 5, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a jumbo cash-out refinance quote.
Illustrative starting assumptions: a $2,000,000 home value in the jumbo range, a $1,000,000 current balance, a principal residence on a thirty-year fixed structure at the current Freddie Mac conforming benchmark, and property taxes and insurance estimated at typical national rates. Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not a jumbo cash-out refinance quote; a jumbo loan is priced by the lender at lock. The lanes shown are the wholesale cash-out lanes behind this page as of the snapshot date; the calculator reads each lane’s leverage, loan maximum by occupancy, cash-in-hand cap, and reserves as the lane table states them, and a Lendmire loan officer confirms the lane on the file. The cash available is the loan the lane allows less the balances paid off, before closing costs, which are not included; on most lanes a jumbo cash-out begins one dollar above the conforming limit for the county, and two lanes start at a stated dollar floor instead. The HELOC line is the line program’s combined loan-to-value ceiling applied to the same value and balance. Taxes and insurance are editable estimates. Licensed in sixteen states for consumer mortgages.
The honest answer: conforming cash-out is for homeowners whose new balance fits under the county limit and who want agency-style rules. Jumbo cash-out is for homeowners whose new balance lands above it. A 700 score is not the problem on either side. Leverage is. The more cash you take, the more the score, reserves, and appraisal matter.
Side-by-Side
| Factor | Conforming Cash-Out | Jumbo Cash-Out |
|---|---|---|
| Loan size | At or under county limit | Above county limit |
| Who sets the rules | Agency guidelines plus lender overlays | Each lender or investor |
| Leverage on cash-out | Set by agency eligibility matrix | Lane-specific, lower than purchase |
| Credit floor | Matrix-driven, tied to LTV | Headline lane starts at a 660 decision score |
| Mortgage insurance | Rarely at cash-out leverage | Lane-specific |
| Occupancy | Primary, second home, investment differ | Primary, second home, investment differ by lane |
| Documentation | Automated underwriting findings drive it | Often manual review against lender guidelines |
| Reserves and appraisals | Tied to the file | Reserves rise with amount; two appraisals above a lane’s threshold |
Figures in the jumbo column come from the wholesale lanes Lendmire places files with, and all of them are subject to lender guidelines. The conforming column is described in general terms because the exact grid depends on your LTV and the underwriting result.
What Makes a Cash-Out Loan Jumbo?
A loan is jumbo when it goes one dollar above your county’s conforming limit. The limit is not one national number. FHFA sets a baseline and a higher ceiling for costly counties, and the applicable limit varies by county and by unit count. Look up your own county on FHFA’s conforming loan limit page.
Here’s the catch on cash-out files: the test applies to the new loan. That means your current payoff, plus the cash you take, plus any closing costs you finance. A homeowner with a balance well under the limit can still cross it by pulling a large amount of cash.
This is the first thing to check. Add the three pieces together, compare to the county limit, and you know which lane you’re in.
Where Does a 700 Score Sit?
A 700 is a workable middle. It’s not a stretch score on either path, and it’s not the score that opens every door.
On the conforming side, Fannie Mae’s Selling Guide sends cash-out files to its eligibility matrix for maximum leverage and credit requirements. It also says pricing add-ons apply to certain cash-out transactions based on LTV and credit score. At 700, you’re in a mid-tier band, and your result moves with how much equity you leave in the home.
On the jumbo side, there is no agency rulebook because the agencies don’t buy these loans. Each lender sets its own credit, reserve, and seasoning rules. Across the wholesale jumbo programs Lendmire places files with, the headline lane starts at a 660 decision score, so a 700 clears that entry point. Clearing the floor is not the same as getting the top leverage, though. Cash-out runs at lower leverage than purchase, and the largest lanes carry a cash cap.
Think of 700 as “in the room.” LTV, reserves, and documentation decide the rest.
When Conforming Cash-Out Is the Better Fit
Conforming is the better fit when the numbers stay under the county limit. A few situations point there.
- The total new balance fits. If payoff plus cash plus financed costs sits under the limit, you don’t need a jumbo at all.
- You can take a bit less cash. Some borrowers sit just over the line. Trimming the cash amount or paying closing costs out of pocket can pull the loan back under the limit. That’s a real option, not a trick.
- You want standardized rules. Agency guidelines are published. Underwriting runs through an automated system, and the grid is public. That predictability helps a 700-score borrower plan.
- Your file is simple. Traditional employment income, a clean primary residence, ordinary property type. Conforming handles that cleanly.
The trade-off: conforming cash-out is leverage-limited, and pricing add-ons tie to credit score and LTV. A 700 sits where those adjustments can matter. The amount of equity you leave in the home moves that more than the score does.
When Jumbo Cash-Out Is the Better Fit
Jumbo is the better fit when the new balance can’t get under the county limit and you still need the cash.
- The balance is above the limit by design. A higher-value home with a large existing mortgage often starts here.
- You need more flexibility on structure. The wholesale jumbo lanes include fixed, adjustable, and interest-only structures. Ratio ceilings differ by lane: 50% on the fixed lanes, 45% on the adjustable, and 43% on the interest-only.
- Your property doesn’t fit the agency box. Non-warrantable condominiums are accepted on two of the lanes.
- You need room at the top. Loans go up to $5,000,000 on the largest lanes. The headline lane reaches a 90% LTV ceiling, several lanes reach an 89.99% CLTV, and the remaining lanes stop at 80%. Those are purchase ceilings, though. Cash-out leverage runs lower, so don’t read 90% as a cash-out figure.
What changes at 700 on a jumbo file? Reserves and appraisals. Reserves are measured in months of the full payment and rise with the loan amount. Those two items surprise borrowers more than the score does.
You can read more on how the program works on Lendmire’s jumbo cash-out refinance program page.
Documentation: Where Files Slow Down
Both paths need the same basics: income, assets, employment history, credit, and the current mortgage statement. The federal ability-to-repay standard applies to both loan types. Where they differ is who reviews it.
Seasoning is the other quiet item. Conforming cash-out has seasoning requirements on the existing first mortgage. On jumbo, the waiting period is set by the lender. Ask before you apply, not after.
A Borrower Scenario
Picture a homeowner with a 700 score and a primary residence with substantial equity. They want cash for a renovation.
Path one: They request a modest cash-out. Payoff plus cash plus costs lands under the county limit. They go conforming, the file runs through automated underwriting, and the result turns on their LTV.
Path two: They request a larger cash-out. The total crosses the limit. They move to a jumbo lane. The same 700 score clears the 660 headline floor, but cash-out leverage is lower than purchase leverage, reserves scale with the amount, and a second appraisal may apply.
Same borrower, same score. The loan amount moved them between lanes. That’s the whole comparison in miniature.
Levers a 700 Borrower Can Pull
- Take less cash. Dropping the amount can move a file under the county limit.
- Lower the leverage. More equity left in the home helps on both paths.
- Raise the score. Paying down card balances before the credit pull can lift a score into a stronger band.
- Document reserves. On jumbo files, liquid reserves matter. Statements that show them clearly help.
- Compare occupancy. Primary residence, second home, and investment occupancy carry different leverage. For a primary home you live in, this article’s comparison applies.
What Cash-Out Does to Your Budget
The CFPB describes a cash-out refinance as a larger mortgage that pays off your current one and hands you the rest in cash. It warns that the payoff period may extend and your monthly payment may rise. It also notes that lenders typically require you to keep a share of the home’s value as equity, generally 10% to 20%.
Using cash-out to clear credit cards swaps unsecured debt for debt secured by your home. That’s a real trade, not a free one. Closing costs also apply, either paid at closing or rolled into the loan.
Key Terms Defined
Conforming loan: A loan at or under the county limit set by FHFA, eligible for purchase by Fannie Mae or Freddie Mac.
Jumbo loan: A loan above the county conforming limit, with rules set by the lender or investor.
Cash-out refinance: A new, larger mortgage that pays off the old one and gives you the difference in cash.
LTV: Loan-to-value, the new loan amount divided by the home’s appraised value.
Reserves: Liquid funds, counted in months of the full payment, that you hold after closing.
Loan-level price adjustment: A pricing add-on for conforming loans tied to credit score, LTV, loan purpose, and occupancy.
The Verdict
Neither path is better in the abstract. Conforming cash-out wins when the new balance fits under the county limit and you want published, standardized rules. Jumbo cash-out wins when the balance is above the limit and you need a lane built for larger loans. A 700 score works on both. What decides the outcome is leverage, reserves, documentation, and the size of the loan you’re asking for.
Start with one number: payoff plus cash plus financed costs. Everything else follows from where it lands against your county limit. If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches. Every program figure here is subject to lender guidelines and full file review, and none of it is a commitment to lend.
Frequently Asked Questions
Is a 700 credit score enough for a jumbo cash-out refinance?
Often, a 700 meets the entry requirement. The headline wholesale lane starts at a 660 decision score, so 700 clears it. Leverage, reserves, and appraisal requirements still apply, and approval depends on the full file.
Can I stay conforming by taking less cash?
Sometimes. The test is the total new balance: payoff, cash out, and financed costs. Reducing the cash or paying costs out of pocket can bring it under your county limit. Check your county on FHFA’s lookup first.
Does jumbo mean the loan is non-QM?
No. Loan size alone does not decide that. Qualified mortgage status turns on loan features and the price test, and the federal ability-to-repay rule applies to both loan types.
Why does the second appraisal matter?
Above a lane’s threshold amount, two appraisals are required. That adds a step and can affect the value used for LTV, so build it into your plan on larger loans.
Does a cash-out refinance replace my first mortgage?
Yes. It’s a new first mortgage that pays off the old one. A home equity loan or HELOC leaves your first mortgage in place.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges FHA, VA, conventional and jumbo home purchase and refinance financing in 16 states through wholesale lenders. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
For current guidelines, see jumbo loan programs.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. FHFA – Conforming Loan Limit Values for 2026
2. FHFA – Conforming Loan Limit lookup
3. Fannie Mae Selling Guide B2-1.3-03, Cash-Out Refinance Transactions
4. CFPB – Guide to using home equity
This article is part of Lendmire’s jumbo cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How Lenders Count Seasoning on a Jumbo Cash-Out Refinance · Can You Get Approved for a Jumbo Cash-Out Refinance Replacing Your Mortgage? · Jumbo Cash-Out Refinance vs Conforming Cash-Out to Buy Out a Co-Owner
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.