A little brief history of Jumbos.
After 2008, the jumbo loan market that finances upper-bracket housing purchases collapsed. Credit restrictions tightened and banks, struggling to regain their footing, were reluctant to back large sums of money.
"We didn't have jumbo loan products after the crash," said Donna Evers, president of real estate firm Evers & Co. "We didn't have $1.5 million loans like we do now, with 20 percent down at 4.25 percent, even a year ago. It took quite a bit of time."