Jumbo Mortgages are popular loans, especially in areas with high housing prices. You can use a jumbo mortgage to buy or refinance a home. Most traditional mortgages will only finance you for up to $424,100, depending on your geographical location. This amount does vary by region, based on the average selling price of a home, with areas where home prices are higher, such as California and Hawaii, having higher limits for traditional mortgages. For example, conventional mortgages in some parts of California can go as high as $636,150. If you are buying a home with a loan that is larger than that, you will need a jumbo mortgage.